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But wouldn't the more efficient computers always have an advantage over less capable computers? In other words, for this system to be fair, even assuming the el
by jeromec 16y ago
But wouldn't the more efficient computers always have an advantage over less capable computers? In other words, for this system to be fair, even assuming the electricity cost argument held up which I don't think it could, wouldn't everyone participating need access to the same kind of computer? The required calculation would be the same for every computer in the network, right?
- kiba 16y agoWhat would you propose to make the system more "fair" without destroying the value of bitcoin? beside, the point of bitcoin is not generating bitcoins. In fact, generating bitcoins does nothing to create any value. Bitcoins become more valuable when you can trade goods for it. Some guys get more chance at making the correct calculation that get him new bitcoins. Big deal. He get to buy 50 bitcoins worth of stuff. That's not a lot considering the exchange rate. Maybe it's 4 dollars at most. Don't forget that it won't be 50 bitcoins forever everytime you solve a problem. It will eventually be reduced to half and then half until nothingness years later. 21 million bitcoin limit. No more can be generated. Maybe it will be more rewarding to generate bitcoins when bitcoins are in extremely high use, but that mean more competition for mining bitcoins. All that does is increase the difficulty to the point of becoming unprofitable.