Topic: Miners are your new slave masters (Read 579 times)
If you will get good high powered processors, coolers etc. you will relax when your coins will be mined. Invest in equipment, in the real thing and you will earn the real money. This is freedom, not a slavery.
This is one of many negatives of Mining Centralization.
The purpose is to DECENTRALIZE not to hand Bitcoin to few cabals.
But am wondering if temporarily switching to PoS avert potential risk?
The purpose is to DECENTRALIZE not to hand Bitcoin to few cabals.
But am wondering if temporarily switching to PoS avert potential risk?
They really do control have the say at this point. It could get ugly, but remember, they are invested in the long term health of BTC.
That does not have to be the case. If the miners believe Bitcoin will crash, they will engineer it so that they profit a lot from it at the expense of everyone else.
They really do control have the say at this point. It could get ugly, but remember, they are invested in the long term health of BTC.
It's really a problem. It seems to me that this situation with the miners is a mistake. Originally bitcoins were mined only by the users themselves. It was a decentralized system. Perhaps this is a topic for thought for the developers. They have become a target for the miners this month. Perhaps they will draw conclusions from this attack.
We have only seen a small sample of the miners' power, this will get worse when people realize that the miners are in a perfect position to do front-running
It's really a problem. It seems to me that this situation with the miners is a mistake. Originally bitcoins were mined only by the users themselves. It was a decentralized system. Perhaps this is a topic for thought for the developers. They have become a target for the miners this month. Perhaps they will draw conclusions from this attack.
It is the problem with mining, the more you invest, the better the profit hence they can control the market that way. If they decided to hodl the coins until there are not enough currency out there, its price will increase and then they let out small bits for us to cram on. They have forseen the future of bitcoin, I wished I am the.one who bought 2 pizza for 10,000 btc.
When you put your money in cryptocurrencies, the miners will control your life.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
Its a little bit true that miners are trying to influence the growth and existence of a crypto coin but its not 100% possible in bitcoin.They tried their best to control bitcoin,block segwit activation but they failed.That's why,they joined hands with Roger ver and supported to mine BCH instead of BTC.They are trying to influence bitcoin also,but thanks to satoshi for his decentralized model,they are not fully successful. If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
Yes indeed this is a problem. Hence I have also invested in Vertcoin which only enables GPU mining hence it's a lot more decentralised compared to btc
maybe one day people will realise the potential of a coin like vertcoin
maybe one day people will realise the potential of a coin like vertcoin
You mean Satoshi? 
I suppose this is the problem with ASIC-compatible mining. On one-hand, ASICs makes a cryptocurrency more secure because there's no excess capacity that you can rent and use for an attack. If it's profitable to mine, it's online, or will be online soon based on retarget timing.
On the other hand, we're seeing massive centralization of chip-manufacturing. Seemingly no one can compete yet with Bitmain's cheap production capabilities. Accordingly, while hashrate may be irrelevant to Bitcoin's consensus rules, they can do a lot to manipulate perception due to the long length of blocks/time between difficulty retargets.
I suppose this is the problem with ASIC-compatible mining. On one-hand, ASICs makes a cryptocurrency more secure because there's no excess capacity that you can rent and use for an attack. If it's profitable to mine, it's online, or will be online soon based on retarget timing.
On the other hand, we're seeing massive centralization of chip-manufacturing. Seemingly no one can compete yet with Bitmain's cheap production capabilities. Accordingly, while hashrate may be irrelevant to Bitcoin's consensus rules, they can do a lot to manipulate perception due to the long length of blocks/time between difficulty retargets.
Yes, that pesky fella.
I guess this is what happens when your pet is opened up to millions of greedy people. They're going to stretch and test every atom of it. You'd need truly epic oversight to anticipate every future avenue.
A miner will do everything they can to exploit the system provided for them to maximise profit. That's how crypto is designed to operate and that's human nature. The people you should be getting arsey with are the ones who designed the software they're running on that allows it.
You mean Satoshi?
I suppose this is the problem with ASIC-compatible mining. On one-hand, ASICs makes a cryptocurrency more secure because there's no excess capacity that you can rent and use for an attack. If it's profitable to mine, it's online, or will be online soon based on retarget timing.
On the other hand, we're seeing massive centralization of chip-manufacturing. Seemingly no one can compete yet with Bitmain's cheap production capabilities. Accordingly, while hashrate may be irrelevant to Bitcoin's consensus rules, they can do a lot to manipulate perception due to the long length of blocks/time between difficulty retargets.
