Want to bitch about Oracle/MS/Adobe's recent exploit even though it's been on the front page for 5 days? Tired of sanitybit's "moderation" and "civility"? Join the circlejerk! Don't get me wrong, I love netsec, it's just some... issues occasionally crop up.
Miners produce a generic COMMODITY: transactions included in blocks on the chain. If certain miners refuse to produce ENOUGH of this commodity, then they CAN and WILL be REPLACED. (Important reminders from Cornell researcher Emin Gün Sirer)
I just read some articles from the Cornell researcher Emin Gün Sirer which I think are very important. Links and excerpts are below: Time for Bitcoin Users to Reclaim Their Voice http://hackingdistributed.com/2016/01/03/time-for-bitcoin-user-voice/ Bitcoin's Value Derives from Users, not Miners http://hackingdistributed.com/2016/01/05/bitcoin-value-derives-from-users/ Power ultimately rests with users https://bitcoindebates.miraheze.org/wiki/Power_ultimately_rests_with_users Excerpts: The bottom line is that the consumers in Bitcoin, wallets and exchanges, have immense power. They wield that power, by proxy, through large companies like Coinbase. Where, does anyone think, will the miners convert their bitcoin into cash, if not at exchanges like Coinbase? The consumers need some miners, though not necessarily the existing miners, to protect their financial system from attack. Consumers could, in theory, change the rules drastically, in opposition to miner interests, by changing the proof-of-work algorithm along with their desired change. This would render the new system immune to attacks from existing hardware, and render the immense investment in Bitcoin mining moot. It would take us back to the days when GPU mining was profitable, and it would bring back Bitcoin botnets. Going back to those olden days doesn't sound that great, but Bitcoin's security was actually fine throughout those days. A controlled switch, backed with some pre-arranged mining pools, is certainly within the realm of, at least, thought experiments. The exchanges, as a group, are even more powerful than miners. True power comes from ability to affect change in the real world. The miners simply cannot do this. Let this sink in. The gatekeepers to tangible wealth are the exchanges. Miners have to compete to provide a "good service at a competitive price point." Think about the things over which you have control. What you cook for dinner. What doodles you draw on paper. Where you drive your car. Or think about the things over which someone else, whether singular or an ensemble, has full control. The speed of your Internet connection, if you live in the US. Whether or not you get pulled aside by TSA agents for additional screening. And so on. In none of these cases, do the people who are in control have to compete with anyone. By definition, they are in control. They determine the rules. The miners have to compete for your wealth because they are not in control. They seek something that only the customers have -- your cash, and its concomitant ability to affect change in the real world -- in return for an intangible and highly replaceable commodity they produce that is trapped in the virtual realm, namely, digital blocks. There is nothing desirable about a long chain trapped in a machine in a world where anyone can make an alternative chain on her machine. Meanwhile, the real-world cash and goods that exchanges and payment processors bring into the ecosystem have tangible value. It can actually affect change and touch lives, something no datastructure can do. And that's why the users lead, and miners follow. https://np.reddit.com/Bitcoin/comments/411ogt/thanks_mike_just_what_miners_in_china_need/ Mike will not be the only person to loose faith in the future of Bitcoin over the rather vile tactics being deployed in support of the "Core Roadmap". The price will continue to slide until the miners realize there's more risk to their incomes from doing nothing than from making a change. https://np.reddit.com/btc/comments/3xhejm/the_nine_miners_of_china_core_is_a_red_herring/ The Nine Miners of China: "Core is a red herring. Miners have alternative code they can run today that will solve the problem. Choosing not to run it is their fault, and could leave them with warehouses full of expensive heating units and income paid in worthless coins." – tsontar
A proposal for a potential solution to the 51% power issue of the mining pools
A possible solution to the 51% mining pool issue. This is a gray area solution which could also be done without a botnet if somebody or the Bitcoin Foundation decide to donate bitcoins to the P2Pool on a regular basis. Goal: Break the prisoners dilemma and network effect of the centralized mining pools. This should discourage people from joining them and join the P2Pool. This way a potential 51% attack by a pool becomes less likely and Bitcoin would become overall more secure. Idea: Code an open source modular Bitcoin botnet which uses TOR and/or Bitmessage to relay information among the bots. P2Pool should be hard coded into the bot for mining. Integrate a referral system into the botnet so that newly infected computers and subsequent infections send some of the mined bitcoin to a designated address of the initial seedevolunteer. The rest of the mined bitcoin should be donated to the rest of the P2Pool. The additional donated bitcoin in the P2Pool create a competitive advantage for anyone legitimately mining on the P2Pool. It would be in everybody's self interest to mine on P2Pool from that point on because they would earn more than 100% in mining. This botnet could become big and diverse enough to make it a better way for script kiddies to get into Bitcoin without initial investments into ASICs. Furthermore, Bitcoin would become more secure due to the added hashing power and geographical distribution. Such a switch could also be facilitated by donations by the Bitcoin Foundation or individuals. I see the botnet strategy as better because it adds hashing power to the system and discourages script kiddies from building parallel botnet systems.
I can't wait for every connected device in my house to be part of a botnet mining bitcoins for some dude in Belarus and the point of entry into my network was the completely unsecured connected scale that babysits my coffee supply.
If malicious hackers can pool together tons of phones together to reach considerable hashing power; Can a positive community crowdsource a large batch of cheap USB miners with auto-p2pool configurations? A significant amount of small parts add up to a greater sum!
We now hold the discussion about the danger of GHash's strength, let's use this energy to make a difference. Let's use frictionless money to make it easy for a bunch of small contributions to make a big difference. Ghash is popular because it's easy to mine at any amount and get a small payout, even if it doesn't quite break even. P2Pools offer the same advantage because there is no middleman to collect fees. Yet until P2Pools get larger hashing power, this makes it not advantageous for small miners to individually direct towards P2Pools.. Yet if a bunch of small miners directed towards a single pool, it can make a significant difference Developers have already created bot-net type applications that use phones to pool together and mine. It has occured on iOS, Android and has been occurring since 2011. So if developers can do this maliciously, could we use this same mentality in a beneficial way to easily and cheaply secure the network? Currently you can get small USB miners for a few bucks. And if you want to spend a little bit more, it's easy to get a hub/dock to group more then a few miners together. Yet even just running one device in the background while online would be useful if many people did this. So what can we do? Well the best way to coordinate an effort would be to crowd-fund a kickstarter like campaign to buy a bulk amount of USB miners so that people could spend a few bucks and get a miner or two to give to friends. It would be great to get a large vendor trying to rid stock could do something like this perhaps? Ideally I would like to use Lighthouse yet it is not ready. I am unaware of any other decentralized crowd-sourcing applications. If nothing else arrises then Bitcoin Starter could be a substitute for such a fund. How many people would be interested in running a small USB miner in the background while your on your computer? If everyone pitched in a buck or two to get a small miner shipped to their house, would you run it? Please give your thoughts! If you can help please stand up and if your willing to support make that known! If you think this is stupid then say so! tl;dr: let's see if we can get a community crowdsourced effort to distribute small usb miners to a crowd of people. If they all pointed their dust-amount of hashing power it could add up to a greater sum. If done with a P2Pool it could be a very beneficial action to secure bitcoin's decentralization.
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