Decentralizing Bitcoin Mining Pools w/ Bitcoin Mechanic (BTC161)
ฝัง
- เผยแพร่เมื่อ 19 ธ.ค. 2023
- Preston Pysh sits down with Bitcoin Mechanic to discuss Ocean’s disruptive mining pool model, emphasizing non-custodial payments and transparent block templates. They tackle the current mining centralization trend, the innovative PoW marketplace for 2024, and respond to the controversy around the alleged censorship of certain Bitcoin transactions.
IN THIS EPISODE, YOU’LL LEARN:
- Ocean's unique non-custodial payment system for miners.
- The significance of transparent block templates in mining.
- Details of Ocean's upcoming proof of work (PoW) marketplace.
- The impact of miners constructing their own block templates.
- The arguments for and against transaction censorship in Bitcoin.
- The role of centralization in the current Bitcoin mining ecosystem.
- Ocean's response to the community's concerns about transaction selection.
- Insights into the potential future of Bitcoin mining and network security.
🥗 Feed your body the nutrients it craves with Ka’Chava, an all-in-one, plant-based superblend made up of superfoods, greens, plant proteins, antioxidants, adaptogens, and probiotics! Get 10% off on your first order today! kachava.com/wsb
💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: www.theinvestorspodcast.com/s...
▶️ RELATED EPISODES:
- Merging the Energy Sector with Bitcoin Mining w/ Harry Sudock: • BTC119: Merging the En...
- Bitcoin Mining Incentives w/ Magdalena Gronowska: • BTC068: Bitcoin Mining...
- How To Value Bitcoin Mining: • BTC043: How To Value B...
- Bitcoin Mining Update w/ Harry Sudock: • BTC036: Bitcoin Mining...
🎧 Listen to our episodes here: link.chtbl.com/TIP-BTC
🖊️ Access the transcript and learn more about the guest here: www.theinvestorspodcast.com/b...
💡 OTHER RESOURCES
Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future - Use our link here for a 14-day free trial: www.sahg6dtr.com/59QC8Z/R74QP/
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
ABOUT OUR SHOW 🎙
On Bitcoin Fundamentals, Preston Pysh talks about the fundamentals of bitcoin, investing in bitcoin, news, deep dives and more on interviews with prominent people in blockchain technology.
🌍 Website: www.theinvestorspodcast.com/b...
📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! www.theinvestorspodcast.com/s...
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
📚OUR FREE INVESTING COURSES/RESOURCES www.theinvestorspodcast.com/t...
📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE www.theinvestorspodcast.com/t...
⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤
❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.
![คบซ้อน - วงL.กฮ. [ Official MV ]](http://i.ytimg.com/vi/5MtesqJ0I1c/mqdefault.jpg)
📌 Check out this video next: th-cam.com/video/JoxqSbwWx-c/w-d-xo.html
⚠ IMPORTANT: Please beware of cyber scams and phishing attacks. We will never ask for your contact info in the comments section. Kindly report suspicious accounts you see below. Thank you!
This is an issue which needs much more attention. I had no idea how much power the pools have. Bravo to Ocean for what they're doing.
This guy is absolutely fantastic. Sensible, considered and well spoken. Thanks for putting this out, Preston.
Agree. He's very consistent whenever he speaks anywhere that I have heard him.
Mining pool decentralization is the single greatest risk to Bitcoin and Stratum v2 addresses it. Now we need to put pressure on every single pool to use the Ocean model or Bitcoin risks losing its resistance to censorship.
This needs to be seen by everyone.
Fascinating. Please have Bitcoin Mechanic back on your show 9mo’s from now to see how things have played out. Great pod, lot to think about so thanks for bringing this forward.
The Mechanic is great! Explains very important subjects
I’ve been listening to you for years . This is probably one of the best I’ve heard . Listened a couple times to try and absorb all the information here .
