Quote from: hatshepsut93 on January 10, 2018, 01:51:36 AM

Quote from: Anarc Senior on January 10, 2018, 01:39:27 AM

All these technical talks really confused the heck out of everbody- let's keep it simple:

1). If all the sudden we double the miners on the blockchain - Please stop zooming in to the details, such as how difficult to get ASIC machines, blah blah blah. Let's take a straight senerio where if we double up the miners in blockchain, it will definitely reduce the blockchain back log - by simple supply/ demand law it will reduce fees and faster transactions - period !

2). Please keep in mind I'm not talking about the additional private miners for profit or become a business. I'm only talking about bitcoin owners running mining machines to protect their bitcoins investment and defend the only true decentralization cryptocurrency vs the rest of fake centralized cryptocurrencies. This is sad that I have to use the term "decentralized cryptocurrency", which is kind of redundant - as there are so many fake cryptocurrencies that are, in true mean are not cryptocurrencies at all !

1) I'm sorry, but you really don't understand the most basic things in Bitcoin's protocol. We have backlog of transactions and high fees because blockspace is limited, which is a resource of full nodes, not miners. Adding more miners would have absolutely zero effect on it, because the algorithm adjust the difficulty to have a block every 10 minutes on average, in case you think that more miners = faster blocks or something.

2) Mining is already pretty centralized, 70-80% of hashpower might easily become a single entity. Bitcoin is decentralized thanks to full nodes, because they enforce the network rules, which prevents miners from doing whatever they want. It would be good to have a decentralized mining, but Bitcoin is not in danger of centralization right now.

Sorry I didn't correct my mistake soon enough in stating "fast transaction" I stand corrected- more miners doesn't help speed up transaction- however it will help reduce unconfirmed transactions- especially if people are willing to accept not winning the blocks in exchange to protect their investment and blockchain future as a whole