2 years ago

𝐋𝐄𝐀𝐑𝐍 𝐓𝐎 𝐁𝐔𝐘 𝐀𝐍𝐎𝐍𝐘𝐌𝐎𝐔𝐒 𝐁𝐈𝐓𝐂𝐎𝐈𝐍:
https://www.trader.university/courses...
Use the discount code YT99 to get the best price.

In this video, I discuss Satoshi's approach to Bitcoin network security, and how he was not averse to using more powerful hashing hardware to defend the network.

Trying to make your crypto ASIC-resistant is like mandating that you can only bring a knife to a gun fight. There's nothing virtuous or commendable about it.

Satoshi understood that a hash arms race would unfold. He was correct, and now Bitcoin has passed the "ASIC event horizon" unlike any other crypto.

If Monero ever actually became valuable like Bitcoin, companies would develop ASICs for it.

There's no way to stop people from building highly specialized hardware to mine your crypto. You can keep changing the hashing algorithm, but if it makes economic sense, large companies will develop ASICs to mine it.

This creates massive centralization and benefits large incumbents with billions of dollars to spend on R&D.

Bitcoin has fortunately passed the ASIC event horizon. Bitcoin ASICs are no longer made by a single company like Bitmain. Bitcoin ASICs are becoming commodified, and there's no other crypto asset that has made this transition.

Not investment advice! Consult a financial advisor.

Bitcoin Controlled By Two Mining Pools?
https://www.youtube.com/watch?v=jPqyu...

SHA-256 hash calculator:
https://xorbin.com/tools/sha256-hash-...

Was Satoshi against GPUs?
https://twitter.com/modestdaytrader/s...

Satoshi knew that a hash arms race was coming:
https://bitcointalk.org/index.php?top...

And he was prepared to use GPUs to defend the network:
https://news.bityard.com/satoshi-inve...

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#bitcoinmining
#asics

Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.

Loading comments...