Topic: Bitcoin should be decentralized even further - page 3. (Read 2308 times)
What does everyone think of Barry Silbert's proposal of Segwit with a 2mb blocksize? Would that be a start for the big blockers to start listening and start cooperating?
I think that is one of the reasons why Segwot is having hardships to get implemented because of Chinese owning most of the hashrate this chinese miners is preventing bitcoin to innovate because jihan wants bitcoin all for himself.
I hope people should join up and made their own pool to fight against this.
Definitely,the miners have an upper hand today and they dont want to loose their profits by any means.thats why segwit has not been implemented so far.I hope people should join up and made their own pool to fight against this.
Its very difficult for people to join to form pools and fight against such gigantic pools.Any way,its tim e for the miners to fill up their pockets and they are doing it vigorously.
How to forbid people to create big mine businesses as it's decentralized? The decentralization allows people to create businesses strong enough to control the decentralized world... If there is someway to forbid/don't allow this, it's because it's not 100% decentralized...
To say the truth, I never saw anything really decentralized, Bitcoin is the first thing I'm seeing, it's a experiment for the world history to test if it really works or not.
To say the truth, I never saw anything really decentralized, Bitcoin is the first thing I'm seeing, it's a experiment for the world history to test if it really works or not.
you don't have to forbid it to prevent centralization.
it can be the other way too, like having mining power coming from other places. for example i know that Georgia has started to show a lot of mining power lately and has been becoming big.
imagine if we had mining farms coming from a couple more countries in the world, that would automatically spread things. and it is like this now but the others are small compared to mining farms in China and they need to get bigger.
Hmm, that is good. If every country has interest in starting a business like that, the decentralization can work well.
But there is still the possibility of all or most mine businesses continue without reach to a consensus to solve the issues that must be solved soon as possible. If they want only profit, things will continue like now, they won't be worring very much about the functionality and the impasse continues.
we are moving towards that day. it won't be easy since mining bitcoin is not a simple low risk job, there are a lot of things apart from costs that they need to consider.
here is what i mean we are headed that way:
here is what i mean we are headed that way:
How to forbid people to create big mine businesses as it's decentralized? The decentralization allows people to create businesses strong enough to control the decentralized world... If there is someway to forbid/don't allow this, it's because it's not 100% decentralized...
To say the truth, I never saw anything really decentralized, Bitcoin is the first thing I'm seeing, it's a experiment for the world history to test if it really works or not.
To say the truth, I never saw anything really decentralized, Bitcoin is the first thing I'm seeing, it's a experiment for the world history to test if it really works or not.
you don't have to forbid it to prevent centralization.
it can be the other way too, like having mining power coming from other places. for example i know that Georgia has started to show a lot of mining power lately and has been becoming big.
imagine if we had mining farms coming from a couple more countries in the world, that would automatically spread things. and it is like this now but the others are small compared to mining farms in China and they need to get bigger.
How to forbid people to create big mine businesses as it's decentralized? The decentralization allows people to create businesses strong enough to control the decentralized world... If there is someway to forbid/don't allow this, it's because it's not 100% decentralized...
To say the truth, I never saw anything really decentralized, Bitcoin is the first thing I'm seeing, it's a experiment for the world history to test if it really works or not.
To say the truth, I never saw anything really decentralized, Bitcoin is the first thing I'm seeing, it's a experiment for the world history to test if it really works or not.
People can create their own pools and join together. More people should do this. We shouldn't be joining into a huge pool unless they align with progress of increasing block size and segwit.
the problem is not pools, it is mining power/equipment. it is not easy to invest in mining equipment when the manufacturer is also in China and also you needing a cheap electricity (although I think that is no longer the case with nearly $2000 price) and also it may not be allowed in some countries to do so.
Where can you find cheap slave work to produce cheap ASICs, and cheap electricity?
Things can't be totally decentralized in the world, and Bitcoin is no different. Sadly for us China has a great advantage related to Bitcoin mining
Things can't be totally decentralized in the world, and Bitcoin is no different. Sadly for us China has a great advantage related to Bitcoin mining
I think that is one of the reasons why Segwot is having hardships to get implemented because of Chinese owning most of the hashrate this chinese miners is preventing bitcoin to innovate because jihan wants bitcoin all for himself.
I hope people should join up and made their own pool to fight against this.
I hope people should join up and made their own pool to fight against this.
OP, that is very easy to say but maybe very hard to implement in practice. You will start a war with the miners that could end up very badly on the chain with the upgraded POW algorithm. The miners have reached a level where it has money and power as shown in the scaling debate. You do not want to mess with them. A compromise to the compromise would be a better proposal.
People can create their own pools and join together. More people should do this. We shouldn't be joining into a huge pool unless they align with progress of increasing block size and segwit.
i wouldn't say pools are necessarily the problem. if something bad was developing with one pool then the miners can switch easily enough.
the problem is the quantity of miners in a small number of hands. bitmain makes most of the machines and also owns farms of their own. bitfury mines for itself as well.
but even if you go back to cpu mining, there are pockets that are deeper than everyone else who'll create cpu farms instead.
People can create their own pools and join together. More people should do this. We shouldn't be joining into a huge pool unless they align with progress of increasing block size and segwit.
China having most of the Bitcoin's hashrate is a bad idea for its decentralization. Since Bitmain is one of the largest ASIC mining hardware manufacturers in the world, it is one where it holds the majority of the pioneer cryptocurrency's hashrate.
As a result of this, due to Bitcoin's mining becoming more centralized each day, it is getting harder to reach consensus among the miners, especially with the acceptance of scalable solutions like SegWit. Since miners are mostly in for the profit, they don't care much about expanding Bitcoin's transaction capacity, but rather prefer for the same to keep increasing in transaction fees, so they could earn more money per block mined.
That is why, in my own opinion, Bitcoin's mining scheme should be decentralized even further to prevent big mining companies from taking over the important decisions of Bitcoin, and give the power back to average every day people. Perhaps a switch to a new mining algorithm which would be more resistant to ASIC will be the most viable solution to this problem.
What do you think?
As a result of this, due to Bitcoin's mining becoming more centralized each day, it is getting harder to reach consensus among the miners, especially with the acceptance of scalable solutions like SegWit. Since miners are mostly in for the profit, they don't care much about expanding Bitcoin's transaction capacity, but rather prefer for the same to keep increasing in transaction fees, so they could earn more money per block mined.
That is why, in my own opinion, Bitcoin's mining scheme should be decentralized even further to prevent big mining companies from taking over the important decisions of Bitcoin, and give the power back to average every day people. Perhaps a switch to a new mining algorithm which would be more resistant to ASIC will be the most viable solution to this problem.
What do you think?
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