Ninjastic
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Board Announcements (Altcoins)
Re: [ANN][DASH] Dash | First Anonymous Coin | Inventor of X11, DGW, Darksend and InstantX
by
ddink7
on 20/04/2016, 14:13:58 UTC
Quote from: VeritasSapere on April 19, 2016, 06:12:46 PM
Quote from: BrainShutdown on April 18, 2016, 09:01:07 PM
Quote from: ddink7 on April 18, 2016, 08:04:22 PM
Quote from: VeritasSapere on April 18, 2016, 07:29:17 PM
however it would be wrong to unnecessarily restrict the capacity of any blockchain in order to favor off chain solutions. Which is what is currently happening to Bitcoin.


I think this is the crux of the problem...Core won't let Bitcoin scale even slightly, because then LN would be a little bit less necessary. Maybe in time something better than LN would be discovered, which would bankrupt Blockstream.

From the sound of it, the whole thing is simply designed to enrich Blockstream, and miners will do nothing about it. But that's the problem I guess--all power is in the hands of the miners, which is an incredibly stupid way to build a decentralized currency.
Exactly! Some say Bitcoin is decentralized but it really isn't. There's only one possible centralization vector in 1st generation coins like Bitcoin, which deposit the decentralization hopes on POW and Moore's law and that's mining. Clearly it's a lost battle already when a handfull of people decide the majority mining software.
Talk about Bilderberg and Rotchilds... lol they're more decentralized than Bitcoin... there are competing factions within those groups  Roll Eyes
I am not not sure how this will play out. The theory behind POW governance is good and could still work, however this is a unprecedented test of decentralized governance. Mining in Bitcoin is not necessarily as centralized as some people might think it is. Especially if we consider the pools to be like a form of representative democracy for the miners. However if it turns out that the governance mechanisms within Bitcoin are fundamentally flawed, I would consider Dash to be the most likely cryptocurrency that has solved these problems of decentralized governance, through the implementation of a self funding blockchain combined with collateralized and incentivized voting full nodes.

The problem with governance by POW is the fact that not all users of the ecosystem are miners. Exchanges, payment processors, and end-users are all important parts of the ecosystem and effectively have absolutely no say at all in how Bitcoin is run. This has led to a misalignment of incentives where miners can easily act against the best interests of other Bitcoin stakeholders. Unfortunately, Satoshi abandoned the project before these unintended consequences came to light.