Amazing episode, really helps understanding the technical complexities. Thank you
That was a VERY informative interview! I had no idea that rogue miners could mine empty blocks and claim block rewards. Is there an obvious response to why Bitcoin chose an arms-race model of mining (that promotes competition among miners for block rewards and fees and that excludes home PC miners that can't afford the latest generation of mining rigs)? The cooperative "non-arms-race, non-pool model where all miners share in the rewards regardless of who wins the block" model used by Quortal? Thank you!
Where is Trace mayer??? He is so needed right now everything he said is happening in real time
what did Trace say?
He embarrassed himself with a shitcoin scheme in 2021 and stopped coming around.
Great pod, Mechanic is one of the good one's
Very informative interview about an extremely important mining perspective. bitcoin mechanic laid out the real tradeoff: centralized pools create a transaction fee environment that encourages bitcoiners to leave their sats with exchanges’ keys.
So Ocean offers a mining environment where transactions that are not bitcoin content are excluded from the template. The Ocean miner gets a lower transaction fee (1-3%?) but the fee rate for that template is conducive to less influence by spam and fiat manipulation. Individual and corporate miners now have a BIG decision to make. Stay with manipulatable pools with slightly higher transaction rewards or move to pools with much smaller chance of fiat template manipulation but lower transaction rewards.
This interview helped me understand the problem. It’s essentially a re-hash of the block wars. Why would a miner choose Ocean? There’s financially less incentive to do so, but it does move closer to satoshi’s dream of independent, de-centralized miners.
Thank you so very much for this episode and many more of course; I learned a lot that I was not aware of here.
THE MOST IMPORTANT TOPIC IN BTC! the Achilles heel is Real. We absolutely need to focus on the existential threat embedded at the mining pool level.
We need more attention to this issue. Thanks for bringing this up.
Excellent interview, very informative, well delivered, great stuff!
Smash the like button this is a serious issue!
1:16:49 Good information
Excellent interview!
This conversation was way more productive than the toxic twitter comments. Great job
Thanks Preston!
why on earth would anyone mine with anyone else?
Ill give you an example. If you mine by yourself, you might mine 1 block after 150 years. If you mine with 1000 other miners. One of yous will mine a block every 54 days and you'll get paid a portion of that block
Which is better? Mining 1 block every 150 years, or mining 1/1000th of a block every 54 days?
Great rip, very based, thanks!
What can the every day HODLer do to help support Ocean and the purity of the block space/template?
I'll be keeping an eye out for when lightning payouts are introduced on Ocean. Until then my tiny 2Th/s rig at UK energy prices just doesn't make sense. Once that happens though I'm in.
great talk! thank you 🙏
Thank you a million times over for brain dumping.
Individuals can be easily bribed. Good interview.
Wow, I know so little. Thanks!
Preston, very good episode. But I don’t see links to ocean, bitcoin mechanic and luke in description. Please add, people need to find them.
I think I get it and I might be over simplifying it a bit but, cant we just have a 50/50 split in a block between mandatory 50% real transactions and 50% inscriptions for the first batch of however many blocks? and then simply allow a small flood of blocks removing that 50/50 limit and then repeat? after that flood of whatever blocks has gone through, the next batch of blocks will have a 50/50 split of ordinals and real transactions. This way or something similar feels like we can regulate the amount of things getting through
Interesting, the binary search model
How's that working out bro? All the coinbases are going to one address and all kinds of mining pools are using the exact or almost exact same template? I seriously doubt they are using PSBT's to sign a big multi input transaction
I'm not sure that you can consider money as "being locked" in blockchains, because if nobody wanted to buy things on those blockchains then the value locked is 0. It's not locked but estimated through current price of those crypto assets, right?
Great interview, anyone know GrassFedBitcoin view on ETF, if he considers good/bad i.e. leads to eventual regulatory capture etc?
Folder of time
1:32 problem slash definition, before solution
4:23 you don't want to be in that position
5:25 pools are necessary for everyone except the largest players (is there a parallel here to torrents? Not just a technically, but in game theory?)
