3 ms·
Satoshi did the math just fine, and later I repeated his calculations with more detail. There were no inherent problems with scaling Bitcoin up beyond the quest
by mike_hearn 4y ago
Satoshi did the math just fine, and later I repeated his calculations with more detail. There were no inherent problems with scaling Bitcoin up beyond the question of how to pay for mining post-inflation subsidy, which could be solved with assurance contracts.
> It's almost like a system that allows you directly more power based on how much wealth you personally control doesn't work "For the people"
That's proof of stake. Mining isn't about how much wealth you control but about how much hardware.
- mort96 4y agoHow much hardware you can get and how cheaply you can get electricity is decided by how much wealth you control.
- latchkey 4y agoThat's not entirely true. When I was mining in Vietnam, we were not rich. We just picked a country where power was cheap and it was close to China so that we could get hardware into the country more easily and inexpensively. The Vietnam govt wasn't using the excess power and they were happy to have someone filling their datacenter spaces.