Topic: Say goodbye to decentralization - page 2. (Read 5016 times)
Decentralization is a relative term vs. the number of users and size of the network.
wow great ..but i think it remain as if no any big bank interfere to the working plan .
Many banks are getting involved in this technology indirectly for their profit. Its just because bitcoin is decentralized tech. it looks like profits centralize very fast...
Yeah of-course if bitcoin is centralized the profit will be high and the miners are much benefitted
Personally, I think that the "Too Big To Fail" banks don't care about Bitcoin hardly at all. Until it amounts to $100B or more, it's probably not interesting. Today, BTC might be $11 Billion?
That's two bad trades in a year for JP Morgan.
Yes, they'll have folks look at it, but I think they have zero interest in trying to "control" it, whatever that might mean. Bitcoin shares a common trait with all fiat currencies. A loss of confidence by those holding it, and there will be a run for the exits to a safer currency. It could easily fall from $500 to less than $100 in a day if folks don't think it's "safe". BTC has no alternative use as do some metals like Gold/Silver/Copper and such.
That's two bad trades in a year for JP Morgan.
Yes, they'll have folks look at it, but I think they have zero interest in trying to "control" it, whatever that might mean. Bitcoin shares a common trait with all fiat currencies. A loss of confidence by those holding it, and there will be a run for the exits to a safer currency. It could easily fall from $500 to less than $100 in a day if folks don't think it's "safe". BTC has no alternative use as do some metals like Gold/Silver/Copper and such.
Who has 300 Pentahash?
none because it mean that someone is holding more than 33% of the network, if we talk as a single farm, and pool at best have 20%
well if you want to go by country than chinese have double of that...
The network has always adjusted itself when facing the 51% potential threat. It's not the first time it happens and won't be the last. bitcoin will survive!
It was only a matter of time before some big bank or investor to take up the "game". They first studied the structure and now control ...
How are they going to get the ASIC's??
Think Bitmain, Spondoolies and Bitfury are just going to give up?
On the plus side there probably isn't enough need to take over Bitcoin right now, and it would be more profitable to just invest in Bitcoin businesses rather than take control of the Bitcoin economy.
It was only a matter of time before some big bank or investor to take up the "game". They first studied the structure and now control ...
How are they going to get the ASIC's??
Think Bitmain, Spondoolies and Bitfury are just going to give up?
Who has 300 Pentahash?
It was only a matter of time before some big bank or investor to take up the "game". They first studied the structure and now control ...
How does mining carry on after that if there are no rewards coming from the blockchain ... ??
transaction fees are also rewards for the miners
These are the same questions that I am I pondering, before, even a small person with little resources could compose his small factory mining, now, is watching or worse, pay for join to big cloud mining...
Sill it's pretty scary to think that one single company could own 51% of the hash rate.
I'm not sure I completely understand the extents of it but doesn't it give them absolute power of decision over what is and what isn't recorded on the blockchain and how transactions happen?
I'm not sure I completely understand the extents of it but doesn't it give them absolute power of decision over what is and what isn't recorded on the blockchain and how transactions happen?
There were be always other people who will mine. There were be always other businesses which will compete with Bitfury and will be always someone who will invent another better thing than that which have already Bitfury. As for the blochckchain cannot be made nothing that can affect it. He is totally independent and decentralized. Is the amount of all the transactions made from every person who send bitcoin from all around the world. So nothing can happen to it.
But what happens when all the halving has taken place and we hit the proposed 21 000 000 total bitcoins.
The difficulty is already knocking out the small individuals who are presumably the life and blood of the whole system...
Does the whole currency then get sold back to highest bidder ie: illuminati banksters and we are back to square one again..??
How does mining carry on after that if there are no rewards coming from the blockchain ... ??
How does the whole currency perpetuate into the future ... ??
funny things is, the network was more centralized when the whole mining game started, than now, so it's actually more decentralized than ever
it looks like profits centralize very fast...
You cannot just say goodbye to decentralization. Big miners are always advantageous for keeping the network in a most secured state. Nowadays, as per the number of unconfirmed transactions occurring per second, to get them included in a block, it'll definitely need more hashrates. Thus hashrate distribution is increasing exponentially.
That's where PPS mining kicks in for smaller miners. Although the fees are considerably higher than PPLNS, here you get assured payouts from pools whether a block gets confirmed or not. Now if you are feeling lucky, try solo.
That's where PPS mining kicks in for smaller miners. Although the fees are considerably higher than PPLNS, here you get assured payouts from pools whether a block gets confirmed or not. Now if you are feeling lucky, try solo.
Heh, you do know why bitfury gets so many orphans right?
Their miners are hopeless.
It's could be as high as 10% wasted ... so a 650PH mine could be throwing away as much as 65PH
My pool has had the misfortune of having a miner with bitfury miners throw away a block.
Bitfury often do themselves, if you look at some of their orphans you'll see why.
Though the actual blame could probably be laid at the feet of Dave also ...
Their miners are hopeless.
It's could be as high as 10% wasted ... so a 650PH mine could be throwing away as much as 65PH
My pool has had the misfortune of having a miner with bitfury miners throw away a block.
Bitfury often do themselves, if you look at some of their orphans you'll see why.
Though the actual blame could probably be laid at the feet of Dave also ...
I think it would be too much of an investment to bother with it. I'd rather just enjoy the profit from all that mining.
Mining is as centralized as ever, this day is now here. A single corporation owns the majority of the hash rate, bitcoin could be done any minute now. The argument "against their interest" doesn't stand as long as they have the chance to give bitcoin a fatal blow. Interests change and are affected by all sorts of sources, now it has to do with a multi billion dollar economy.
https://news.ycombinator.com/item?id=10774773
https://news.ycombinator.com/item?id=10774773
Maybe someone will develop some new tech to increase decentralization, everyone will always want bitcoin to look decentralized even if it isn't.
Why would they "give bitcoin a fatal blow"?
That would be killing the company...
That would be killing the company...
They aren't going to attack themselves, obviously, but the fact that 51% might be achievable for a company raises some questions and red flags. If a private company can do it, a government can probably do it too, with bigger ease. I think that is the biggest point of these hashrate issues.
I'm not sure this statement is true anymore, i just watched a private company (SpaceX) return a rocket from low earth orbit and land it standing up, i never seen NASA do that........
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