Topic: Miners are your new slave masters - page 3. (Read 579 times)
Miners getting too powerful is one of the arguments in favor of proof-of-stake. Although that has its own share of problems. What would Bitcoin look like if it switched from proof-of-work to proof-of-stake?
You're not wrong but this is more of a problem for a centralized mining mob like the one running Bcash.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
I may indeed not have been the intention. But is is nonetheless the result. We are rapidly getting to the point where it will in reality become China which controls mining - and then China will in reality be controlling the crypto currencies including Bitcoin
It is always in a supplier's interest to corner the market and become a monopoly if they can
That's basically what's happening now that the Jihan cartel is toying around with Bitcoin for their own gain. It has gone even so far that the average block generation time has gone up significantly to 15 minutes per block, while it should be closer to the 10 minute mark on average. Currently the difficulty indicates a decline of around 25%, but once the difficulty adjustment comes near, it will be 'just' a decline of 5-10%, while after the difficulty adjustment, they'll let it fall to once agian show a +20% decline. It's a disgusting practice.
You're not wrong but this is more of a problem for a centralized mining mob like the one running Bcash.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
That's going by the assumption that the miners are invested in Bitcoin themselves and believe in the technology, if a large corporation was against Bitcoin and had enough reason for an investment towards gaining the majority of the hashrate, then there could be problems.
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
Yes I think the recent changes have bitcoin much more centralized they are actually eliminating its very prior motive of decentralization. Every fork every change is being done on the basis of miner's support. Segwit2x which was in interest of common people was cancelled because it reduced miner's fees. sarcastically bitcoin saying the currency which is aiming at a decentralized world is itself being centralized. 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
You're not wrong but this is more of a problem for a centralized mining mob like the one running Bcash.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
It is always in a supplier's interest to corner the market and become a monopoly if they can
You're not wrong but this is more of a problem for a centralized mining mob like the one running Bcash.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
The intention was never to have large-scale mining farms to control majority of the hashrate. Irony is if centralization leads to crypto bubble bursting, nobody stands to gain including the miners. It's not in any miner's interest to corner the market.
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
Jump to: