Owner Asks the Community to Change Bitcoin’s Central PoW Algorithm


This week the owner of the web portal and Bitcointalk, a pseudonym called Cobra wrote an open letter to the bitcoin community asking them to think about changing the Bitcoin core network’s Proof-of-Work algorithm. Also read: Ross Ulbricht Denied Post-Conviction Relief Extension Owner ‘Cobra’ Says Bitcoin Mining Is Controlled By One Man and His Company The owner of two well-known bitcoin websites has sparked controversy once again as he’s written an open letter to the community asking for a Proof-of-Work (PoW) consensus change. Cobra says bitcoin is slowly becoming less decentralized and he blames mining centralization. In fact, Cobra points to “one man and his company,” and that individual is Jihan Wu, the owner of the Chinese based Bitmain Technologies. Cobra says that the security of the Bitcoin core network depends solely on trusting that one company will be honorable. “As long as they [Bitmain] control the majority of the hashrate, the only way to keep the network secure is the threat of a hard fork to a new PoW, but this will only work for as long the community is reasonably small and still overwhelmingly shares the same morals for a decentralized Bitcoin,” explains Cobra’s open letter. Cobra: ‘Hashrate Has Already Been Abused’ Further Cobra says the community is always talking about new entrants jumping into the global mining space, but he believes it is impossible for them to compete with Bitmain. Because Bitmain took in $4Bn in profit last year, Cobra thinks they are light years ahead.…
Source: Owner Asks the Community to Change Bitcoin’s Central PoW Algorithm

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