Bitcoin future uncertain - cryptocurrency mining is OBSOLETE!
bitcoin·@slavix·
0.000 HBDBitcoin future uncertain - cryptocurrency mining is OBSOLETE!
<html> <p><img src="https://image.ibb.co/fHQFSQ/mining_farm_stop.jpg" width="595" height="335"/></p> <p>Lately, I see a lot of jubilant posts about this or that country embracing Bitcoin mining </p> <p><a href="https://steemit.com/blockchain/@steem-buzz/russia-might-start-cryptocurrency-mining-using-its-20-gigawatt-surplus">"Russia Might Start Cryptocurrency Mining Using Its 20+ Gigawatt Surplus"</a></p> <p>or that major IT companies are coming out with new products tailored to mining</p> <p><a href="https://steemit.com/ethereum/@kingscrown/amd-releases-special-driver-for-cryptocurrency-mining">"AMD Releases Special Driver for Cryptocurrency Mining"</a></p> <p>and excited comments by people who apparently, think its a good thing that more and more energy is burned every year to play lottery, as that what mining is, essentially.</p> <h2>Mining is a waste of energy and completely unnecessary.</h2> <p><strong><br> </strong>Using POW (proof of work) algorithm to secure blockchain was revolutionary at the time of Bitcoin creation, but has been obsoleted when various POS (proof of stake) algorithms started to appear.<br> Consider that second generation blockchains Bitshares and Steem use DPOS (delegated proof of stake) to ensure integrity of the blockchain and do not use mining. They are more decentralized, work much faster and do not need to waste billions on "mining".<br> Bitcoin is a first generation blockchain, and as such it has great brand name recognition and tens of millions of users, but it's technology is falling behind every year, as blockchain tech industry develops.</p> <p>I will say it again,<br> MINING IS OBSOLETE<br> and the sooner people realize it, the less electricity will be wasted.</p> <h3>Bitcoin is doomed</h3> <p><br></p> <p>Mining is built-in in perpetuity into Bitcoin protocol and can not be replaced with a better algorithm unless miners agree. Do you think miners who invested huge amounts of money into mining farms will vote themselves out the job? </p> <p>Not a chance. Bitcoin is stuck with mining and wasting billions, because <strong>miners are the overlords of Bitcoin blockchain</strong>. Owners of Bitcoins have no say on the blockchain future, only miners get to decide. This is the fatal flaw that has doomed Bitcoin to fall behind blockchains that are more capable and cheaper to operate.</p> <p><br> Why do you think Bitcoin development has been so slow? </p> <p>Why scaling problem has not been solved? </p> <p><em>Because interests of miners come first.</em></p> <p><br></p> </html>