Actually, mining hw vendors have been profiting a lot historically. I would be interested in their funding background too.
But a new algo requires the development of new asics right? how to keep the chain secure until then? CPU mining?
There are other asics/agos used for coins that have hash rates comparable to BCH e.g. X11
No, ASICs worsen centralization compared to general use hw.
I don't agree with this, people who buy Asic for a specific algo are way more loyal than general purpose HWs. It's better for security and mining is always centralized because of pools
Way more "loyal" like the handful of chinese sha256 (majority hashrate) miners who conspired with Blockstream to render the network useless for transactions?
Well in case of a fork you can never guarantee they stay on your side for sure. I said loyal in this way that they can only mine your coin (not the case with SHA256 anymore)
But any alog can be built into an ASIC unless you change the algo every 6 months like monero which also creates lots of instability. Also hard to buy hash to fight off 51% attacks
I believe the BCH community is big enough to pull enough CPU/GPU hashpower together to defend it.
Precedent is important.. Look at monero's example.
I'm also not in the favor of SHA256 community. they are probably gonna screw us again with ABC's new IFP. But why don't you bring up your opinion to BCHN folks? Seems like a good time
I'll try to send them a suggestion over the weekend, although they should know what to do already. I have a lot on my table currently, I'm working on on-chain org management.
The same miners who exploited the difficulty adjustment bug of BCH after the split, rapid mined and dumped it then went back to collect the backlog fees?
Not to mention our current problem of these "loyal" peeps who swing mine BCH just to fuck its usability up?
I think you should re-consider your opinion. 👍
Monero changed its algo 2 times now. 1 to deter asics and 1 for just improvement. All it needs is a united community and making historical precedence.
Bitcoincash could retreat to a GPU or CPU mined algo imo to remove the immediate systemic risk.
