Do the dev team realize how proof of work actually works? Do they realize that our blockchain is deeply insecure and constantly attacked? What would happen if some competitor would exploit this weakness to destroy our credibility? Wouldn’t be wiser to fork before the v1 to an algo that is not on nicehash?
Maybe there are conflicting interests that hinder this.
For what is worth we should migrate to a pos like system.
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It would be better for private miners, true, but the total hashrate of BC would significantly fall and a 51 % would be even cheaper for the attacker electricy wise when he gets graphic cards together…
At the end we are stuck between a rock and a hard place… A young PoW blockchain like ours always is weak until coin has a price that makes Niger mining profitable enough
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I agree on the fact that there is no magical solution to this problem, BUT right now anybody on nice hash could take the lead with a significantly small amount of money. Much more less than someone investing in cards, hardware, warehouse etc… a 51% could not happen by a random home miner for sure. The algorithm we are using right now was proven to be no more asic resistant earlier this year, so if someone with connections manages to get some asic it would have huge hash power with very little effort. Less hashrate do not necessarily mean less safety, if you switch to an asic resistant algo (even custom) wich is not listed on nice hash, many more home miners will start mining it and to attack it you will require to set up a fairly big farm. This network will never turn profitable to mine for home miners if the same mechanism is still in place.
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I absolutely agree, I already spoke fir a custom algo back in December, it should and has to come to seriously motivate people for mining safex longterm. But I still believe getting attention of crypto scene by releasing m beta marketplace is more impotent as first step. Once it’s there the algo should be updateted - but since development is not that fast I would not give them another tast or the marketplace gets a week more delayed…
Other question is mining farm of course, don’t know how far it is in progress yet but when nice hash is gone nicehashers might invest there for long term support
On the other hand they could do it instead of migration feature in wallet… Migration ends in November anyhow, donfmt need a migration wallet mid to end of October
There is no need of an updated migration wallet at one month (if lucky) before migration ends. Just a waste of time even if the task requires 1 hour.
The fact @Mex is that once marketplace is live would take very little to ruin project reputation. Could happen anytime even now. Also having the network compromised could potentially stop third parties to list us on their exchanges. Usually when there is a 51% attack a delist happens. So this should be a priority but probably.
please no, proof of stake is a terrible idea and doesn’t empower people to actually be involved. All it does is give rich people more riches. That’s not a benefit.