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15 sats \ 1 reply \ @kdnolan 16 Mar \ on: Beware of millions of ways to lose your Satoshis mining this bull market bitcoin
Contribution to Hashrate/Security of the network is #1 reason imo
Yeah I think using Bitcoin by default without the KYC implications is a way better way to secure not only the network but the general value of the Bitcoin. There needs to be a big market of P2P users to counteract all the money coming from the suits in Wall Street. A market means that a pool or pools will be incentivized down the line to mine certain transactions even if there's some sort of restrictions from governments.
The hashrate of a small miner is just so insignificant. There is a potential that some sort of consumer product comes out that is cost effective and makes sense for home miners to use, which would change things, but the way things are trending is that scale is the most cost effective way to mine, therefore the most effective way.
Geographical distribution of hash is really important and I think it's getting better the more Bitcoin purchasing price goes up. I just hate seeing small guys buy miners when they can buy Bitcoin, based on the idea of securing the network. The incentives of Bitcoin matter and are currently working
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