Author Topic: The complete centralization of Bitcoin  (Read 638 times)

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Offline JWF

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The complete centralization of Bitcoin
« on: November 05, 2014, 01:42:53 am »
http://techcrunch.com/2014/11/02/bitcoin-brothers-aim-to-disrupt-bitcoin-mining-with-new-more-powerful-supercomputers/
If these guys do dump 200 to 400 Peta onto the network, the difficulty will triple for a day or so until everyone shuts down their miners. This could be the death blow for most other asic producers too as very few will buy anything existing. Plus this will put ALL the network power in the hands of a very select few.

It seems that decentralization is an extremely hard thing to maintain. There is always the push for consolidation when there is a potential for profit. 

Offline luckybit

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Re: The complete centralization of Bitcoin
« Reply #1 on: November 05, 2014, 02:34:12 am »
http://techcrunch.com/2014/11/02/bitcoin-brothers-aim-to-disrupt-bitcoin-mining-with-new-more-powerful-supercomputers/
If these guys do dump 200 to 400 Peta onto the network, the difficulty will triple for a day or so until everyone shuts down their miners. This could be the death blow for most other asic producers too as very few will buy anything existing. Plus this will put ALL the network power in the hands of a very select few.

It seems that decentralization is an extremely hard thing to maintain. There is always the push for consolidation when there is a potential for profit.

That is the whole point of Proof of Work. That is why we are all promoting DPoS.
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Offline BTSdac

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Re: The complete centralization of Bitcoin
« Reply #2 on: November 05, 2014, 04:18:38 am »
now  it is so difficult for new one to join mining of bitcoin ,if somebody want to join mining, the have to buy expensive equipment ,if scale  is small, I think the miner cannot avoid to loss money.
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