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Exactly. The decentralized proof of work consensus mechanism that we refer to as “mining” is the innovation that both ties bitcoin to the laws of the limited physical world and prevents any one person/entity from changing the rules of the system that govern its monetary policy and how transactions are processed. To do away with mining is to do away with bitcoin entirely.

isaac-asdf 2y ago

I think part of the problem is the word “mining”. It’s really just transaction professing which happens to have a subsidy right now. We should start calling miners “block builders” or something which reflects their function better but that ship has probably sailed

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Discussion

corndalorian 2y ago

Yea “mining” is a confusing term that creates a lot of incorrect mental imagery, but you’re probably right about that ship having sailed 😂

Water Blower 2y ago

Now I got it. How about book keeper or accountant?