When you put your money in cryptocurrencies, the miners will control your life.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
They can't just decided to switch to another altcoins, because they have to mine on the chain with the most rewards to stay profitable - otherwise they will quickly go bankrupt. And if they would switch to other chain, it doesn't mean that it will automatically gain enough boost to its value to make it profitable - users don't care about it, they want security, decentralization, immutability. If the situation was as you described, Bitcoin and all cryptocurrencies would die years ago because it would mean that they can't deliver their promises.
A miner will do everything they can to exploit the system provided for them to maximise profit. That's how crypto is designed to operate and that's human nature. The people you should be getting arsey with are the ones who designed the software they're running on that allows it.
And if one set of miners doesn't do it out of the goodness of their heart you can bet another one certainly will.
And if one set of miners doesn't do it out of the goodness of their heart you can bet another one certainly will.
Its a bitter truth of crypto-world. Miners do have all the control on every crypto-currency. From developing new coins to confirming a transaction, everything is in miners hand. And the bad part is we can't really help ourselves to get rid of it. Bitcoin miners are taking advantage of it by rising transaction fees day by day.
i don't know what to say either because these guys are trying to milk the system for cash and we can't all afford those huge fees they are imposing on us by the day. If they are our slave masters then i guess there is the need for a rebellion against them.
When you put your money in cryptocurrencies, the miners will control your life.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin.
Stop thinking about "the miners" as a monolithic "they." They are not a single entity, and they are competing against one another. Bitmain's long term interests do not necessarily align with those of Bitfury or BTCC or Kano/CKpool.
If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
This is just due to the difficulty algorithm. But the real problem we are seeing today has less to do with decreased hash rate (though that has an effect) and more to do with network spam.
I think the design accounted for the generic 51% attack; rational miners aren't interested in jeopardizing their long term investment. But if an actor like Bitmain controls a majority (or super majority) of the hash rate, they can afford to continually spam the blockchain and force fees higher, because they themselves are recouping the spam attack costs by mining the blocks.
When you put your money in cryptocurrencies, the miners will control your life.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
I understand what your trying to say, and part of it is truth and i agree with it. But you are wrong in one thing, if miners didn't have profit from it they would not mine it, as long as there is profit in mining, miners will mine. Probability of miners leaving profitable coin just because... i can't even come up with an idea why they would leave profitable coin. At the end i think we can agree that, for even like miners leaving bitcoin is near impossible. If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
Its a bitter truth of crypto-world. Miners do have all the control on every crypto-currency. From developing new coins to confirming a transaction, everything is in miners hand. And the bad part is we can't really help ourselves to get rid of it. Bitcoin miners are taking advantage of it by rising transaction fees day by day.
You are partially right. We wouldn't be able to sell our coins if miners stopped mining or switched to another altcoin. However, they would switch to another profitable coin. Bitcoin is not worthless because they are many investors who are interested in this technology. Without people who want to buy a specific coin, mining wouldn't be profitable. That's why miners can't completely ignore investors or ordinary users.
Well, the slave owners couldn't ignore the needs of their slaves to get food as otherwise they wouldn't be profitable, but that didn't change that the balance of power was extremely skewed in one specific direction.
When you put your money in cryptocurrencies, the miners will control your life.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
I got your point and I do agree somehow on those words but not totally because miners would really still remain on the strongest crypto which is bitcoin which means they would stay here as long as they can because they are making money on here if they would decide to switch on other coins then its not surprising because they would really do just for the sake of money.If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
But if they are using their dominance to do front-running, they are effectively making money by cheating everyone else. It also means that a powerful group can convince the miners either by arguments or by money to switch their services to an altcoin, then the impact is tremendous and as a Bitcoin holder there is nothing you can do
Front-running is not a legit service.
When you put your money in cryptocurrencies, the miners will control your life.
If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
I got your point and I do agree somehow on those words but not totally because miners would really still remain on the strongest crypto which is bitcoin which means they would stay here as long as they can because they are making money on here if they would decide to switch on other coins then its not surprising because they would really do just for the sake of money.If the miners decide to switch to another altcoin you cannot sell any of your coins - no matter which coin it is, even Bitcoin. If they reduce their efforts prices to transfer becomes extremely high. If you have a lot of your money in cryptocurrencies, the miners will become your new slave masters
But if they are using their dominance to do front-running, they are effectively making money by cheating everyone else. It also means that a powerful group can convince the miners either by arguments or by money to switch their services to an altcoin, then the impact is tremendous and as a Bitcoin holder there is nothing you can do
Jump to: