Post
Topic
Board Bitcoin Discussion
Re: How Bitcoin Centralizes Profit in the Hands of Miners
by
Loozik
on 07/07/2013, 00:57:33 UTC
Unfortunately, the cost of running / operating the network isn't entirely born by the miners.  Every user is providing bandwidth and mirroring services and these users are not reimbursed in any way. 

True.

I contend that an ideal crypto-currency should allow everyone who owns it to profit from its use and that owning & mining should be equally profitable.

I wish Satoshi had envisaged in his protocol the nodes should be rewarded too (although I wouldn't go as far as to state that owning and mining should be equally profitable). Maybe there should be an algo that balances profits based on the increase of data stored and transmitted?

I am sure Satoshi had not envisaged a lot of things that will be needed for a cryptocurrency to succeed in the future.

Being a fan of Bitcoin I think it is not ideal (it is just an experiment) and I have no doubt a better (whatever ''better'' means in the realm of the unknown future) currency will emerge within our lifetime. It will spread faster putting Bitcoin to grave, which I will truly regret, if this happens.