Re: [6600Th] Eligius: 0% Fee BTC, 105% PPS NMC, No registration, CPPSRB (New Thread)
Anything created for the good of all, which I believe Bitcoin was, can be and has been perverted by the rich and powerful.
(...)
We ALL have reason to bitch because it takes far more than 1.2TH get a decent return. It PAINS ME that the common working man cannot participate in mining and make a decent return from a level of mining power he can afford. Pool-based mining is not a necessary component of Bitcoin or any other Cryptocurrency. Pools are a reaction to the ceaseless rise of the difficulty level beyond belief, caused by those that can afford to purchase a Hell of a lot more hashing power than 1.2TH.
(...)
We ALL have reason to bitch because it takes far more than 1.2TH get a decent return. It PAINS ME that the common working man cannot participate in mining and make a decent return from a level of mining power he can afford. Pool-based mining is not a necessary component of Bitcoin or any other Cryptocurrency. Pools are a reaction to the ceaseless rise of the difficulty level beyond belief, caused by those that can afford to purchase a Hell of a lot more hashing power than 1.2TH.
I just want to say that mining is not intented as a way to create richeness of enable the common man to get money. Nor is it intended to get the corporations richer too. It's sole purpose is to secure the network. That the hashing power comes from the common man, or a company, does not matter. The block reward is quite high in the beginning, but will decrease fast; the block reward is not the ultimate purpose of mining.
No, all that "bitcoin" as an ideal cares, is that the network has the highest possible hashrate, so that nobody, be it an indivudual, a corporation, or a goernement, may compete against it. If corporations are willing to invests millions on mining , then good!
The bitcoin revolution, the change for the common man, will comm from the bitcoin economy, from the transactions. That is what will change things.
The rising difficulty, the corporatisation of mining, the deflationary structure of bitcoin and the ipso facto transition of bitcoin as currency to bitcoin as commodity prevent any revolution.
If there was a 'bitcoin revolution' it was last year in 2013 with the adoption by the masses, reasonable returns from mining and the price spike verses fiat.
Now, if there is any possible zeitgeist, it's in another form of crypto... and if the popularity of DOGE is anything to go by, it suggests that even crypto-currencies have to be inflationary to act as currency otherwise the greed/foresight/speculation/horde mentality transforms the currency into a commodity.
Where is Bitcoin 2.0 or 3.0 or 4.0?
Whatever that is, perhaps, is where the 'revolution' lies.
["Coin, Coin!" http://www.youtube.com/watch?v=sr9SuvBsw-8 ]