6:11 decentralized pools?
7:12 block templates
Wish I could understand this. Sounds like a scary problem though.
The miners are not the same as they were.Шахтеры уже не те, что были раньше
Ok , could you run that all past me again 😮
I paid for no ads, and now I have to listen to this milkshake bullshit? Screw that
This discussion highlights the need for transparency and decentralization.....and the need for all users of bitcoin to understand the basics of bitcoin. If all users dont understand they will easily be tricked by bad actors leadung to the failure of btc as perfect money. This fact alone demonstrates the very high likelihood of failure of btc original mission. It will get controlled, fractional reserved, and twisted to benefit the few connected....just like the gold standard. Most people dont care and are disinterested and will trade responsibility for lack of control
It's an interesting view and pool however the fact that they aren't finding blocks means it's not really worth switching. And this is the problem with new pools on all POW coins. If there are no incentives people don't move
Consider the fact that the original miners of Bitcoin had no incentive. They loved what it represented. But I get your point.
@@uncoolhodler yes they didn't need incentive because the miners were less power hungry and there wasn't an industrial competition for building space and rewards. Now that btc is centralized between some of the most massive farms it's a way different landscape. As an individual with less than a petahash I cannot recieve less rewards on a feel good emotional non repayment scenario. We can go to the maxi argument all the time but that's just not the reality of today. Saying the way it was or anything along those lines is like saying if my aunt had Nuts.... it doesn't matter because it's not reality
@@gandolfgrey5385 Totally understandable. But the guest made some great points. I'm sure if the core devs will figure it out in time. Forking would be the nuclear option.
Pools have no power, all the power lays with miners because they can change pools in literally 10 seconds. So good pool becomes stupid pool then it loses 90% of its miners in a week.
Not exactly true, especially for the large public miners. They have fewer options due to regulatory compliance.
Bitcoin is a global revolution in terms of how we store value.
Bitcoin (BTC) for money. Filecoin (FIL) for decentralised data storage. Both vital for humanity.
If I had any Sol gains I would be now re-investing into Filecoin but either way Bitcoin is the big daddy where the big boys of finance are about to deploy.
I've been in the miner since 2007 - 2009. The idea was simple, everyone can. now it can be either rich or a company . the voice has not been worth even $ 1 for a long time. And you're arguing ! You have already sold everything back in 2017!!!
Didn't Ocean start censoring mixed transactions? I can't support that.
He mentions samurai if that’s what you’re referring to.
Scamourai is being very misleading in its complaint because insists on an op return over 40, when all they need is 2-8. Ocean uses knots wich allows 40. Scamourai could easily lower their op return because of their ego and dislike for Luke. They are bad actors in the space.
Can't believe people trust Jack Dorsey. Insane. Just because he is working on BTC doesn't erase his past. Iykyk
Q: What happens when there is no physical money and identity fraud becomes rampant??
A: You will need an implant to access your funds on the blockchain
Or have a hardware wallet like a normal person...
The Bitcoin protocol has been and would remain an open protocol. Censoring certain transactions because they aren't "true transactions" leaves a bad taste in the mouth. Inscriptions or not, the protocol should be free of any form of censorship- My 2 sats
You don’t seem to understand what censoring means.
Fixing an unintended bug, which is hindering actual btc transactions from being mined, is not censoring, it’s applying the intended use of its intended purpose. Was btc hard fork to stop/fix the inflation bug censoring the network from billions of btc from being produced? It was a bug fix that if it did not happen would have broken btc. If you call 911 endlessly with no emergency, just to blare a siren to tie up the line and prevent emergencies from being reported would you consider it censoring when they filtered out your calls from the 911 switchboard?
Filtering spam isn’t censoring. If people are smearing poopy on your building you should be able to prevent or remove
“The pools are what’s relevant, not hashing”