While I can see some small advantages to a large and diverse mining base, it doesn't seem to be REQUIRED by any stretch of the imagination. Why would 10,000 30TH miners be better than 30 10PH mining farms for an aggregate of 300 PH let's say of hashrate? What's the threshold for "decentralized" and why must Bitcoin be decentralized to survive? It seems to me that in 50 years, long after I care, we'll want the most efficient "mining" (really transaction processing) setup to get by on the slender fees provided by transactions and the fraction of a new BTC in every block.
I understand the visceral reaction to a few large mining farms, but I haven't seen a compelling argument beyond the 51% attack scenario. It feels like the desire for a "miner in every home" is more driven by nostalgia of a few years ago than anything else.
You do not see the problem with 2 or 3 conglomerates controlling all of the mining?
In my humble opinion it will cause a huge transformation, albeit not the one we want.
Unfortunately, the direction mining is on is causing a 180 degree turn.
Where bitcoin was about taking the control from the 'bankers' and putting it in the hands of many, it is now headed right back in control of the bankers, which are the people who own and fund the largest corporations, who are the people who own these conglomerates. While the technology will certainly enable the 'unbanked' the access they need. The people who profit from this will be the same greedy bastards who have our world in the economic quagmire where we keep sinking.
The less choices you and I have equals less votes we may cast. Without the 'Spondoolies of December 2014' mindset you will see these mega companies lose touch with what having a customer is all about. The larger they get, the less they care about what one individual thinks.
IF your only goal is a less expensive bitcoin process then centralization is the answer. Personally I do not believe that was the intent of the creator. Unfortunately, I do not think Satoshi is the all-knowing, crystal ball yielding, wizard so many seem to think. I believe he simply made an error in choosing a mining process so easily centralized.
If you want to make the world we live in a better place then you get back to decentralization and the core team would implement radical changes which forced such and threw the entire landscape into a frenzy.
There should be an upheaval sooner than later to rectify the mistakes made by Satoshi by changing bitcoin to a completely new mining model which has a better chance of surviving.
Bitcoin has the best chance of being the one world currency because it will be easily controlled by our governments through the mining process much sooner than it ever should have been. It will be adopted, regulated, and controlled by the same people most of us complain about today.
See my reply here:
https://bitcointalksearch.org/topic/m.11297696I think this is completely on topic and I feel strongly about the direction our beloved BITCOIN has taken. While the technology of the blockchain has forever changed our lives in a positive way, and it will never go back in the box; bitcoin as a currency is doomed to fail where it concerns who continues to control our economic future. At this point in our evolution that was the single biggest thing I saw it have the power to accomplish.
If you want to change something you better be great at convincing the right people it needs to be changed. The right people are always the ones with the most money, unfortunately.
My main point would be if bitcoin mining only leads to a few people controlling it no matter what advantages are gained from that scenario it simply leads back to the same old problems we have now.
No amount of technological advances will ever be as useful to humankind as the power to vote.
Sfards better get a real miner to market quickly. Bitmain are probably already mining with next gen, and I imagine SPtech as well. The home mining market has shrunk for various reasons, but with such a dry spell of offerings today is the best time to market to us. I fear they are all self-mining. Understandable from a business stand point as it is, it is another nail in the coffin of what bitcoin was originally intended to be.
Do you think the current price of bitcoin causes any of the major players to lose money? Not based on any model created within the past few months, and it is certainly not a problem for Bitmain type companies. We pay the difference. The price of the coin will rise, but will it be enough for anyone except KNC, Bitmain, and the new SPtech partnerships? They are making profits at the current price, and will continue to do so until they are all one big happy family owned by the banking systems.