Comment on Bitcoin mining is no longer profitable
Hirom@beehaw.org 2 days agolol it can’t adjust on public approval. It’s software that runs.
It can. Software is written by people. Its authors can build it wigh an update mechanism.
Crypto currencies such have Tezos have a vote-based update mechanism and a community that periodically submits algorithm changes for approval.
Bitcoin doesn’t have a update mechanism that allows smooth change. Its take it or abandon it (ak hard fork). Peole can move away from it, and, it’s sad that so many people still haven’t.
locuester@lemmy.zip 20 hours ago
It’s the same with all the chains. An algorithm change is a hard fork. If you don’t implement it, your validating node will not continue with the rest.
Bitcoin has the BIP (Bitcoin Improvement Proposal) process. BIP-52 is an example of a proposal to change the algorithm due to energy concerns.
If the humans reach consensus it will change. However, I maintain that software can’t be programmed to adjust for social concerns - the humans have to change it.
Hirom@beehaw.org 17 hours ago
Good point, with BIPs the Bitcoin community is more adaptive than I gave it credit for.
It still doesn’t prevent soft nor hard fork. My understanding is that a change in consensus logic require ALL users/miners need to deploy the new software to avoid hard forks. That’s impossible in practice. So a BIP to change the consensus logic would necessary cause a hard fork.
Not all chains handle this the same way nor suffer from this. Tezos for instance made its improvement proposal system part of its core. Using Tezos means automatically accepting chain and consensus logic change if they are approve.
Bitcoin sure have more hype and higher price, but appears to have more difficulty evolving compared to others.