Content
@
https://warpcast.com/~/channel/brypto
0 reply
0 recast
0 reaction
I. Christwin〔▸‿◂〕💡
@ichristwin.eth
Is this true? If true, yikes, what do? 😬
3 replies
0 recast
1 reaction
emmo00.base.eth
@emmo00
long expected shouldn't the Bitcoin contributions be able to fix that with a protocol change through a consensus?
1 reply
0 recast
1 reaction
I. Christwin〔▸‿◂〕💡
@ichristwin.eth
So there are probably like 4 things that can happen here. - Implement PoS & do sth akin to "The Merge" and move consensus to PoS. This would probably take many years like it did for Ethereum. - Change the emission schedule or break that 21 million cap. This would would provide immediate relief by providing more subsidy to miners for mining blocks. Something are simple as reverting the most recent reward halving would double miners income again. - Reducing miner decentralization would also fix this. In todays would less miners would want to be Germany. Miners either start concentrating in places with cheaper energy or just shut down. - Increase fees spent in Bitcoin blocks by getting more users to bid for bitcoin block-space, in other words, start seriously competing with Solana and Ethereum L2s. This recent video by @jordanmmck explains everything perfectly (with awesome illustration 🤩) https://youtu.be/skcZbXitZxQ ...and the following is his older vid on this same topic https://youtu.be/ARTUfzKU8_s
1 reply
0 recast
1 reaction
emmo00.base.eth
@emmo00
ohk, items 3 and 4 would probably take effect naturally (miners look for cheaper energy and increased transaction fees)
1 reply
0 recast
1 reaction
I. Christwin〔▸‿◂〕💡
@ichristwin.eth
Over time option 3 would be really bad for Bitcoin. It essentially would be converging to a world where one single entity is producing the all the bitcoin blocks because everyone else has shutdown, or one where all the miners are located in a single town with the cheapest energy worldwide. Such convergence means that Bitcoin becomes less secure over time and can be shutdown by a single event (be it a bad actor, rouge nation state, an act of God, or a squirrel stashing acorn is a some high voltage box). If that's were we are going, then this whole thing is a failure. Option 4 would be net positive & most desired outcome. But that would mean deossifiy Bitcoin and implementing a lot of the things that make Solana and Ethereum L2 hot venues for user, including more speed, smart contract apps esp DeFi, etc. That would also take years and years like the option for PoS (if not more) and in that time existing chains would keep getting better, so can it really win at that? 🤷 https://warpcast.com/tch/0x288478fe
0 reply
0 recast
0 reaction
