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Bitcoin (BTC) possible algorithm change... by cicbar

View this thread on: hive.blogpeakd.comecency.com
· @cicbar ·
$312.03
Bitcoin (BTC) possible algorithm change...
![images.jpg](https://steemitimages.com/DQmT6VX97s6yEuEbyamC6RnSUNKCD3Ht2RFp9skg7WNMbfP/images.jpg)

Co-owner of http://bitcoin.org  &  http://bitcointalk.org , Cobra, wrote an open letter to the Bitcoin community to change the proof-of-work algorithm.

![0_OuM-YNSm1XfGxJCU.jpg](https://steemitimages.com/DQmeS16RnFGnaqxMAPafXC9r8djWuWRHSzni7edVN1RTd6S/0_OuM-YNSm1XfGxJCU.jpg)  


Link to open letter:
 https://medium.com/@CobraBitcoin/an-open-letter-to-the-bitcoin-community-to-change-the-proof-of-work-algorithm-12a6545c20d0

This idea is slowly developing last months and whoever follow Cobra could guess that proposal like this will come for sure.

I really understand Cobra's point and I also think this kind of change is necessary.

If one of most important things about Bitcoin is decentralization, than community and developers need to react to stop BITMAIN dominance. If  one company control so much hushpower, Bitcoin potentially can be easy target.  With money that they are making from Bitcoin mining and from selling  their ASIC miners, their dominance will just grow. Bitcoin should be trustless and if BITMAIN dominance continue to grow than you need to trust BITMAIN and point of Bitcoin being trustless  is lost.

This potential threat in my opinion is not from BITMAIN itself, because why would somebody destroy business that makes him 4 billion dollars per year. This threat could be from governments or some other organizations that could potentially force BITMAIN to hurt Bitcoin.  

![download.jpg](https://steemitimages.com/DQmbTQyagGeUL89G1S4Lm8qQsDd6kcBFXYJQ2zSzVu8eP1W/download.jpg)

I don't have anything against and I truly respect BITMAIN and Jihan Wu because he had vision and faith in Bitcoin when not so many people supported Bitcoin. He has invested significant amount of money in Bitcoin mining and Bitcoin miners, he made ASICs and this dominance was not given to him, he earned it. 

But this is not good for Bitcoin, makes Bitcoin vulnerable and developers and community should  find solution to stop this. Changing algorithm is maybe first step in this fight and we will see how will thins develop. I really believe in Bitcoin and I am sure that Bitcoin community and developers together will find best solution to make Bitcoin stronger.

I would like to hear your opinions about this proposal...
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 316 others
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vote details (380)
@aatifmele ·
Sometimes i am very excited happy
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@ahmedjubayer ·
Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
👍  
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@ahmedjubayer ·
$0.04
Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
👍  ,
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@ahmedjubayer ·
$0.04
Hey @cicbar, great post! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! :)
👍  ,
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@aleqssteemiter ·
$0.41
Excellent post very good advice from you here I'm happy to read your content
👍  
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@cicbar ·
$0.40
Thanks :-)
👍  ,
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@alexverge ·
You should proceed
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@allaz ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t063714712z
You got a 30.11% upvote from @allaz courtesy of @cicbar!
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@andrian96 ·
very good information, I really liked your post hope you achieve success
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@andyjim ·
$0.46
It would be great to see any movement from the community to react on Centralized or Monopoly in Bitcoin. Thanks @cicbar for sharing.
👍  
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@appreciator ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180301t221232794z
This post has received gratitude of 13.14% from @appreciator courtesy of @cicbar!
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@arrowmed ·
Good luck.
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@arslan786 ·
$0.09
this will make btc less trustable.
👍  ,
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@ayanlarevc ·
You should proceed
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@baksi ·
$0.05
Thank you for the post, I like bitcoin I want it to grow to 25 000 thousand dollars, and all will immediately become rich. I like your post.
👍  ,
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@baksi ·
$0.05
Thanks you
👍  ,
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@oscarblue04 ·
dont you want to own more bitcoins? do you have more than enough now so you are ready to for it go up so high?
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@bandumona ·
Gülmemiz gerek.
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@bicopak ·
This is really great
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@bid4joy ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t082112415z
You got a 48.85% upvote from @bid4joy courtesy of @cicbar!
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@bitcoinwolf ·
$0.45
i am more afraid of the exchanges than the mining companies because they own a lot of bitcoins and cryptocurrency.
👍  , , ,
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vote details (4)
@cicbar ·
$0.42
Agree that this is dangerous and I hope more people will understand that only if you trade on DEX, you control private keys...
👍  ,
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vote details (2)
@bitcoinwolf ·
$0.06
yes but is not good to keep all the eggs in the same basket either. but in the end, no risks no money!
👍  , , ,
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vote details (4)
@steviecrypto ·
$0.03
I certainly agree with this.  Some of these exchanges really scare me!  Beware!  It's best practice to NOT keep any of your assets in an exchange if you don't have to.  Best idea is to take what you can out of the exchange and keep it in a Ledger Nano or something of the sort.  #crypto
👍  , ,
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vote details (3)
@blockswip ·
Sen bu işi çözdün.
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@boomerang ·
This post has received a 20.46 % upvote from @boomerang.
properties (22)
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@boyhaqi97 ·
Hey @cicbar , pos bagus! 
Saya menikmati konten anda Terus bekerja dengan baik! Selalu menyenangkan melihat konten bagus di Steemit! :)
https://steemit.com/utopian-io/@boyhaqi97/hello-everyone-join-to-utopian-io
👍  
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vote details (1)
@brupvoter ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t064608913z
You got a 49.56% upvote from @brupvoter courtesy of @cicbar!
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@buildawhale ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t065514032z
You got a 5.07% upvote from @buildawhale courtesy of @cicbar!
If you believe this post is spam or abuse, please report it to our [Discord](https://discord.gg/yv2TMPu) #abuse channel.

