4 ms·
Isn't an issue with Bitcoin that it's actually controlled by the miners, so they could collude to change some of the issuance rules?
by dehrmann 1y ago
Isn't an issue with Bitcoin that it's actually controlled by the miners, so they could collude to change some of the issuance rules?
- __MatrixMan__ 1y agoI'd rephrase slightly: Bitcoin's problem is that, since it's controlled by the miners, they're unlikely to change the issuance rules. Adequate security can be had at a far lower cost, but that's a change that would damage their investment in mining hardware, so the miners will never do it. I hope one day we start valuing abstractions based on the desirability of their externalities. After such a shift, bitcoin will look pretty silly--who would want use waste-electricity-coin when they could instead use capture-carbon-coin or go-to-mars-coin? But it would seem that we're not there yet.
- dehrmann 1y agoAt what point do large AI players have enough GPUs to take over the blockchain?
- __MatrixMan__ 1y agoThat would be 51%. I'm not a big fan of bitcoin, so I haven't tried to forecast it in terms of years. Asic miners outperform GPU's though, so it would have to be an awful large pile of GPU's.