Do you trust the miners? | Bitcointalksearch.org

Mickeyb

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Quote from: RKing on October 19, 2015, 04:15:20 AM

Quote from: Hugroll on October 18, 2015, 12:32:54 PM

ofcourse i trust the miners Wink

, i mean we are forced to trust them lol without them bitcoin would just fall apart. thank you miners

Yes, we are forced to trust them as they got the mining power.

This is the thing. We shouldn't be forced to do anything. Bitcoin was designed to be trustless meaning that Bitcoin system isn't supposed to allow to be cheated.

And this works very well so far. The only problem we had was with the mining pools, when one of the mining pools has reached dangerously closely 50% of the hashrate, but even this was solved by the good miners that switched pool right away.

So yes, I trust the miners but before all I trust the system.

Amph

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also it's not like being a miners is exclusive for only a few, you cn be a miners also, just don't assume that you would rich roi so fast, if you join any legit cloud you're automatically part of the miners club

i'm sure that you would trust them more if you were a miners yourself...

DeathAngel

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I have no control over the miners so my trust means nothing either way.

mirana12345

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Quote from: coinplus on October 19, 2015, 04:55:09 AM

Quote from: RKing on October 19, 2015, 04:15:20 AM

Quote from: Hugroll on October 18, 2015, 12:32:54 PM

ofcourse i trust the miners Wink

, i mean we are forced to trust them lol without them bitcoin would just fall apart. thank you miners

Yes, we are forced to trust them as they got the mining power.

Many people here worry on bitcoin miner like comparing them to meaningless government rules or central banks. More over, the halving also may get post pond if the miner unite against the halving. But we need to stick with Satoshi's plan. We need to bleive miners as a part of bitcoin eco system.

I don't think we should look at it from such a fixed point. As bitcoin is "changable", there just may come a point in time when miners could get even replaced by changing pow to pos.
I know it sounds unreal now, but when the reward falls down to dust, and if the price doesn't pick up by then (and transaction fee's with it) there will be no "miner incentive", so the
most logical thing to do would be to change it to pos. I don't really like where mining has gone, ever since asic's came out, it somehow feels wrong that the mining process is taken from
individual users and changed to industrial (corporative) area..

coinplus

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Quote from: RKing on October 19, 2015, 04:15:20 AM

Quote from: Hugroll on October 18, 2015, 12:32:54 PM

ofcourse i trust the miners Wink

, i mean we are forced to trust them lol without them bitcoin would just fall apart. thank you miners

Yes, we are forced to trust them as they got the mining power.

Many people here worry on bitcoin miner like comparing them to meaningless government rules or central banks. More over, the halving also may get post pond if the miner unite against the halving. But we need to stick with Satoshi's plan. We need to bleive miners as a part of bitcoin eco system.

RKing

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Quote from: Hugroll on October 18, 2015, 12:32:54 PM

ofcourse i trust the miners Wink

, i mean we are forced to trust them lol without them bitcoin would just fall apart. thank you miners

Yes, we are forced to trust them as they got the mining power. Miners control the transaction network. We need to work with miners closely.

Hugroll

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ofcourse i trust the miners Wink

, i mean we are forced to trust them lol without them bitcoin would just fall apart. thank you miners

kpitti

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Quote from: RKing on October 18, 2015, 10:11:10 AM

Quote from: dothebeats on October 18, 2015, 09:02:37 AM

Quote from: Miss Fortune on September 22, 2015, 10:49:14 PM

Quote from: worhiper_-_ on September 01, 2015, 08:44:04 AM

Hey all. Recent developments around the block size debate have sparked alot of discussion about several topics. I've seen many people arguing that BIP100 gives too much power to the miners. I'm not trying to provoke feelings one way or another, I'm just looking to see if people are willing to put their trust on miners about such decisions.

I don't trust anyone with my coin specially miners, Im sure they'll use it for their own good. Of course who wouldn't but I don't trust them.

Miners are good for bitcoin itself; they are the ones who creates new bitcoins in circulation and help process transactions all over the network. What's bad is when miners use their mining power into something fishy, like a 51% attack.

The make sure miners do not unite against the network.

