yes, the limit of the bitcoin is came from that. If you remove hashrate and electricity from the key issue, bitcoin will not again limited in quantity it was never the problem, it’s the feature. And no one forced anybody to mine for BTC.
for scalability, I know your concern. but that doesn’t mean you own btc farm = own world’s bitcoin. again, my approach is from economical standpoint : it’s not centralized. As for 51% attack, that **theoretically can happen ** but it’s hard to fulfill many condition needed.
It’s matured to the point where centralization has emerged from decentralization. Bitcoin’s original premise was P2P, one computer amongst a sea of computers. Nowadays, there are mining farms spread all around the world that outpace the hashing power of a single miner and the only way to stay competitive is to scale upwards.
edit: stumbled upon this article (2020/01/20) that might clarify my concern
yes, the limit of the bitcoin is came from that. If you remove hashrate and electricity from the key issue, bitcoin will not again limited in quantity it was never the problem, it’s the feature. And no one forced anybody to mine for BTC.
for scalability, I know your concern. but that doesn’t mean you own btc farm = own world’s bitcoin. again, my approach is from economical standpoint : it’s not centralized. As for 51% attack, that **theoretically can happen ** but it’s hard to fulfill many condition needed.
or do I miss something?
It’s matured to the point where centralization has emerged from decentralization. Bitcoin’s original premise was P2P, one computer amongst a sea of computers. Nowadays, there are mining farms spread all around the world that outpace the hashing power of a single miner and the only way to stay competitive is to scale upwards.
edit: stumbled upon this article (2020/01/20) that might clarify my concern
https://decrypt.co/54650/china-bitcoin-market-report