The big improvements BetterHash brings, IMO: 1/ Individual miners regain their right to propose blocks 2/ Authenticated connections between miners & pools - something Stratum didn't have 3/ Reduced latency by eliminating the dependency on a centralized getblocktemplate() service
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Replying to @hugohanoi @evoskuil and
Assuming BetterHash makes improvements on lowering the cost to run a pool (BetterHash ‘Pool Protocol’ operator vs Stratum pool operator), then does that not incentivize more competition between pool operators, thus improving security?
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Replying to @SGBarbour @hugohanoi and
No, the incentive for competition remains unchanged. If there is a financial benefit to the protocol, they simply all upgrade.
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Replying to @evoskuil @SGBarbour and
1) No, this is unchanged vs. current pools. They of course have the "right" to change pools, but the larger pool wins. No improvement. 2) This is not a system security improvement, and is not necessarily an improvement. 3) No, in this case latency increases.
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Replying to @evoskuil @SGBarbour and
1/ That’s assuming pooling will be winner-take-all, which is possible but not guaranteed - why hasn’t one single pool dominated the market *already*?
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Replying to @hugohanoi @evoskuil and
Because it would destroy confidence in the system. https://en.m.wikipedia.org/wiki/Ghash.io
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Replying to @BobMcElrath @evoskuil and
Precisely, so you can say that there is a natural force against pool monopoly - pools don't want to kill their golden goose. Even better if pools are forced to show their hands in the open, which is what BetterHash could do.
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Replying to @hugohanoi @evoskuil and
Bob McElrath Retweeted Bob McElrath
It's a political solution to a computer science problem.https://twitter.com/BobMcElrath/status/1005921429840375808?s=19 …
Bob McElrath added,
Bob McElrath @BobMcElrathPolitical and economic solutions to computer science problems will always lose in the face of a well-engineered protocol, but political and economic solutions will always garner FAR more attention and investment, because people think they understand them and protocols are hard.2 replies 0 retweets 1 like -
Replying to @BobMcElrath @evoskuil and
I would also love to just stay in the realm of computer science - but the fact is that Bitcoin is half-political in nature
Decentralization needs active human participation.3 replies 1 retweet 2 likes -
Replying to @hugohanoi @evoskuil and
Unless a computer science solution is proven to NOT exist, we shouldn't compromise in the name of expediency.
2 replies 0 retweets 1 like
Agreed! But this argument doesn’t apply here since a/ Bitcoin is a live, 100-bil-dollar network running in production & b/ pool mining centralization is *already* the political reality. BetterHash will improve on the status quo, not making things worse. It’s highly practical.
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Replying to @hugohanoi @BobMcElrath and
Now if
#braidpool is proven to work & we’re launching Bitcoin tomorrow, it’ll be a different story
0 replies 0 retweets 0 likesThanks. Twitter will use this to make your timeline better. UndoUndo
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