Will Bitcoin become centralized sometime in the future? - page 44.

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Quote from: Abiky on January 02, 2017, 01:05:06 PM

As Bitcoin mining is partially controlled by Chinese miners, I have a feeling that sometime in the near future, Bitcoin can become centralized if no solution against this is proposed.

Where are you getting your stats from ? Vaguely put.No logical dependencies found.

Quote from: Abiky on January 02, 2017, 01:05:06 PM

If BTC could manage to bring a solution towards mining centralization by preventing mining pools with the most hashrate to effectively gain control of the network, then it would aim to become more decentralized over the years.

From a bitcoin users point of view,it is still decentralized as long as I don't have to pay extreme high fees for transactions.There is nothing much could be done for the mining part.It's general,area with cheap electricity costs will always have a dominance.

Quote from: Abiky on January 02, 2017, 01:05:06 PM

As mining difficulty increases and new ASIC hardware gets developed, it would make it less possible for any average user to mine Bitcoin, thus making it more centralized each day.

I agree ,somewhat.

Quote from: Abiky on January 02, 2017, 01:05:06 PM

Nevertheless, I would like to know your opinion about this, as if BTC becomes centralized, it might cause it to decrease in value, and most of all, violate the principles that it was created for.

No.The value wouldn't be affected.But that will open up huge opportunities for the altcoin market.

Finestream

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Quote from: rajasumi3 on January 06, 2017, 10:06:42 PM

I dont think that bitcoin will be centralized , as some people will never understand the importance of it and government will also never want it too.

When it comes to the discussion of government, it's already understood that it's centralized and bitcoin has no government so it's decentralized. That two aspect needs to be known by all of us, it will never be possible that bitcoin will be centralized, we are happy using the current nature of bitcoin and that's what makes us support it, there's nothing to change or else it will not progress like we see now.

Kevinde

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yes, I think so. Bitcoin will be a central digital currency in the future Once it has reached the government's conditions prescribed.
But there are still some problems for bitcoin such as money laundering, drugs, taxes, smuggles... it must pass over these problems to become a central digital currency in the future.

aarturka

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if bitcoin become centralized nobody will use it, it would have no different from fiat

rajasumi3

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I dont think that bitcoin will be centralized , as some people will never understand the importance of it and government will also never want it too.

Natalim

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Quote from: BeGoods on January 06, 2017, 06:35:32 PM

Quote from: mrbigmugs on January 05, 2017, 04:53:37 PM

Quote from: Rizky Aditya on January 05, 2017, 12:55:45 AM

Quote from: arnbrd on January 02, 2017, 01:08:48 PM

To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

but i do not thing that it will ever happen, hope that in future the government also have to accept bitcoin as an anonymous character because of the pressure of the people on governments.

bitcoin system will not be changed. bitcoin will always be decentralized although the government requested to be converted into centralization it would never happen. forever bitcoin will be anonymous and decentralized #imo

Exactly, and I believe no one of us will want to change the system. Bitcoin is freedom because of it's decentralization, if it will be centralized, it's not bitcoin anymore but it's the government trying to control everything. We should protect bitcoin by continue supporting it as in the future, it can help a lot of people to benefit from using it as investment or currency or both.

mrcash02

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Quote from: sportis on January 06, 2017, 06:30:39 PM

Quote from: mrcash02 on January 06, 2017, 05:54:22 PM

Quote from: malekbaba on January 06, 2017, 02:06:38 PM

Price, popularity and future of any Cryptocurrency depends mainly on some whales, and miners. But BTC is not a small currency. BTC will not rely on a certain class of people, anymore. It is already a huge, popular currency. From beginning, the whole block chain tech is a decentralized tech. Each and every BTC user is controlling BTC. In my opinion BTC will never be considered as a currency/asset controlled by any centralized authority

I know it's decentralized, nobody controls it, etc... But sometimes I think this is just an illusion, the true is that the whales control Bitcoin, those who controls big amounts change the course of the currency and the little fishes just can choose the right side to make the profit with the whales.

So I think Bitcoin is "indirectly centralized".

I believe that your opinion is related to the fluctuation of the price of bitcoin. But if we continue to see it only as commodity and not as payment system then we will always speak only about the price. I live in a European country. Last months the exchange rate of euro had gone down more than 35% compared with USD. Except the brokers a few people have concerned about it.

No problem at all with this, I just think it's not so decentralized as people say. Some rich people holding many BTCs can organize themselves to control the Bitcoin flutuations, prices... It's not forbidden and that is the free market rules, I don't complain about it, just observe and write to see what others will say about...

Who controls BTCs can predict better what will happen, and force some events to make them happen and give them the result they are looking for. (That can be not only a rich person, but a fellowship).

