Will Bitcoin become centralized sometime in the future? - page 45.

digaran

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We need at least an authority because I think only the jungles on earth are decentralized

, lets imagine a centralized bitcoin, now what does that mean for the bitcoin community? can we still buy and sell stuff with it? do we need to pay much higher fees? do we need to pay taxes somehow?
Do you think people controlling bitcoin want those things? you think they want a successful bitcoin or a failed one?

BillyBobZorton

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Quote from: Rizky Aditya on January 05, 2017, 01:55:45 AM

Quote from: arnbrd on January 02, 2017, 02:08:48 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 don't think the chinese ever had any spectacular plan to dominate the mining industry, they having a deeper insight in bitcoin and thinking long term has nothing to do with it. They simply were at the right place at the right time, that is, in a place where the electricity is cheap as fuck. So what do they do? start mining and start investing in more mining equipement for constant gains... that's all. The chinese aren't that bright, they just found a good business. It will stay like that as long as the electricity price in china is cheaper than everywhere else, is that simple.

Kevin77

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Quote from: carlisle1 on January 03, 2017, 02:11:48 PM

as they are in the control of the large bitcoin mining we can really feel that in the future bitcoin will become centralized and as they are in control I guess they can also determine the identity of every users and can be able to impose a tax to any individuals who are using bitcoin .

It is true that the mining power will definitely determine whether or not the bitcoin will be centreized or not, since it is becoming more and more harder to mine and china holds the largest share of hashing power since the electricity there is very cheap, there will be no surprise that it will become the center of bitcoin.

Still, fork or anything similar big decisions will not be possible as long as we will having more number of full nodes world wide. I mean to say just having big share of mining power alone will not decide the power of authority.

(51% attack is only possible when a single person or group of people controls that much hash power. There will be less chances for all Chinese miners to unite for such attack after having half of bitcoin network's hash power).

millgates

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Quote from: Rizky Aditya on January 05, 2017, 01:55:45 AM

Quote from: arnbrd on January 02, 2017, 02:08:48 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?

Rizky Aditya

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Quote from: arnbrd on January 02, 2017, 02:08:48 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.

dearbesz1219

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Quote from: Abiky on January 02, 2017, 02:05:06 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.

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.

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.

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.

Well, I guess all of us here are free to give our own opinion or side comment about this matter, For me in my own understanding about in bitcoin since this is decentralized originally, it will never be changed at all. Because that's the main reason why many investors came in to this bitcoin community due to they want a secure and safety about their investment.

The_Dark_Knight

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Quote from: royalfestus on January 04, 2017, 05:57:23 AM

Possibly if the centralization goes to china, and the anonymous satoshi is from America, and the relationship of america and china gets worse because of the new president. It wont be good for bitcoin. If I am afraid of any intelligence in the world NSA tops the list. One wont be able to guess the outcome if they plan to attack bitcoin from there. Centralization won't be good for bitcoin in the future

We don't know the nationality of satoshi nakamoto because we don't know who he is, and even if he was american it will be irrelevant in the context of Chinese miners getting more and more hash power.

Shady

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Life is a game, you either play it or get played.

Bitcoin is starting to spur representation from within start-ups that contain economic standards which aim at putting new people into currency circulation.

This effect acts as a governing body without true leadership... Once Bitcoin is fully mined, I imagine him making updates or tweaking the max amount in his lifetime to extend growth.

No matter the reason, the owners of Bitcoin.org have been responsible for the sustainability and sponsorship of all cryptocurrencies.

franky1

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Quote from: mining1 on January 04, 2017, 03:44:40 PM

Let's not kid ourselves, currently bitcoin IS centralized. And that because it's proof of work algorithm favorises centralisation, because of the asics. They build them, use them, and sell them for ridiculous prices, and if you buy them and after one year you get your money back, from that point on the asic won't be profitable anymore, getting oudated and you won't make any more profit.
If something bad happens in china and for any reason the plug get's pulled, bitcoin is killed.
Problem is, it can't be forked because the oligarchy that control it's hashrate won't agree to it, they'd kill it along with their mining profit if somehow bitcoin went POS, best algorithm out there.

the bit in red is wrong.
firstly the pools most are racist about have already mitigated the risk of being "pulled". they operate multiple stratums in other countries. the asic farms are not all in china. the managers of the pools are not in china. yes they may speak chinese. but dont let that fool you

PoS is not the best algo out there.. its simply the fantasy of holders getting paid for doing no work.. but the reality that only the rich will get richer. plus PoS is not as secure as PoW

GMPoison

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Quote from: mining1 on January 04, 2017, 03:44:40 PM

Let's not kid ourselves, currently bitcoin IS centralized. And that because it's proof of work algorithm favorises centralisation, because of the asics. They build them, use them, and sell them for ridiculous prices, and if you buy them and after one year you get your money back, from that point on the asic won't be profitable anymore, getting oudated and you won't make any more profit.
If something bad happens in china and for any reason the plug get's pulled, bitcoin is killed.
Problem is, it can't be forked because the oligarchy that control it's hashrate won't agree to it, they'd kill it along with their mining profit if somehow bitcoin went POS, best algorithm out there.

