this post was submitted on 29 Dec 2020
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[Cryptography] Bitcoin is a disaster. (www.metzdowd.com)
submitted 4 years ago by [email protected] to c/[email protected]
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[–] [email protected] 0 points 4 years ago (1 children)

I can just say a little :

  1. electricity this is already debunked if you're saying btc is electrically demanding - the same goes with facebook.com . And that's not the end of it, free market rules, if it's cost more to mine one bitcoin then people will just not do that.
  2. Also what scalability have to do with centralization I can't square that circle. If you follow max keiser : he always say something about 'hash-war' maybe you can research more about that.
  3. Finally at least BTC is the first coin ever invented, it will never go easily. This is not sh*tcoin we talk to.
[–] [email protected] 0 points 4 years ago* (last edited 4 years ago) (1 children)

electricity

They can join a mining pool so they get some kind of shared resource reward back. This was my experience when GPU mining began taking off, more than a decade ago.

scalability as centralization

This started during the age of ASIC's, specialized machines that can mine more efficiently than GPU cards in parallel. Now imagine doing ASIC's in parallel or clusters in the same fashion as how machines are normally set up in a server farm. Hash rate and difficulty skyrockets as the fear of the 51% attack evermore becomes a possible reality. I think there's a good video from Motherboard showcasing how one Chinese entrepeneur managed to do just that. Now imagine you have a handful of others doing exactly this all over the world. Bitcoin is no longer a purely decentralized medium.

[–] [email protected] 0 points 4 years ago (1 children)

yes, the limit of the bitcoin is came from that. If you remove hashrate and electricity from the key issue, bitcoin will not again limited in quantity it was never the problem, it's the feature. And no one forced anybody to mine for BTC.

for scalability, I know your concern. but that doesn't mean you own btc farm = own world's bitcoin. again, my approach is from economical standpoint : it's not centralized. As for 51% attack, that **theoretically can happen ** but it's hard to fulfill many condition needed.

or do I miss something?

[–] [email protected] 0 points 4 years ago* (last edited 4 years ago)

It's matured to the point where centralization has emerged from decentralization. Bitcoin's original premise was P2P, one computer amongst a sea of computers. Nowadays, there are mining farms spread all around the world that outpace the hashing power of a single miner and the only way to stay competitive is to scale upwards.

edit: stumbled upon this article (2020/01/20) that might clarify my concern

https://decrypt.co/54650/china-bitcoin-market-report