Transitional SHA-256 Mining Multipool

Quote from: benjyz on April 29, 2014, 02:39:14 PM

What you're trying to do is similar to asking 100 mulit-millionaires to donate all their wealth to charity. it's physically possible, but economically impossible. this is the whole genius of the system. if 51% of the hashing power stays honest, the system works. the reason why people don't destroy the network out of self-interest, is that they can't profitable do so. to move to another algorithm would destroy the system. if you believe it's possible you shouldn't support Bitcoin in the first place - collusion would be possible to the detriment of all coin holders.

Thanks for the idea about hashing power.

This project will create, or otherwise facilitate, a transitional SHA-256 multipool which pays its participating SHA-256 ASIC hashers in bitcoins free from the taint of inputs dependent upon rewards created by ASIC miners after the fork.

At launch of this project, the Bitcoin Network will regrettably split to some degree as bitcoins mined by the new proof-of-stake version cannot be spent by proof-of-work clients and vice versa. A condition of the launch is that the number of full nodes in the proof-of-stake version greatly outnumber their counterparts in the proof-of-work version, in particular that the major bitcoin exchanges and online wallets support the proof-of-stake version. The ASIC miners who continue to operate their rigs can obtain new-version bitcoins by joining this new multipool, which in addition to mining proof-of-work version Bitcoin, will also mine altcoins sharing the SHA-256 algorithm.