Sunny future. Was: Bitcoin mining efficiency and Botnets

[guido@witmond.nl (Guido Witmond)]

On 10/15/13 12:03, Cathal Garvey wrote:

> People focus too much on the "profit" miners make, and not the
> verifiability and anarchism they are supposed to be providing to the
> bitcoin network. In that regard, arguably the most important, bitcoin
> has already failed entirely.
> 
> Of course, bitcoin is a startlingly obvious example of code with
> politics baked in, and you're seeing the natural play-out of that
> political philosophy in bitcoin with little artificial interruption;
> corruption, oligarchy, and the creation of a false market controlled by
> monopolistic cartels which fluctuates in price only when it is
> profitable to the cartels for it to do so.

I don't see it so bleak.

I think the politics are playing out perfectly. With cheap ASICS
flooding the market, these come in the reach of ordinary people who can
run one on a second hand solar panel during the day. Don't bother
wasting expensive electricity on it.

With millions of people running these, the influence of the cartels
diminishes. And I have a (small) chance of winning the jackpot with the
payment fees too.

Heck, I bet you can get rich selling kits with a solar panel and a
ASIC-miner.

Cheers, Guido.

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