Post
Topic
Board Beginners & Help
Re: Advice I would give to myself if I were a Bitcoin newbie today
by
pontiacg5
on 20/09/2013, 22:55:56 UTC
If everyone gives up mining bitcoin will end up centralized.
That would be true,....IF mining wouldn't be centralized pretty much already.

Most of todays "miners" actually aren't miners, they're just hash-sellers, selling their ressources to a pool.
The only real miners are the operators of those pools.

How exactly is mining centralized now? Sure, miners on a pool don't know what block they are working but that doesn't mean a pool of miners can't democratically vote on decisions of a pool by moving to another. If tomorrow BTCGuild plus a few others decided to start pushing 50BTC block rewards people would catch on quick and withdraw their resources from the pool. If we ever had a hard fork I know I'd sure want one or two million people choosing which pool and therefore which chain to mine instead of a few dozen people.

I mine, and I have what I think most true bitcoin newbies would consider quite a bit invested in mining. I still want more people to start mining, because I believe that more individuals (no matter where or how they mine) invested in mining will keep the coin more stable and in the end that is best for all.