If you want to support our [Curation Digest](https://steemit.com/curation/@buildawhale/buildawhale-curation-digest-02-06-18) or our Spam & Abuse prevention efforts, please vote [@themarkymark](https://v2.steemconnect.com/sign/account-witness-vote?witness=themarkymark&approve=1) as witness.
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@canoneos ·
$0.04
thanks for this analisis
👍  ,
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vote details (2)
@casonova ·
Bence harika olmuş
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@clprice ·
So what is with all the hatred then?
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@crypto-econom1st ·
$0.26
As newbie, both on Steemit and the crypto/blockchain world I enjoyed reading your post. It is very well written because it's kind of difficult subject, which you managed to explain easily.

Let me try to share my opinion, not sure if I already have enough knowledge from bitcoin. But I would say bitcoin is not fully decentralized anymore. As most people trade it via one of the top 50 exchanges. So I would say the exchanges are the crypto banks. And there are many things that could go wrong there.
5-0.58
👍  
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vote details (1)
@cicbar ·
$0.26
More people will start using DEX when they realize that only if you use DEX for trading, you control your private keys.
👍  ,
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vote details (2)
@oscarblue04 ·
True, but the advent and increased usage of "DEX's" is changing that. Not to mention a concept called "Cross chain atomic swaps" is changing everything. Look at Baterdex (atomic swaps), Bisq ( decertralised even uses fiat) and Cryto-bridge.
properties (22)
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@crypto-econom1st ·
Lol, to be honest I'm totally clueless what you are talking about ☺️.
But since it is weekend I might have some time to read about these subjects you named.
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@dailyupvotes ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180302t072805998z
You got a 45.45% upvote from @dailyupvotes courtesy of @cicbar!
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@demireller ·
First smile in work.
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@demix ·
$0.55
Bitcoin is a remarkable achievement in the field of cryptography, and its ability to create something that can not be duplicated (faked) in the digital world is of great importance.
👍  , ,
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vote details (3)
@dubailive ·
mi amor hermano
properties (22)
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@elmaster ·
$0.03
Good post. I´d like to know about this theme.
👍  ,
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vote details (2)
@fingerman ·
Dude I am jealous of you
properties (22)
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@fishhead ·
need to be constant to succeed
properties (22)
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@foyez ·
wow nice your bitcoin money post..i like this..
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@gibek · (edited)
I just want to earn on bitcoins! That's all.
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@hasnat11 ·
Hi steemians any buddy wants to buy domain name steemitbeta .com  cnct costumer care 03214123882
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@hearter ·
Sen bu işi çözdün.
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@hemantkr10 ·
$0.03
Bitcoin going to be rise ..nice post
👍  ,
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vote details (2)
@hennessy ·
$0.44
the whales are a treat for the small investors  because they can manipulate the price. good post. 👍
👍  , , ,
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vote details (4)
@cicbar ·
$0.43
Thanks 😁
👍  ,
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vote details (2)
@herorasseru ·
$0.05
There's a Basketball Hoop at Bitmain. 

