Quote from: mindrust on Today at 05:11:59 AM

Quote from: Hispo on May 08, 2023, 10:15:50 AM

I am not as well informed about the vision Satoshi had for Bitcoin beyond the first years of existence. But I assume he would picture mining to become profitable eventually as his project grew through time.

Because, obviously he needed to created a good reason for the miners to work and there is no better universal incentive in this life than money and love. Unfortunately much of the love and passion for the project is long gone now profitability is more important.

It makes me kind of sad to see the Mempool in such state, to be honest.

Satoshi wanted everybody to contribute to the network that's why he thought "1 CPU = 1 vote" is a good idea and it was... as long as people don't get greedy but we are all greedy in the end. That's how capitalism works. Then satoshi also predicted the next thing which was going to happen and that was the server farms and they happened too.

Maybe he thought this time would be different, maybe nobody would get greedy and everybody would mine on their PC's... He had to try it to know what will happen next and he found out about it. It happened just like he worried.

One CPU-One Vote is an important concept because when you go to elect a president, no matter how much money you have, you can only vote once. It is because one person-one vote. In the current state of PoW, you can have millions of votes in your possession and get away with it.

I find difficult to think that Satoshi was not aware of the human nature and how it can push us all into a state of greed. Bitcoin was created in 2009, after all. And Satoshi was very informed of the bail out for banks and the crisis of 2008, much of it a consequence of human greed.

My personal theory is that Satoshi underestimated his own creation, he thought he was building an alternative payment processor in a decentralized way, not a technological and financial revolution like this one.

At least the Mempool seems to be getting lighter these last 24 hours, let us see what happens next. I am expecting future congestions...