Tagged: Mining is Dead
December 1, 2018 at 12:37 pm #6721
Mining is DEAD, and its not coming back, difficulty will remain high, because 100K S-9’s in CHINA will be re-deployed as $10/ea space heaters. Re-purposed for the pure purpose of mining for ‘pristine’ keys, not handling transaction.[ Billions of dollars of Pristine ‘satoshi’ addresses, still wait for some lucky person to crack their key; The best part is all these addresses include public-keys, which makes the DLP problem super trivial/easy to solve when a HUGE number of servers are at task. ]
With no incentive to run full tx-index servers, and no incentive to handle transactions, what is the hope in the future of bitcoin transactions?
ZenCash has a good model, of paying people in Zen to run secure-nodes, and super-secure-nodes, but I don’t see any incentive for running transacction servers in the bitcoin world, Difficulty will not go down, but people will be people, and given that you can’t mine properly there is no incentive to process transactions, the only utility is running an S-9 as a space heater and hoping it find a bitcoin every two years, at the current difficulty.
The original idea of Satoshi’s bitcoin, was that everybody ran a full-node and processed transactions, and every 10 minutes, somebody found a block, and by consensus +51% that block was accepted, and that user-address got credited and validated in time. In the future, most of the re-deployed S-9 miners ( and all the clones and earlier versions ) will be redeployed to scan for ‘lost pristine’ satoshi coins, which are where the REAL MONEY is at, the CHINESE are not stupid, what’s the point of running a space heater to maybe find a bitcoin, when you can run the heater as a LOTTO, and maybe get 50 bitcoins.
So what’s the plan by BITCOIN-CORE community here to address the issue, we know there is a scaling problem, we know that the current bitcoin server network can’t handle traffic, so how in the hell is all this going to work in the near future where MINING IS NO LONGER PROFITABLE, like it is now.
You must be logged in to reply to this topic.