/biz/ - Business & Finance

>>15037299
>Relay block headers, submit burn proofs. Or simply award Bitcoin miners an equal amount of 0xBTC for submitting their header. Or just say fuck it, hardcode a recent BTC header, capping the supply at whatever btc has now and making it an airdrop to Bitcoin holders.

"submit burn proofs" and so on. it seems like you are saying, "just magically make Bitcoin and Ethereum interoperable". that is not a solved problem. in your hypothetical way to distribute 0xBTC to Bitcoin holders, how would you airdrop it to them? get them to sign their Ethereum address with their Bitcoin key? how would a trustless Ethereum contract verify those signatures, import all Bitcoin addresses into the contract's storage at creation? seems ... not impossible but highly theoretical. having a central party do the emission is antithetical to the PoW mindset and would make 0xBitcoin a no-go for its core audience.

even if you did the initial distribution the way you're describing, how would additional distribution work? again, the requirement is complete decentralization. i'm not getting your plan at all.

the entire point of pow mining for distribution is that it's the only uncheatable and totally decentralized way. there is no way for a person to acquire any value in the system except to provably "burn" value in the real world and therefore bring it into the digital one, in a manner of speaking.

infernal_toast decided to keep things as simple and uncheatable as possible and just port the value mechanics of Bitcoin to ethereum. then the community immediately announced the new project as far and wide as possible within the few first days and weeks (and continuing still), allowing anyone to get into mining or buying 0xbitcoin if they wanted to, when/if they felt the risk/benefit was worth it.

>>14901386
>missing the point of WHY PoW confers value on BTC but not Bitcoin WhateverTheNextShittyCloneIsCalled.

PoW is brilliant. if you can produce `hash = keccak256(challengeNumber, msg.sender, nonce) ≤ miningTarget`, then you have mathematically proven that you have converted ("destroyed") a roughly known amount of electricity into waste heat, and there is no scalable way to reverse that.

PoW is proof of belief in value: you prove you did the computation, so you receive the reward (currently 50 0xBTC for 0xBitcoin, but it will halve again and again on the same block schedule as Bitcoin).

what are you talking about when you say PoW doesn't confer value on other mineables? that's nonsense. but please do try to explain if you can.

>>14727923