BeGoods

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Quote from: mrbigmugs on January 05, 2017, 04:53:37 PM

Quote from: Rizky Aditya on January 05, 2017, 12:55:45 AM

Quote from: arnbrd on January 02, 2017, 01:08:48 PM

To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

but i do not thing that it will ever happen, hope that in future the government also have to accept bitcoin as an anonymous character because of the pressure of the people on governments.

bitcoin system will not be changed. bitcoin will always be decentralized although the government requested to be converted into centralization it would never happen. forever bitcoin will be anonymous and decentralized #imo

sportis

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Quote from: mrcash02 on January 06, 2017, 05:54:22 PM

Quote from: malekbaba on January 06, 2017, 02:06:38 PM

Price, popularity and future of any Cryptocurrency depends mainly on some whales, and miners. But BTC is not a small currency. BTC will not rely on a certain class of people, anymore. It is already a huge, popular currency. From beginning, the whole block chain tech is a decentralized tech. Each and every BTC user is controlling BTC. In my opinion BTC will never be considered as a currency/asset controlled by any centralized authority

I know it's decentralized, nobody controls it, etc... But sometimes I think this is just an illusion, the true is that the whales control Bitcoin, those who controls big amounts change the course of the currency and the little fishes just can choose the right side to make the profit with the whales.

So I think Bitcoin is "indirectly centralized".

I believe that your opinion is related to the fluctuation of the price of bitcoin. But if we continue to see it only as commodity and not as payment system then we will always speak only about the price. I live in a European country. Last months the exchange rate of euro had gone down more than 35% compared with USD. Except the brokers a few people have concerned about it.

mrcash02

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Quote from: malekbaba on January 06, 2017, 02:06:38 PM

Price, popularity and future of any Cryptocurrency depends mainly on some whales, and miners. But BTC is not a small currency. BTC will not rely on a certain class of people, anymore. It is already a huge, popular currency. From beginning, the whole block chain tech is a decentralized tech. Each and every BTC user is controlling BTC. In my opinion BTC will never be considered as a currency/asset controlled by any centralized authority

I know it's decentralized, nobody controls it, etc... But sometimes I think this is just an illusion, the true is that the whales control Bitcoin, those who controls big amounts change the course of the currency and the little fishes just can choose the right side to make the profit with the whales.

So I think Bitcoin is "indirectly centralized".

mrbigmugs

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Quote from: malekbaba on January 06, 2017, 02:06:38 PM

Price, popularity and future of any Cryptocurrency depends mainly on some whales, and miners. But BTC is not a small currency. BTC will not rely on a certain class of people, anymore. It is already a huge, popular currency. From beginning, the whole block chain tech is a decentralized tech. Each and every BTC user is controlling BTC. In my opinion BTC will never be considered as a currency/asset controlled by any centralized authority

although the government will try their best to make bitcoin centralize and they have the command of bitcoin, but still i will like to say that bitcoin is really not going to centralize it will remain as decentralize currency of the world.

malekbaba

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Price, popularity and future of any Cryptocurrency depends mainly on some whales, and miners. But BTC is not a small currency. BTC will not rely on a certain class of people, anymore. It is already a huge, popular currency. From beginning, the whole block chain tech is a decentralized tech. Each and every BTC user is controlling BTC. In my opinion BTC will never be considered as a currency/asset controlled by any centralized authority

ifightformerkel

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I have also the fear about that bitcoin will be in some time centralized.
But the faster it grows, the heavier it becomes to centralized bitcoin.

And when it should be so anyway than it will be no problem,
the mass will then use another altcoin which eradicate all errors and so on.

A not not centralized coin is not longer sustainable.

Cereberus

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Quote from: GMPoison on January 06, 2017, 01:46:29 PM

Quote from: Abiky on January 06, 2017, 05:48:51 AM

Quote from: The_Dark_Knight on January 03, 2017, 08:05:28 PM

Bitcoin mining follows similar rules than mining gold, when the price of gold is low then you need to find places with a high concentration of gold, as gold becomes more expensive then you can begin to mine other places that may not have such a high concentration of gold, with a bitcoin price that high it may be possible for investors to start mining operations in other countries besides China.

You do have a point there, mate. As Bitcoin rises more in price, people outside of cryptocurrencies will become more interested into mining Bitcoin as it would become more profitable to do so, thus making the network more secure.

As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Nevertheless, I'm looking forward for Bitcoin to continue its growth over the years, as well as for its mining process to become more accessible for everyday people. Just my opinion.

There needs to be more competition in the mining space I think. There aren't enough companies making asics for mining. I don't know how much of the market bitmain's antminer's have, but it has to be huge.

I think this is a real problem. There are only a few companies that produce miners like Bitmain, Spoondolies, KNC. I think we are not looking into alternatives. Chinese are also selling one litecoin miner with 250 Mhsh and only 400 Watt power usage. Sounds like the most profitable one to have these days and it's cost if you buy from factory in China is 1200 USD only.

