Oddbean new post about | logout
▲ ▼
4evangeli0n | 9 days ago (raw) | root | parent | reply | flag +2 
 Yeah I am aware of these issues definitely. I don’t know too much about mining/mining pools in general but I can see the issue.

I’m fully aware too that I can barely use it freely. Each transaction being a taxable event makes it stressful. The way I see Bitcoin is exactly what it is - a store of value, hedge against inflation, “digital gold.” I do think all of these things are true. When I say that and view it that way, I am 100% looking through a fiat/USD lens specifically for the reason that that’s the system I live in and of course I am going to make smart decisions with my money. 

That is also the exact reason why I don’t hail Bitcoin as this new perfect thing that will solve everything, because it’s so clearly been hijacked. I cannot stress enough that I am fully aware of this. I’m a simple guy living in the fiat system that buys Bitcoin specifically to protect my purchasing power because it is so obviously the greatest asset to own, in my opinion.
▲ ▼
Anon | 9 days ago (raw) | root | parent | reply | flag +1 
 The problem with the pools is with one law passed, they can dedide what pools can allow to pass as a valid transaction and what can't pass, they have a solution for that, P2Pool where miners could mine in a decentralized way that could prevent that but devs put that solutions away who knows why 👀

What makes Monero better and more decentralized than bitcoin is that between 40%/50% of the hashrate is in a P2Pool, a decentralized pools. 

And more, anyone with a normal computer can mine, and that is not the case in Bitcoin
▲ ▼
goatmeal | 9 days ago (raw) | root | parent | reply | flag +1 
 if a network uses proof of work it should be asic resistant. no worry about specialized hardware being made by a small number of manufacturers. you can get the hardware at any computer parts store. I have heard the story about asic friendly proof of work enabling a network to become a load balancer for the electrical grid but I don't completely buy it, and it depends on the state cooperating. it's difficult to hide an asic farm. I feel safer under the assumption that the network can still be healthy just in case the state is hostile. you get that with asic resistant proof of work.

I still have reservations about proof of work. it's always going to have a geographic centralization pressure. people who live in places with expensive electricity can't participate in network consensus without stealing the electricity. I can't do mining at my house at all for instance. even heating my home with mining equipment still costs me more than other types of heat. 

on other consensus mechanisms all you need is a laptop with an SSD plugged in and some coins. that's very compelling and might very well be worth the tradeoffs under certain circumstances. at least I can participate.