DO YOU SEE THE SIZE OF THAT LOT❓❗😱😱😱
👍  
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vote details (1)
@cicbar ·
$0.05
Huge :-)
👍  
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vote details (1)
@herorasseru ·
$1.08
I was so shocked by the size of bitmain that I forgot to mention how shocked I was of seeing the name of **COBRA** 💪💰✨
👍  , ,
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vote details (3)
@ehochx ·
maybe BTC companies have come a bit to commercial as well ;)
👍  
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vote details (1)
@highcom ·
Migliore condivisione oggi
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@holmesx ·
Yes funny moment
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@inciter ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180227t195247380z
You got a 51.47% upvote from @inciter courtesy of @cicbar!
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@ipromote ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t071559661z
You got a 68.87% upvote from @ipromote courtesy of @cicbar!
If you believe this post is spam or abuse, please report it to our [Discord](https://discord.gg/yv2TMPu) #abuse channel.

If you want to support our [Curation Digest](https://steemit.com/curation/@buildawhale/buildawhale-curation-digest-02-06-18) or our Spam & Abuse prevention efforts, please vote [@themarkymark](https://v2.steemconnect.com/sign/account-witness-vote?witness=themarkymark&approve=1) as witness.
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@isotonic ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180301t220227017z
You got a 75.00% upvote as a Recovery Shot from @isotonic, currently working as a funding tool, courtesy of @cicbar!

<center>![](https://steemitimages.com/DQmSXw8vxjHneakuQqD5RQBRXK8vLppod29ag3KMCMy37pv/image.png)</center>
* *Image from pngtree.com*

@isotonic is the Bid Bot of the @runningproject community.
Earnings obtained by this bot, after paying to the delegators, are fully used to increase the SP of the @runningproject from which all affiliated members are benefited.
Check @runningproject posts in order to know further about.
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@jaff ·
![unnamed.png](https://steemitimages.com/DQmeuFsTGrFohWDepJnpPyYLtBdfMnXwqPM1M8rULiwKYgv/unnamed.png)
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@jerrybanfield ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180301t230335089z
Thank you for collaborating with me to promote this post as explained at https://steemit.com/steemit/@jerrybanfield/10-ways-to-fund-a-steem-growth-project.
👎  , , , , , , , , , , , , , , ,
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vote details (16)
@juliet35 ·
Making sense. And truely it will
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@kocero232 ·
thanks for sharing
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@konte ·
Vaybe.. Devam etmelisin
👍  
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vote details (1)
@lovejuice ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t070350885z
This post has received a 69.22% upvote from @lovejuice thanks to @cicbar. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.
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@masterbot ·
$0.12
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t070915295z
@masterbot has been called by @cicbar to give you 33.65% upvote!
Check <a href="https://steemit.com/bot/@masterbot/bot-was-down-or-solved-or-calling-out-delegators-again-update">this post</a> for information about delegation. Make me strong!
👍  
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vote details (1)
@mateosiit ·
böyle devamm
properties (22)
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@matrixxx ·
$0.04
Bitmain has made a lot of money. More than Nvidia! We must destroy this monopoly!
👍  , , ,
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vote details (4)
@meeertcakir ·
Good sharing in day.
properties (22)
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@meertcakir ·
mejor gracias hoy para compartir
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@mehrab ·
$0.04
I am eenjoying using steemit and btc both.
👍  
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vote details (1)
@midraruddin ·
having no shape but the king of all currencies
👍  
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vote details (1)
@mikomike ·
Hmm I like you buddy
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@mitsuko ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180227t195131504z
You got a 62.50% upvote from @mitsuko courtesy of @cicbar!
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@mrbean1 ·
this post resteemed by group of  @mrbean1
Thank you for using my service!@cicbar

