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I think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. That in turn raises the amount
by fortythirteen 9y ago
I think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. That in turn raises the amount of computing power needed to successfully mine, meaning that transaction costs exponentially rise.
- stcredzero 9y agoI think it's a natural flaw in the mining concept. Any coin that people use in a real sense will create heavy mining competition. Are you sure it's not a flaw in pricing/incentive? If people are using a cryptocurrency "in a real sense" then the public blockchain ledger of a properly maintained cryptocurrency could be maintained by parties who are motivated to get their transaction done. This is not a natural flaw in the general mining concept. This is a flaw in Bitcoin's implementation of mining, due to the circumstance that most miners of Bitcoin are motivated by speculation in Bitcoin.