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.