There is no oligarchy that controls bitcoin's hashrate. The only time that ever came close to happening was with ghash.io, and hours later the power of decentralization kicked in and ghash.io was outed by the community. Now look at the distribution of hash rate, even years later no one single pool is even close to 51%.

mining1

hero member

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Let's not kid ourselves, currently bitcoin IS centralized. And that because it's proof of work algorithm favorises centralisation, because of the asics. They build them, use them, and sell them for ridiculous prices, and if you buy them and after one year you get your money back, from that point on the asic won't be profitable anymore, getting oudated and you won't make any more profit.
If something bad happens in china and for any reason the plug get's pulled, bitcoin is killed.
Problem is, it can't be forked because the oligarchy that control it's hashrate won't agree to it, they'd kill it along with their mining profit if somehow bitcoin went POS, best algorithm out there.

franky1

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Activity: 4270

Merit: 4534

Quote from: royalfestus on January 04, 2017, 01:29:03 PM

"centralization is unwelcome for many users of the currency outside of China. The structure of Bitcoin means that if a single user mines the majority of the currency, then it is able to rewrite the blockchain if it sees fit and even veto changes to the underlying technology. "
MIT review(https://www.technologyreview.com/s/603295/why-bitcoins-1000-value-doesnt-matter/)

lol more fake rhetoric trying to point fingers at the chinese.. all to make sure people are not looking in the direction of the devs.
come on. stop the racist rhetoric of grouping people together simply because of skin colour.

royalfestus

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"centralization is unwelcome for many users of the currency outside of China. The structure of Bitcoin means that if a single user mines the majority of the currency, then it is able to rewrite the blockchain if it sees fit and even veto changes to the underlying technology. "
MIT review(https://www.technologyreview.com/s/603295/why-bitcoins-1000-value-doesnt-matter/)

gredisgold88

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Quote from: Abiky on January 02, 2017, 02:05:06 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.

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.

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.

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.

I strongly agree with you, if the ownership and mining bitcoin be centered not be denied and can not be blamed for the occurrence of monopolistic pricing and ownerships bitcoin

iqlimasyadiqa

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Quote from: Bitcoinsummoner on January 02, 2017, 02:32:02 PM

I hope that it can be happen that bitcoin will be centralized

Quote from: Abiky on January 02, 2017, 02:05:06 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.

I think it can reduce the value because its centralized and i think the people who are using bitcoin they are want privacy and become anonymous.. if bitcoin will become centralized i think more company will ask for our real identity.. this is just what i thoughts.

one characteristic of bitcoin is having anonymouse trait. if centrally in my opinion will still be able anonymouse bitcoin and also maintained our privacy. bitcoin has a unique system, allowing bitcoin will be able to have properties such as now when it has had a centralized structure in the future.

GMPoison

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Quote from: geopolisch on January 04, 2017, 08:53:29 AM

It is every bitcoiners responsibility to support local miners to prevent the dominance of China.
Recently I come across a proposal from theymos on high hash power mining contracts. This type of inventions will support preventing bitcoins from moving into one single country's control.

China's adoption of bitcoin is good, but we need similar development in other countries too for better future for bitcoins.

That's exactly how I feel. It's decentralized for a reason, so use your powers to make a difference! I hope to get mining soon even if it isn't much or doesn't make me much money, just to support bitcoin.

geopolisch

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It is every bitcoiners responsibility to support local miners to prevent the dominance of China.
Recently I come across a proposal from theymos on high hash power mining contracts. This type of inventions will support preventing bitcoins from moving into one single country's control.

China's adoption of bitcoin is good, but we need similar development in other countries too for better future for bitcoins.

davis196

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Quote from: Abiky on January 02, 2017, 02:05:06 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.

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.

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.

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.

Bitcoin is moving towards centralization because of the mining difficulty.This is normal.

Higher mining difficulty,less munber of miners.

In the end ,we have only Chinese miners. Grin

iram3130

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Even if we decide to make the Bitcoin as centralized, Who are we to decide.? and How to centralize it.?
One of the best features of Bitcoin is that it is decentralized. So I guess it would be better if we keep it that way.

royalfestus

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Possibly if the centralization goes to china, and the anonymous satoshi is from America, and the relationship of america and china gets worse because of the new president. It wont be good for bitcoin. If I am afraid of any intelligence in the world NSA tops the list. One wont be able to guess the outcome if they plan to attack bitcoin from there. Centralization won't be good for bitcoin in the future

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