Re:What Satoshi Did Not Know (2015) [pdf]
by finsave on Friday September 04, 2020 @05:36PM
(#24379124)
Bitcoin is economics.
Proof-of-Work relies on miners investing and competing. Miners that continually invest generally win - and those that do not, die. The stronger the system, the harder for Bitcoin enemies to subvert/takeover the system.
In 2008, miners used CPU's, several years later miners moved to GPU's, several years later miners moved to ASICs, and recently miners moved to data centers.
Proof-of-Work relies on miners investing and competing. Miners that continually invest generally win - and those that do not, die. The stronger the system, the harder for Bitcoin enemies to subvert/takeover the system.
In 2008, miners used CPU's, several years later miners moved to GPU's, several years later miners moved to ASICs, and recently miners moved to data centers.