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Sounds interesting, but I don’t think it changes anything fundamental. Those who have access to cheap DRAM, rackspace and electricity will buy a lot of it and it make mining less profitable for the little guys. The little guys will use the excuse that mining is not profitable enough and stop mining.Open bitcoin the more small miners that stop mining, the more profitable the large miners will be, they will keep buying DRAM making mining less profitable for the little guys and the cycle continues. Also, if mining can really be done effectively on commodity hardware, we will see mining botnets like we did in the CPU days.

No matter what the algorithm is, small independent miners must keep mining regardless of profitability to maintain decentralization. If we leave mining to only professional miners we are going to see the situation we have today, large miners throwing their weight around, continue. Because no matter what the algorithm is, it is not going to be possible for an infinite number of miners to have a 100% chance of being highly profitable.

In my opinion, we should be thinking of mining as the voice that we have in the bitcoin system.Open bitcoin we mine in self defense so that a small group of people cannot gain too much power over transaction processing. Almost (but not exactly like) voting in a democracy. If you chose not to mine you give up your small but non-zero voice in the ‘governing’ of the system and you make it easier for malicious influences to cause trouble since they have a larger percentage of the pie. If you choose to mine you can always make your voice heard by pointing your miner at a pool whose policies you support, or start your own pool with other like minded individuals.

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