Post
Topic
Board Economics
Re: Blockchain = Powerful Tool for Keynesian Monetary Policy
by
Rassah
on 21/11/2012, 19:47:53 UTC
I have an AWESOME idea for how to improve a Proof-of-Work system:

Instead of getting a 25BTC block reward, have everyone who mines a block automatically receive a small mining ASIC instead. Also, make it so that no one can receive ASICs other than through block mining. Want to increase your hashing power and get more mining hardware? Mining a block is your only way. The best feature is that if you manage to get 51% control and process a majority of blocks, you can improve your hashing rate, and control more and more of the blockchain, just by continuing to mine, since you will keep getting more and more mining hardware just by mining blocks. And the great thing is that no one can take control from you, since the only way to get ASICs is by mining blocks, which is something you can do at a way higher rate than anyone else; a rate that only keeps increasing. If you wait long enough, you can even get to control 99% of the blockchain, pretty much by default, and if you want some money, just sell some of your ASICs.

What do you think? In a system like that, it would be fairly easy for someone to get control and then hold on to it and become rich.