Post
Topic
Board Development & Technical Discussion
Re: Ordinals and other non-monetary "use cases" as miner reward on 2140+
by
d5000
on 28/06/2024, 15:14:34 UTC
If the diff drops, so will security - small miners will join but the security will never be as high because this small miners will never be as profitable as large scale miners and the network will be at constant threat of state sponsored 51% attack from North Korea or some other sources because it will not be enough to secure a trillion+ dollar network.
It's interesting that you just mention North Korea, weren't that the guys making billions with Bitcoin hacks and ransomware? Wink Why should they destroy their source of income?

Anyway: again, where is the limit between "secure" and "insecure"? Was 2019 hashrate secure enough? I believe a state actor could possibly currently carry out a short 51% attack if he wastes a lot of taxpayers money, but that wouldn't be disruptive enough to destroy Bitcoin, more like what happened to some altcoins. Even dictatorships need to justify their actions at least a bit to avoid becoming unstable, and it would be really hard to justify such a waste of money.

Which means the mining will be even more centralized than today, more power in the hands of few.
I think we agree that a centralized mining sector would not be good, but I just explained why I don't believe that your logic here is correct, just a paragraph before. Yes, the difficulty lowers in this process, and so does security. But it is still safe enough.

Bitcoin mining is done on ASIC's, not on general purpose CPU.
No one in the world needs this power aside from Bitcoin and other, less profitable coins running on SHA-256.
That is not the point. The point is that the housing/cooling infrastructure can be used for CPU servers as well. And that is already been done for some years. Many US miners are already diversified.


Currently we can observe a ~30% drop in network hashrate:
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#alltime
No, that's only 30% if you take the highest single value and the lowest single value. The drop is about 15% and that's expected because it occurred in each halving until now (see 2020, 2016 ...). It will grow later this year probably.

Even fewer people understand that green energy is not green and it also produces waste.
Neither the waste nor the energy needed to produce solar panels, wind turbines, hydro facilities etc. compensate the energy they produce.

Those that really understand about the subject know that there is some waste but that this is not really a problem. There is no free lunch (still). But recycling tech is advancing too, and household waste is still a far bigger problem than silicone which can be used for landfills.

It's funny you are a nuclear fanboi because ... well, didn't they produce waste?

disinformation propaganda
Ah ok. Tongue

I'm out from the forum for a longer while as I have some work to do, see you when the roof starts collapsing (if nothing changes to the Bitcoin protocol).
Is your mission currently failing? Wink

By the way I'm not against a tail emission, the Monero folks are doing well with it and I think it's a reasonable model, but in the case of Bitcoin I don't think it will ever materialize due to the "ossified" 21 million limit, and I also don't think it's needed.