A community for the latest discussions about the cutting edge of crypto design, it's culture and significant crypto news. Decentralize everything. Check out our [Community Guidelines](https://relevant.community/crypto/post/6122269e61d1cd005a877277/62427d3ed587ad005b647828)
53475 Members
We'll be adding more communities soon!
© 2020 Relevant Protocols Inc.
A community for the latest discussions about the cutting edge of crypto design, it's culture and significant crypto news. Decentralize everything. Check out our [Community Guidelines](https://relevant.community/crypto/post/6122269e61d1cd005a877277/62427d3ed587ad005b647828)
53475 Members
We'll be adding more communities soon!
© 2020 Relevant Protocols Inc.
Relevant
Hot
New
Spam
Relevant
Hot
New
Spam
0
22.5K
0
22.5K
>"Bitcoin's biggest weakness is the coordination problem around miners. With an increasing industrialization of the mining industry regulators have an easy target to attack the network. Which large scale electricity company cannot be KYCed? How will governments not require miners in their jurisdiction to censor UTXO's initiated by non-whitelisted addresses?"
>"Bitcoin's biggest weakness is the coordination problem around miners. With an increasing industrialization of the mining industry regulators have an easy target to attack the network. Which large scale electricity company cannot be KYCed? How will governments not require miners in their jurisdiction to censor UTXO's initiated by non-whitelisted addresses?"
Keeping Bitcoin and other POW systems censorship resistant and open will be the biggest challenge of the industry over the years to come. How do we solve the coordination problems around the mining industry?
Keeping Bitcoin and other POW systems censorship resistant and open will be the biggest challenge of the industry over the years to come. How do we solve the coordination problems around the mining industry?
A very thoughtful artcile [@alexlange](/user/profile/alexlange) thanks. I hadn't previously put much thought into the issues of energy sourcing and how this could become an issue via increasing regulation of mining companies, or dare I say even an attack vector given enough time and centralisation. I guess miners can continue to move to more accommodating countries but options will no doubt dwindle as more governments want a bigger slice of the miners pie and control of operations. I'm not sure about routing fees being that big of an issue, at least in the short term, as even if the profit is small then the market would probably find away to extract this it; though I am not expert in this. Also, If fees are too high on chain then node operators will likely just defer closing their channel until better time. I found this Bitmex blog from last year interesting on what markets could be theoretically seen with lighting in the future, but obviously some of the suggestions seem a bit far fetched... At least for now! I still prefer the idea of keeping the blocksize down to allow people to run a node, versus massive POW chains that will likely only allow validation of transactions by institutional entites in the future. [https://blog.bitmex.com/the-lightning-network-part-2-routing-fee-economics/](https://blog.bitmex.com/the-lightning-network-part-2-routing-fee-economics/)
A very thoughtful artcile [@alexlange](/user/profile/alexlange) thanks. I hadn't previously put much thought into the issues of energy sourcing and how this could become an issue via increasing regulation of mining companies, or dare I say even an attack vector given enough time and centralisation. I guess miners can continue to move to more accommodating countries but options will no doubt dwindle as more governments want a bigger slice of the miners pie and control of operations. I'm not sure about routing fees being that big of an issue, at least in the short term, as even if the profit is small then the market would probably find away to extract this it; though I am not expert in this. Also, If fees are too high on chain then node operators will likely just defer closing their channel until better time. I found this Bitmex blog from last year interesting on what markets could be theoretically seen with lighting in the future, but obviously some of the suggestions seem a bit far fetched... At least for now! I still prefer the idea of keeping the blocksize down to allow people to run a node, versus massive POW chains that will likely only allow validation of transactions by institutional entites in the future. [https://blog.bitmex.com/the-lightning-network-part-2-routing-fee-economics/](https://blog.bitmex.com/the-lightning-network-part-2-routing-fee-economics/)
Some low-ranking comments may have been hidden.
Some low-ranking comments may have been hidden.