Post
Topic
Board Development & Technical Discussion
Re: Preventing Pool Mining
by
piotr_n
on 15/06/2014, 17:41:01 UTC
Look, suppose a change in the protocol will be accepted by the bitcoin users. In such case, the miners opinion is not relevant
You obviously don't know how bitcoin works; how its protocol is protected and where its real value comes from.

No users, nor developers, can do a change in the bitcoin protocol without the miners accepting it - that is the very principle on which the entire currency has been build upon.

Had you tried to enforce a change in the protocol, and convinced a majority of non-mining users to start using your new software - this will create a fork and you will be left with a huge minority of the hashing power. And then how exactly is it going to be different from your current worse nightmare; the 51% attack?
It won't be - except that you would have willingly joined the party that already has far less than 50%.

In other words: if you'd try doing such a thing without changing POW function, you will jump before the wheels of the very truck that your are trying to escape from now.

At the other hand, had you decided to change the POW function, then it will not be Bitcoin anymore.
You would simply create an alternative currency, with a predefined distribution of coins.
But the old bitcoin (its miners and its price) would not even pay attention to your pathetic project.
And trust me; soon you would abandon your freshly created alternative currency and came back to bitcoin and its POW - because bitcoin is a monster that nobody can kill, while your new currency, without all this hashing power that protects our bitcoins now, would be just a vulnerable little baby that nobody wants to buy anymore.