<p>click <a href="https://steemit.com/support/@mrbean1/44jssn-support-people-in-steemit">here </a>to read more &nbsp;about me <br>
&nbsp;</p>
</html>
https://ajp.com.au/wp-content/uploads/2016/05/17757396_l.jpg
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@mrfrancis ·
$0.34
When I heard about why btc difficulty going up because of the existence of ASICs i was amazed and kinda angry that these machines drove the difficulty so high that in a short space of them coming out regular mining became significantly-less profitable. It's good for security but any coin that an asic can mine the ROI is gonna quickly plumit. for now i'm sticking to zcash etc. lolz
👍  
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vote details (1)
@muchtarefendi ·
$0.04
This post very good for user steemit ..
I glad found you my freind ..
Thank for sharing
👍  
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vote details (1)
@mynames ·
Bence harika olmuş
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@mysearchisover ·
$0.02
I think this post raises some important concerns. I've never heard of Bitmain before so I'm a little confused.
👍  ,
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vote details (2)
@nazarmobil ·
Sen bu işi çözdün.
properties (22)
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@new-york ·
Transfer 0.500 SBD or 0.750 steem to @mrbean1 and put the link of your post in the public memo I GIVE you  15 UPVOT and resteem by @mrbean1</p>
<p>click <a href="https://steemit.com/support/@mrbean1/44jssn-support-people-in-steemit">here </a>to read more &nbsp;about me <br>
&nbsp;</p>
</html>
properties (22)
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@newacco ·
You leave a trace here sharing delight
properties (22)
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@nikola01 ·
$0.53
Yeah bitcoin will definetly become stronger.

Nice post👍🏻
👍  ,
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vote details (2)
@noorsalman ·
Bitcoin is a token that provides evidence of authority and access to make changes in the ledger, and thereby absorbs and reflects the value of the services provided by the ledger itself.

thanks for your  information about the bitcoin. I really like your post and bright colorful photos.
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@originalathena ·
$0.03
When it comes to making bitcoin stronger?! I’M IN!!  Let’s get rid of government currency all together..please 🙏🏽
👍  ,
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vote details (2)
@oscarblue04 ·
$0.03
When you say decentrlised you're saying that the  hash power by an entity is so large that  only they can pick and choose the transactions from the lowest to highest fees? and hence they have the power to to choose who's transactions get processed? well that's what competition is for, all we can do is "act with our feet" so to speak and just choose another cryto for transactions, no harm done there. Another cryto will step up to accomodate, there is no doubt about that.  Bitcoin will just be a valuable commodity. I understand that wasnt the intended purpose, but  thats life, things change, and I say that it's not  possibly a bad thing. but happy to read other oppinions
👍  
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vote details (1)
@petrodollar ·
$0.05
in my opinion ... cobra fair to criticize bitcoin for caution against BITMAIN because of concerns will be taken over its BITCOINT market by BITMAIN will be very detrimental to miners BITCOINT and the fear will interfere with the government of China ....
👍  
properties (23)
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vote details (1)
@plakout ·
You leave a trace here sharing delight
properties (22)
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@plipplek ·
Gerçekten hoşuma gitti
properties (22)
authorplipplek
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@postpromoter ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180301t224059910z
You got a 7.34% upvote from @postpromoter courtesy of @cicbar!

Want to promote your posts too? Check out the [Steem Bot Tracker website](https://steembottracker.com) for more info. If you would like to support the development of @postpromoter and the bot tracker please [vote for @yabapmatt for witness!](https://v2.steemconnect.com/sign/account-witness-vote?witness=yabapmatt&approve=1)
properties (22)
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@quickman ·
Cevap verirmisin?
properties (22)
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@ronkojic ·
thanks for sharing
properties (22)
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@rothmans ·
woav it's amazing
properties (22)
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@saadetarabaci ·
mejor gracias hoy para compartir
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@sames ·
$0.60
Asic are useful tools for in POW. Asic basically force miners/ lock miners into using the chain. Gpu= miners switching the chain anytime. Asic= not many choices
But bitcoin can't handle a POW change now. If we do this then bitcoin credible/security would go down hill. But i do like cobra's plan. Here what i think should happen. 
After LN is 70% mass adopted. The community now can hear/focus  on other things such as POW change.  
An Asic friendly POW that looks for useful numbers and a POS hybrid. With this in one year, it will be put into bitcoin mainet. It would kill two birds. One bitcoin POW is not completely  wasteful and gives enough time for companies to make asics. POW would get 99.8% of the reward block. While POS would get 0.2% of the block reward. Aka the too proof are weighted differently. POS would be full nodes now earning bitcoins block rewards and the fees while earning from LN fees.  
POW+POS gives the perfect mix of the two.
👍  , ,
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vote details (3)
@cicbar ·
$0.58
Make sense what you are talking. Point is to make Bitcoin stronger, not to start war against BITMAIN.
👍  ,
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vote details (2)
@sames ·
$0.58
um...Should i clarity what i mean more? I meant that POW change can't be done now and i gave an modified version of cobra POW change plan.
I confused on   
> Make sense what you are talking. 

