PoX Screws Bitcoin, Adulterates Blockchain Software Technology

[Uwe Cerron]

Remind me again, how many mining pools make up the entire bitcoin ecosystem?

Sent from my iPhone

> On Nov 27, 2021, at 10:01 AM, Gunnar Larson <g at xny.io> wrote:
> 
> 
> MIA Coin and NYCCoin use PoX as part of their fraud. Harvard Management Company perhaps has a hand in the scheme? 
> 
> PoX when used for participation rewards, as described, could lead to miner consoli-
> dation. Because miners that also participate as holders could gain an advantage over
> miners who do not participate as holders, miners would be strongly incentivized to
> buy the new cryptocurrency and use it to crowd out other miners. In the extreme case,
> this consolidation could lead to centralization of mining, which would undermine the
> decentralization goals of the public blockchain. 
> 
> Bitcoin Bandwidth:
> Because PoX miners must send Bitcoin transactions to participate in the consensus
> algorithm and send PoX rewards, PoX mining would occupy some Bitcoin transac-
> tion bandwidth. Given Bitcoin bandwidth is limited by design, given security require-
> ments, new PoX blockchains need to reduce their bandwidth use requirements. SIP-
> 007 does this by limiting the number of participants, using a STX holding threshold.
> Other ways to address bandwidth limitations are also possible e.g., lighting channels
> between Bitcoin and the new blockchain. Optimizations at the Bitcoin transactions
> layer could also be possible, which would reduce the total size needed for PoX trans-
> actions.