Re: [bitcoin-dev] Dev-list's stance on potentially altering the PoW algorithm

[Luke Dashjr <luke@dashjr.org>]

On Friday, October 02, 2015 8:02:43 AM Daniele Pinna via bitcoin-dev wrote:
> I am however interested in the dev-list's stance on potentially
> altering the bitcoin PoW protocol should an algorithm that guarantees
> protection from ASIC/FPGA optimization be found.
> 
> I assume that, given the large amount of money invested by some miners into
> their industrial farms this would represent a VERY contentious hard fork.
> 
> It is, however, also true that a novel optimization-resistant algorithm
> could greatly ameliorate decentralization in the bitcoin network due to a
> resurgence of desktop/cellphone mining.
> 
> Where do the core devs stand on this matter, hypothetical as it may be?

Besides ASIC-proof being even tehoretically impossible, assuming we had a PoW 
that worked using mere RAM-as-the-ASIC, this would probably not be good in 
the long term for decentralisation, as it is only a matter of time until 
botnets would bankrupt all the legitimate miners out of operation.

Restarting the mining with a new algorithm as a reaction and defence against 
centralised hoarding of mining ASICs (as we are seeing now), would be 
acceptable. It would not necessarily be contentions *to the economy*, as such 
hoarding-miners do not participate in the economy in any meaningful way (they 
do not accept payments from other bitcoin users).

Luke