The first few hours of BASH (aka Bitcoin Coin) had huge legacy gravitational pull. Whiplash!
Imagine this. You are inside the cockpit of a Tesla enabled jetplane. Pulling a 90 degrees upward hard hand-brake, literally creating a mitosis from the original chain.
Lots of G. Forcing your whole body and blood to go in opposite directions. Heart is working overdrive to maintain the blood flow. All those hashpower, in Tera or Peta territories.
Mining the system is not entirely viable, ViaBTC included. On one hand, the total rewards in bitcoin market value was too huge a difference. Here’s a portrayal that may or may not sound similar but let’s try to imagine: you have been mining Gold for years, getting the reward in Gold. Now, you a thrust into mining Palladium. Same equipment, same difficult terrain, caves and bats. The value of Palladium is uncertain – at that moment.
This morning, after reading a posting by a Norwegian analyst (Stein Håvard Ludvigsen), there is something previously unheard in the noise surrounding the whole protracted Star Wars episode. At least, it wasn’t made clear to my knowledge. From Youtube videos, and Podcasts (Let’s Talk Bitcoin), this was the first time reading about this “new tech”.
What is it? Apparently there is a function called Emergency Difficulty Adjustment, that is build into the Adjustable Blockchain Cap system or the BASH system. To cut in short from the technicalities, this procedure will fairly quickly adjusts difficulty of mining, once past a certain amount of time, with the criteria of no blocks successfully mined (they can’t find the nonce; there was no winner to the lottery so to speak), then the difficulty will go down by 20%.
Brilliant. It is akin to computer games. The modern one. That wants the player to keep coming back. So after a certain amount of time, when the player can’t win, or not turning on the game, then it will reduce the difficulty, letting you play on. In modern games like Angry Birds, they will entice you with an extra bird. Or a hint. Or PowerPacks.
Who wants to play? Yes, many people will want to play. Even those who are mining the original Gold mine, could use their same tools, and play here at lower difficulty, or higher chance of winning (the lottery).
Heck, in one previous post, I even suggested as perhaps part fiction, that old PCs and GPUs from hobbyist will be around to keep the BASH system going if there is no corporate or mining pool available.
There is a whole gang of prominent people, proponents of Bitcoin, who want BASH to fail. It is quite sordid. They could have just bid adios and good luck.
After reading Power Of Now, I suppose ego is hurting humanity once again. The collective ego of a nation, or a long held grudge of a tribe (think about it not Amazonian tribe), will escalate up till the term called World War 1. And 2.
The authorities are watching. The banks and banksters are watching. The neo-super-mega-elite are watching. The invisible hand is watching.
It is better to be Jack Reacher.