This would give us more than 200 USD monthly in bitcoin pure profit.

Back in topic I don't think bitcoin needs to be centralized. When one thing is centralized especially in the financial world it usually is the mother of all evil. Bitcoin is great the way it is now, decentralized.

Bitcoinsummoner

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Quote from: bncbnc on January 06, 2017, 10:06:11 AM

Quote from: millgates on January 05, 2017, 01:40:38 AM

Quote from: Rizky Aditya on January 05, 2017, 12:55:45 AM

Quote from: arnbrd on January 02, 2017, 01:08:48 PM

To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

yes i am also agree with you. although states and governments will like to centralize bitcoin so as they have control over it if they are going to turn it as legal currency but still i will say that bitcoin is not going to become centralize and will stay as decentralize currency of the world.

Honestly we do not know what will happen in the future but i think bitcoin can be still centralize in the future.. for now we are using it anonymously and i think if almost all country are using it with government i think it can be centralize by government and we will pay for taxes and fee for transactions.. that i hope it will not happen in the future..

GMPoison

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Quote from: Abiky on January 06, 2017, 05:48:51 AM

Quote from: The_Dark_Knight on January 03, 2017, 08:05:28 PM

Bitcoin mining follows similar rules than mining gold, when the price of gold is low then you need to find places with a high concentration of gold, as gold becomes more expensive then you can begin to mine other places that may not have such a high concentration of gold, with a bitcoin price that high it may be possible for investors to start mining operations in other countries besides China.

You do have a point there, mate. As Bitcoin rises more in price, people outside of cryptocurrencies will become more interested into mining Bitcoin as it would become more profitable to do so, thus making the network more secure.

As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Nevertheless, I'm looking forward for Bitcoin to continue its growth over the years, as well as for its mining process to become more accessible for everyday people. Just my opinion.

There needs to be more competition in the mining space I think. There aren't enough companies making asics for mining. I don't know how much of the market bitmain's antminer's have, but it has to be huge.

bncbnc

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Quote from: millgates on January 05, 2017, 01:40:38 AM

Quote from: Rizky Aditya on January 05, 2017, 12:55:45 AM

Quote from: arnbrd on January 02, 2017, 01:08:48 PM

To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

yes i am also agree with you. although states and governments will like to centralize bitcoin so as they have control over it if they are going to turn it as legal currency but still i will say that bitcoin is not going to become centralize and will stay as decentralize currency of the world.

Abiky

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Quote from: The_Dark_Knight on January 03, 2017, 08:05:28 PM

Bitcoin mining follows similar rules than mining gold, when the price of gold is low then you need to find places with a high concentration of gold, as gold becomes more expensive then you can begin to mine other places that may not have such a high concentration of gold, with a bitcoin price that high it may be possible for investors to start mining operations in other countries besides China.

You do have a point there, mate. As Bitcoin rises more in price, people outside of cryptocurrencies will become more interested into mining Bitcoin as it would become more profitable to do so, thus making the network more secure.

As US has high energy costs, miners will look further into countries with cheap rates such as Venezuela and China, to expand their profits. In addition, I hope that more miners would join BTC to help decentralize it even further.

Nevertheless, I'm looking forward for Bitcoin to continue its growth over the years, as well as for its mining process to become more accessible for everyday people. Just my opinion.

mrbigmugs

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Quote from: Rizky Aditya on January 05, 2017, 12:55:45 AM

Quote from: arnbrd on January 02, 2017, 01:08:48 PM

To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

but i do not thing that it will ever happen, hope that in future the government also have to accept bitcoin as an anonymous character because of the pressure of the people on governments.

poplolnman

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Quote from: millgates on January 05, 2017, 01:40:38 AM

Quote from: Rizky Aditya on January 05, 2017, 12:55:45 AM

Quote from: arnbrd on January 02, 2017, 01:08:48 PM

To ensure some sort of centralisation never happen, the best way is still to spread the hashrate concentration to multiple new pools. I guess since there is more and more people coming into the game, and a lot more will come I think because of the price rise, actions will never have to be taken.

I doubt that will happen. The Chinese seem really persistent on controlling the Bitcoin mining industry. I think that something really big has to be done if we want Bitcoin to stay as a decentralized currency. And I don't see many more people getting into the Bitcoin mining business because the Chinese look like such a dominant force.

I think bitcoin will not become centralized. I really sure if more countries accept bitcoin china will not able to control/influence bitcoin price anymore. Anyway minning is not forever, isn't it?

even though there is mining period ended , there is a circulation after that and it's wouldn't make bitcoin centralized yeah. bitcoin would keep circulate on different hands . even i believe if then someone have the majority of total bitcoin available , i don't think it could change the fact that bitcoin are decentralized not centralized.

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