Network, you probably mean Blockchain will not work without Miners. There will be no single transaction confirmed. Of course there were situations in the past when one of major Pools come close to the 51%. I would wonder what do you suggest to do against it. Wink

kpitti

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I trust in Bitcoin and essential part of Bitcoin are Miners. There is no question for me if I trust Miners, but if I trust some arguments they are using. But this the same for rest of community.

RKing

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Quote from: dothebeats on October 18, 2015, 09:02:37 AM

Quote from: Miss Fortune on September 22, 2015, 10:49:14 PM

Quote from: worhiper_-_ on September 01, 2015, 08:44:04 AM

Hey all. Recent developments around the block size debate have sparked alot of discussion about several topics. I've seen many people arguing that BIP100 gives too much power to the miners. I'm not trying to provoke feelings one way or another, I'm just looking to see if people are willing to put their trust on miners about such decisions.

I don't trust anyone with my coin specially miners, Im sure they'll use it for their own good. Of course who wouldn't but I don't trust them.

Miners are good for bitcoin itself; they are the ones who creates new bitcoins in circulation and help process transactions all over the network. What's bad is when miners use their mining power into something fishy, like a 51% attack.

Then make sure miners do not unite against the network. These miners are the back bone of bitcoin network. Without them, there will be no bitcoin.

dothebeats

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Quote from: Miss Fortune on September 22, 2015, 10:49:14 PM

Quote from: worhiper_-_ on September 01, 2015, 08:44:04 AM

Hey all. Recent developments around the block size debate have sparked alot of discussion about several topics. I've seen many people arguing that BIP100 gives too much power to the miners. I'm not trying to provoke feelings one way or another, I'm just looking to see if people are willing to put their trust on miners about such decisions.

I don't trust anyone with my coin specially miners, Im sure they'll use it for their own good. Of course who wouldn't but I don't trust them.

Miners are good for bitcoin itself; they are the ones who creates new bitcoins in circulation and help process transactions all over the network. What's bad is when miners use their mining power into something fishy, like a 51% attack.

Misiak4

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Why not to trust miners? At least we should trust to 51% of them...if no why we should trust Bitcoin network at all? Of course there should be some limitations for them, not give them full control of network...

WizKhalifa

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maybe hahaha Grin

tno

Xenoph0bia

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Yes, I trust miners. I don't find any reason for not trusting miners. Minor's main role is to mine bitcoin and sell it for profit and they are there to make profits and messing with the bitcoin protocol would mean 0 profit for them. So I don't think that miners will take a chance with the bitcoin network as said before. So I think we should trust miners as they are the one who generates bitcoins.

JeWay

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I not truly trust them, but I support them.
Because they're one of the important thing on Blockchain

RKing

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Quote from: TTMNewsMJ on October 16, 2015, 10:29:41 PM

I'm not so sure if I really trust the miners.

If you do not trust other miners, you can join a mining company and monitor it to make it do right thing.

Pyr3x

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Quote from: ashour on September 01, 2015, 06:01:25 PM

Quote from: RGBKey on September 01, 2015, 05:35:31 PM

I'm not sure I trust the miners to make decisions that will benefit the entire bitcoin community instead of just the miners right now.

Exactly, the miners only care about their profits. They don't actually care about bitcoin or the bitcoin community. The only thing they want is to mine bitcoin and sell them for a profit, nothing else.

Not true... I mine it but not just because I'm out to make money but simply because I honestly love and support bitcoin and I know that the network only exists because the miners make it happen.

Corealz

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Quote from: gentlemand on September 01, 2015, 10:41:55 AM

Not really. Quite a few of the biggies who've been interviewed have stated they're purely in it for the dollars. They'll go with what'll load them up in the short term. Long term whatever they choose might be fatal.

Yup. Most of them are thinking of quickly making their investment back and then some. They will be one of the first to dump if there is a price crash. I don't blame them since cryptocurrencies is a volatile market.

TTMNewsMJ

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I'm not so sure if I really trust the miners.

HeroCat

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I do not trust the miners Wink

You never know what is behind the miner companies Grin

Topic: Do you trust the miners? (Read 3610 times)