Ask me what so confusing and I'll clarify my statement.  :)
👍  ,
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vote details (2)
@steviecrypto ·
$0.07
Rumor has it that #Samsung is going to making some moves in the world of mining Asics.  I'm not surprised at all though! #crypto
👍  ,
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vote details (2)
@savicqan ·
$0.04
I like this post my freind ...
This very interest ..
Your post is very good
👍  
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vote details (1)
@seakraken ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180227t194426672z
Release the Kraken! You got a 59.17% upvote from @seakraken courtesy of @cicbar!
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@shamim07 ·
$0.05
nice post
👍  ,
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vote details (2)
@shaquillewimpel ·
$0.03
Bitmain? where can I get more info about Bitmain?
👍  
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vote details (1)
@cicbar ·
Google
👍  
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vote details (1)
@smitcaen ·
Takip ?
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@sohan4745 ·
crypto's are future, you know that?
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@speedgonzales ·
I agree with you
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@spydo ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180227t193214737z
Congratulations, your post received 21.05% up vote form @spydo courtesy of @cicbar! I hope, my gratitude will help you getting more visibility.
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@steemvote ·
This post was resteemed by @steemvote and received a 7.06% Upvote
👍  
👎  ,
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vote details (3)
@steviecrypto ·
Is this related to how the prices of many of Bitmain's products to be reduced? I noticed that many Antminer prices have begun to totally drop.
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@sunrawhale ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t063550062z
You got a 44.96% upvote from @sunrawhale courtesy of @cicbar!

This service has been created with the help of @yabapmatt so please show your support by [voting for him for witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=yabapmatt&approve=1)!
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@tabz ·
$0.38
As far as I can tell these are only thoughts and no definite plans, since no real solution was provided. Still nice to read that the devs are strongly aware of this problem and intend to solve it.

Thanks for sharing!
👍  ,
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vote details (2)
@tatiana8 ·
$0.26
Hi. I liked your post, keep it up. I wish you good luck and have a good day, and of course you can also get a big jackpot :)
👍  , ,
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vote details (3)
@cicbar ·
$0.26
Thanks 😁
👍  
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vote details (1)
@tefanii ·
share is a knowledge thanks
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@tonyfaz ·
$0.05
I wish the algo would incorporate GPU mining into the mix, add 1/3 of the work for NVIDIA and 1/3 of the work for AMD cards.

ASIC mining is only fair for the chip manufacturers!
👍  ,
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vote details (2)
@treeplanter ·
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vote details (1)
@upmyvote ·
re-cicbar-bitcoin-btc-possible-algorithm-change-20180228t063147457z
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permlinkre-cicbar-bitcoin-btc-possible-algorithm-change-20180228t063147457z
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@urkmez ·
Güzel paylaşım, takip ettim
properties (22)
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@varvara89 ·
 the level of authorship
properties (22)
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@victorivera ·
Good luck.
properties (22)
authorvictorivera
permlinkre-cicbar-bitcoin-btc-possible-algorithm-change-20180228t080551670z
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@votemen ·
It's really incredilbe
properties (22)
authorvotemen
permlinkre-cicbar-bitcoin-btc-possible-algorithm-change-20180228t080125054z
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created2018-02-28 08:01:27
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@votevote ·
Ciddi olamazsıın
properties (22)
authorvotevote
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@workin2005 ·
$0.05
We must preserve the decentralization of Bitcoin. Without it, it's worthless. This is addressed in an article on the Block Size debate...Bitcoin vs Bitcoin Cash:
https://steemit.com/bitcoin/@workin2005/bitcoin-btc-vs-bitcoin-cash-bch-the-great-block-size-debate
👍  
properties (23)
authorworkin2005
permlinkre-cicbar-bitcoin-btc-possible-algorithm-change-20180401t223237656z
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vote details (1)
@zaim4d1 ·
Good information... bitcoin strong..
👍  
properties (23)
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vote details (1)
@zamazingo1898 ·
Omg Amazing blog and post
properties (22)
authorzamazingo1898
permlinkre-cicbar-bitcoin-btc-possible-algorithm-change-20180228t080020088z
categorybitcoin
json_metadata{"tags":["tag1"]}
created2018-02-28 08:00:21
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@zarifkumaro ·
Bence harika olmuş
properties (22)
authorzarifkumaro
permlinkre-cicbar-bitcoin-btc-possible-algorithm-change-20180228t075746765z
categorybitcoin
json_metadata{"tags":["tag1"]}
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@zeewyr ·
$0.48
nice news. bitmain have very bad trustpilot reviews.
👍  ,
properties (23)
authorzeewyr
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vote details (2)