Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckM] <div class="post"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=1332.msg14869#msg14869">Quote from: chickenado on October 01, 2010, 05:03:52 PM</a></div><div class="quote"><div class="quoteheader">Quote</div><div class="quote">The network <b>will</b> eventually be run by "oligarchs". Once software is optimized as far as it can be, it will come down to hardware, bandwidth, and, in the long-term, electricity generation. Most people won't be able to keep up.<br/></div><br/>It will if proof-of-work comes down to something as specialized as solving a single, well-defined, simple, and predictable hash function such as SHA-2.<br/><br/>We need to make proof-of-work more choatic and complex if we want to avoid this.&nbsp; <br/><br/>SHA-2 was actually designed to be computationally EASY because it's original purpose was digital signing, not proof-of-work.&nbsp; <br/><br/>Otherwise, it will end just like you say. <br/><br/>Think of this vision of the year 2020: 2/3 of the world's Ghash/s is controlled by just three companies. They manufacture their own specialilsed HPUs (hash processing units) and feed them with custom-built power plants. The Chinese goverment then persuades the three companies to double spend 10% of all transactions into the Chinese government's bitcoin address, in return the companies get an exclusive deal on the rare earths they badly need for the HPU manufacture. Some people leave Bitcoin for alternative currencies without the 10% "tax", but most tolerate it because by then Bitcoin is accepted almost universally. <br/><br/><br/><br/><br/></div><br/>Generation will be less and less interesting in that way, as the coins per block will divide by 2 until there's no coins generated at all, and the system will need to be run by "volunteers", which aren't really volunteers because if no block is generated no coins can be transfered, thus removing all value from all coins...<br/><br/>I think it's an arms wrestle to try to avoid having a few people holding most of the coins, that's all. I was trying to leverage that by making everyone have a fair chance at getting coins while they are still being generated, but I fear that it is not practical.. When it comes to currencies (and I don't want to get into a semantics discussion, humour me with 'currency') people are just wired in a very egotistic way, and even when offered the chance to balance the scoreboard, they will just try and use that to their own advantage, not everyone's... it saddens me, really, but hey I'll keep on doing what I do because I strongly believe in it, just as others believe in taking the largest slice.</div> text/html