Re: Reminder: zero-conf is not safe; $500USD reward posted for replace-by-fee patch
Last time I checked, the top 3 pools and the top 4 Chinese pools had ~55% of the total hashpower. The top 5 pools (the Chinese one plus the Ukranian BitFury) had over 70%.
Objectively, bitcoin failed. Users and holders must trust that those top 5 miners will not do anything nasty. If they conspired to put all other miners out of business, they could do it. If they agreed to block an account forever, they could do it. If they agreed to make some change to the protocol, they could easily force everybody do accept it.
Objectively, bitcoin failed. Users and holders must trust that those top 5 miners will not do anything nasty. If they conspired to put all other miners out of business, they could do it. If they agreed to block an account forever, they could do it. If they agreed to make some change to the protocol, they could easily force everybody do accept it.
You keep using the word "could" as if it implies 'likely' or 'easily and without consequences.'
The sun "could" suddenly/irrationally/maliciously explode and destroy all copies of the blockchain: ZOMG BITCOIN HAS OBJECTIVELY FAILED!!1!
Bitcoin, unlike Petrobras or UA or the NY/Shenzhen/Greek stock exchanges, is working perfectly. I can easily and securely and almost instantly transfer value equivalent to millions of dollars to anyone anywhere, all for about the price of a 1st class postage stamp.
Sure, I don't have metaphysical certainty that nothing "could" possibly go wrong, but then again I'm not an obsessed try-hard buttcoiner either.
