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.
2 replies 0 retweets 3 likes -
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*?
3 replies 0 retweets 2 likes -
Replying to @hugohanoi @evoskuil and
Because it would destroy confidence in the system. https://en.m.wikipedia.org/wiki/Ghash.io
1 reply 0 retweets 1 like -
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.
1 reply 0 retweets 1 like -
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 -
Replying to @BobMcElrath @evoskuil and
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.
2 replies 0 retweets 1 like -
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