Do you trust the miners? - page 3. | Bitcointalksearch.org

notiely

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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.

Yes I trust them, but not 100%.

sorryforthat

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Quote from: Hugroll on September 12, 2015, 11:50:24 AM

we're kinda forced to trust the miners.they keep the blockchain in place.

Yeah, without them there really is nothing to be had here. You either choose to trust them or choose to move on from BTC all together

Hugroll

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we're kinda forced to trust the miners.they keep the blockchain in place.

VeritasSapere

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We do not need to trust in the miners. We should trust in the design that aligns incentives towards good, because of game theory and human nature. This is what allows Bitcoin to function the way it does. Miners can always choose to switch pools and new pools can be created, therefore it is much better then a board at the federal reserve. This level playing field and free market ensures Bitcoins freedom, it has so far at least.

killerjoegreece

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Professional Native Greek Translator (2000+ done)

I trust decentralised miners and not big companies pulling the strings

|Bitcoin|

sr. member

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Yes. To make bitcoin the next big thing. We need to be unite and trust each other.

neoneros

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I can draw your avatar!

There is no other way at the moment to trust the miners and the miners have become big corporations that hold a lot of power(and consume it too). The same way we trust our ISP's, without trust we are nowhere. Bitcoin is too big to change the way the miners work, if even possible. As long as the mining operations are stil decentralised there is not much to worry about.

Are there ways to make it possible to mine without the big hardware investments? Corporate thinking in mining corporations is what might kill the blockchain and bitcoin. The basement operated miners at the rise of bitcoin were morre reliable than the big rigs now set up in China. But still, as long as they can only churn and earn, their power is limited. Grinding the operation to a halt will only cost them too..

ebliever

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Quote from: mallard on September 02, 2015, 11:09:54 AM

Quote from: NoRespect on September 02, 2015, 10:53:52 AM

yes of course, I am also one of the miners too

How much do you trust the pool you mine on?

That's probably the more important question at this point. It's not just the centralization of miners, but the potential power of the pool operators of which there are only a handful. In principle miners could switch off to other pools or create new ones if a pool operator went rogue, but it still makes me uncomfortable that we've traded the board of the Federal Reserve for a similarly sized body of mining pool operators. Is that really an improvement?

mallard

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Quote from: NoRespect on September 02, 2015, 10:53:52 AM

yes of course, I am also one of the miners too

How much do you trust the pool you mine on?

NoRespect

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yes of course, I am also one of the miners too

mallard

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Some of them do believe in Bitcoin.
There's a Vice documentary named "Life Inside a Secret Chinese Bitcoin Mine". The guy they interview sells some of the Bitcoin to pay for electricity/maintenance, but he's holding onto the rest of it because he thinks Bitcoin is going to go to the Moon.

novadragon

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I actually was not too sure, but there are some miners who I trust and I've been friends with them for a long time

thinkinger

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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.

yes it is true but in the end there is no guarentee for them not to escape too.

Blawpaw

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tuff question...

But in my understanding we need to trust miners since they are the ones protecting the network and the one who actively maintain decentalization on the network.

frenulum

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The miners should never have much "power". They should never be able to hold the network to ransom. They should be opportunistic scavengers in a very competitive field.

mindrust

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Nah i don't trust anyone other than myself. On the other hand, miners do exactly what they need to do. They work for profits. Nobody can blame them for that.

zero01

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I actually do not believe in miners, usually they offer advantages that make no sense and leads fraud

gentlemand

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Welt Am Draht

Quote from: S4VV4S on September 02, 2015, 03:35:46 AM

They have invested a large amount of money in a platform that generates money.
Do you see where I am getting at?

I can just about grasp the outer edges of it.

Short term profit often does not align with long term health. That's why I don't think miners can be trusted to decide its future.

irfan01

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it all depends on the nature of the miners, if she did very well, maybe she can trust

ph.amracyshop

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Not really, miners only cares about their profits.

Topic: Do you trust the miners? - page 3. (Read 3610 times)