My key point, or key question....Do those with faster computers have an advantage, or do they not? In the general forums people claim that the "luck" factor makes up for this...but statistics beg to differ. Granted, and I do agree, the point is trading, not generation, but essentially with generation we're handing out free (though inflating) money. I would like to think that the process is equitable and not based upon one's ability to afford, in USD, a beast of a machine. This would loosely tie the initial distribution of BTC to the present distribution of USD of those willing to contribute...and seems to undermine the currency philosophically, apart from being unfair.
Thanks for all the hearty discussion on the matter, everyone.
Thanks for all the hearty discussion on the matter, everyone.
Yes, they do. If the old PC can only generate 1 block in 48 hours and the super fast modern PC can generate 1 block in 12 hours, then statistically, the old PC is 4 times as slow as the modern PC during coin generation. The difference is the luck factor. It's possible that the old PC will find a crypto solution by pure luck in less time. So it's possible that the old PC finds one in 2 hours while the super fast PC has to burn through the entire brute force before finding a block in 12 hours. So the advantage is the odds. Simplified of course, but yes, the faster PC gives you a 1 in 12 chance to get the solution and the old PC gives you a 1 in 48 chance (again, way over simplified example)
So the faster PC is like having a few extra lottery tickets
