Post
Topic
Board Bitcoin Discussion
Re: Cobra's open letter to the Bitcoin community to change the mining algorithm
by
Pursuer
on 26/02/2018, 14:34:07 UTC
Out of all the problems out there that bitcoin is facing, all the PR other altcoins are stealing away from BTC, this guys worried about changing the POW. What if BITMAIN dominates the other ALGO aswell ? we keep forking ?

I wont be surprised if he suggests we move to POS instead.

PoS is the worst way of distributing new coins in my opinion. it may seem good but in fact it is a rich gets richer for doing practically nothing scheme. basically the same Bitmain will have a lot of bitcoin which then they stake and earn a lot of new coins on their massive amount! they can simply sell all their equipment and farms and buy a tiny server instead and turn the rest of the money into bitcoin which they stake.... back to first step again.
and I consider that 100% unfair and will leave bitcoin behind if that happens some day.