We are doing a complete disservice to ourselves by pricing bitcoin in dollars. We need to be thinking about bitcoin in joules. I don’t care that the dollar is the global unit of account; it’s the completely wrong unit to price bitcoin; full stop.
In 1971, the dollar fully de-pegged from energy. The further we progress through time, the more meaningless price in dollars becomes, as we have de-pegged from reality and truth itself. The dollar is becoming increasingly less and less capable of accurately pricing anything in the future. We only drift further from the truth by doing so.
We need to remove dollars from our conscious if we want to bring this network into a new paradigm.
Bitcoin is the global energy market. Every block is the clearing house; cyberspace.
Hashes/joules <==> bitcoin.
This is a two way function, every block.
It becomes increasingly obvious that we need a decentralized mining pool when you begin to look at this as a market.
The next logical stepping stone in the process is Block Template creation being delegated to the miner who provided the valid nonce. This ensures the preference of the individual is included the pricing mechanism; centralized pools cannot do this.
Centralized pools with decentralized block template is the next phase. Coinbase/fee delegation is the next monster.
What’s even more interesting is that every pool acts as a walled off economy, where any hash that exists outside of the pool is invalid/not valued in the pricing of bitcoin for that block. This is illogical as we all value the same bitcoin, thus the same hash, thus the same joules. It’s actually quite inefficient from a systems standpoint.
The centralized nature of pools is the next big hurdle. We can only develop this market to a specific point due to the security concerns around a centralized coinbase delegation. We can only become so efficient if we are constrained by centralized pools
In my opinion, the vast majority are thinking about bitcoin in the wrong way.
Cooperation; not competition.
We’re going from zero to one; singularity.
