I wrote this...
This is why being able to objectively filter 25 - 33% selfish mining attacks and 51% attacks is so critical. Satoshi's design can not do it. Mine can.
With that key improvement, then one can change the way mining is done so that those who are sending transactions are doing the mining, but they don't care about their profitability so then you drastically reduce the electricity used, yet simultaneously make it uneconomic to run an ASIC farm. And pools become irrelevant because no one is mining for profit, rather because they must mine to send a transaction.
So then you have the unbounded entropy of proof-of-work that insures its model of security and game theory, without any of the drawbacks.
TADA.
That's clearly not the case since the block rewards go to zero and the bigger question is whether there would even be enough PoW, not whether there would be too much.
The concern over PoW going gray goo over all the world's power is based on the bizarre premise of moonstruck fanatics that it becomes the world reserve currency tomorrow, despite not even being able to figure out how to scale above 5-7 tps. After a few more block halvings this would not be the case at all.
The concern over PoW going gray goo over all the world's power is based on the bizarre premise of moonstruck fanatics that it becomes the world reserve currency tomorrow, despite not even being able to figure out how to scale above 5-7 tps. After a few more block halvings this would not be the case at all.
This is why being able to objectively filter 25 - 33% selfish mining attacks and 51% attacks is so critical. Satoshi's design can not do it. Mine can.
With that key improvement, then one can change the way mining is done so that those who are sending transactions are doing the mining, but they don't care about their profitability so then you drastically reduce the electricity used, yet simultaneously make it uneconomic to run an ASIC farm. And pools become irrelevant because no one is mining for profit, rather because they must mine to send a transaction.
So then you have the unbounded entropy of proof-of-work that insures its model of security and game theory, without any of the drawbacks.
TADA.