> I completely agree that it will be in the long term interest of bitcoin to
> migrate, gradually, toward a commoditized POW away from the current mass
> centralization. There is a big problem here though: Hundreds of millions of
> dollars have been spent on the current algorithm, and will be a huge loss if
> this is not done slowly enough, and the miners who control the chain
> currently would likely never allow this change to happen.
> Do you have any ideas regarding how to mitigate the damage of such a change
> for the invested parties? Or even how we can make the change agreeable for
> them?
Apologies for interjecting a thought on this topic.
My belief is that Bitcoin could grow freely, and become worth enough so that
mining becomes profitable even for those of us in countries without free /
subsidized electricity.
By that time, buying commodity mining equipment (ASIC-based) from major
manufacturers should be no problem, esp. not for existing Bitcoin holders.
I see no sign that current major miners are principally opposed to such a
natural process of decentralization of Bitcoin mining.
Sancho
_______________________________________________
bitcoin-dev mailing list
bitcoin-dev@lists.linuxfoundation.org
https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
