Quote from: franky1 on May 09, 2017, 02:59:25 PM

it seems you are trying too hard to downplay satoshi's consensus mechanism and trying too hard to make bitcoin sound like the fiat system.

No, on the contrary. Satoshi introduced "consensus by majority of hash rate" to avoid any "majority of nodes". Satoshi wrote that "only people wanting to make new coins should run full nodes", and he considered these to be "big data centers with special purpose hardware".

Now, Satoshi estimated that there would be less than 100 000, and he was right: there are only about 20. 20 is less than 100 000.

What Satoshi didn't realize or didn't want to say openly if he did, was that miners would pool together to increase their hash rate efficiency and that in a winner-takes all lottery, of course, pooling together is advantageous. Instead of potentially winning one block every 6 months, you can be paid the same average amount by selling your hash power to a pool, delegating your decision on what block to mine.

He didn't realize or he didn't want to say openly if he did, that economies of scale would bring the mining market into what every mature market does: a power distribution of market shares, concentrated in those areas of the world where the systems can work most efficiently.

In other words, an industry with about 20 entities sharing most of the market is normally to be expected from his design.