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Bitmain, the largest mining hardware company, made around $4B last year
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Re: Bitmain, the largest mining hardware company, made around $4B last year
#32I've moved to coins that are asic-tough
What're some examples of these?
Re: Bitmain, the largest mining hardware company, made around $4B last year
#33As an engineer, it saddens me to see the huge inefficiencies inherent to cryptocurrency mining these days. Surely, when we're spending in the billions on wasteful hashing, we could dedicate a small fraction of that to engineering better consensus algorithms. Unfortunately, we have an ecosystem where everyone is incentivized to ignore the problem because they're too invested in maintaining the price of Bitcoin and oth…
This is a one-sided comment. There’s a lot of research going into different variations of proof-of-stake. 4 out of 10 largest crypto (by market cap) are PoS. There’s a lot of work Ethereum community (Casper), Cardano folks, Tendermint etc are doing to create better consensus models.
Proof-of-Stake statistically equates to "Give the rich more money".
Consider Ethereum's stats (and other similar PoS minting methods):
Presale ICO / Premine ( max cost $0.50 USD per ETH )
= 72,009,990 ETH
Total Supply today (Feb 23rd 2018)
= 97,800,000 ETH
Source:
https://etherscan.io/stat/supply
Re: Bitmain, the largest mining hardware company, made around $4B last year
#34Earlier quoted context omitted.
PoS is not going to be very popular as it removes the literal "money out of thin air" that was happening with GPUs in the past few years (coming to end in medium term). PoS strongly favors already well capitalized owners, instead of allowing new ones.
Doesn't PoS generate money out of thin air? It's just a matter of putting your dollars into stake vs hardware and electricity.
5% a year. You're better off keeping it on an exchange in case of a pump.
Re: Bitmain, the largest mining hardware company, made around $4B last year
#35As an engineer, it saddens me to see the huge inefficiencies inherent to cryptocurrency mining these days. Surely, when we're spending in the billions on wasteful hashing, we could dedicate a small fraction of that to engineering better consensus algorithms. Unfortunately, we have an ecosystem where everyone is incentivized to ignore the problem because they're too invested in maintaining the price of Bitcoin and oth…
This 4 billion dollars and all the money wasting on power and ASIC chips is a direct tax on the bitcoin ecosystem. This is the incentive you and your currency/consensus model have to beat bitcoin. In addition to the engineering problem, the number of people worldwide who prioritize environmental preservation mean that a currency that can preserve or even improve the environment are going to be preferred. What if we changed proof of work to be proof of not-cutting-down rainforests? 100 secure micro-satellites circle the globe taking pictures of areas prone to deforestation and distribute currency based on the areas not being logged?
Re: Bitmain, the largest mining hardware company, made around $4B last year
#36Earlier quoted context omitted.
PoS is not going to be very popular as it removes the literal "money out of thin air" that was happening with GPUs in the past few years (coming to end in medium term). PoS strongly favors already well capitalized owners, instead of allowing new ones.
Doesn't PoS generate money out of thin air? It's just a matter of putting your dollars into stake vs hardware and electricity.
Only for the largest account holders, whom statistically will receive most of the newly generated money (and even more as they continue to accumulate newly printed PoS tokens).
Re: Bitmain, the largest mining hardware company, made around $4B last year
#37Re: Bitmain, the largest mining hardware company, made around $4B last year
#38Earlier quoted context omitted.
This is a one-sided comment. There’s a lot of research going into different variations of proof-of-stake. 4 out of 10 largest crypto (by market cap) are PoS. There’s a lot of work Ethereum community (Casper), Cardano folks, Tendermint etc are doing to create better consensus models.
Proof-of-Stake statistically equates to "Give the rich more money". Consider Ethereum's stats (and other similar PoS minting methods): Presale ICO / Premine ( max cost $0.50 USD per ETH ) = 72,009,990 ETH Total Supply today (Feb 23rd 2018) = 97,800,000 ETH Source: https://etherscan.io/stat/supply Now imagine a financial system where all the wealthy have to do simply own money (spawned from software or premine) to get…
This is basically how it is now. There is a non-zero risk to staking as well as the stock market/bonds
Re: Bitmain, the largest mining hardware company, made around $4B last year
#39Re: Bitmain, the largest mining hardware company, made around $4B last year
#40As an engineer, it saddens me to see the huge inefficiencies inherent to cryptocurrency mining these days. Surely, when we're spending in the billions on wasteful hashing, we could dedicate a small fraction of that to engineering better consensus algorithms. Unfortunately, we have an ecosystem where everyone is incentivized to ignore the problem because they're too invested in maintaining the price of Bitcoin and oth…
>" we could dedicate a small fraction of that to engineering better consensus algorithms." Can you elaborate on what the shortcomings of the current consensus algorithms are?
Immense waste, and lack of egalitarianism.
Proof-of-Work consensus algorithms (so far) work by wasting more and more energy.
Max efficiency peaks in the network with a very basic CPU
PoW algorithm merely sets a lottery number granting write access for a single computer
Every additional increase in processing power reduces efficiency by increasing the size of the number to be guessed