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Board Beginners & Help
Re: Advice I would give to myself if I were a Bitcoin newbie today
by
pontiacg5
on 21/09/2013, 00:14:06 UTC

Compared to those days when there were no pools (and yes, i've been around at that time), mining really is pretty much (you missed that) centralized now, done by only a handful, or maybe a couple of hundred pools.

Of course you can still switch to another pool if you don't like the decisions of one pool-operator, but first you have to actually know about those decisions.
However, it was way less centralized back in 2010, although there's way more "miners" today (rather call them "workers", that's more accurate).

You aren't making any sense, then. The only sense I can make out of that is you disagree because I said "miners" and not "hash-sellers."

Fine, I'll rephrase my statement for the been around forever guy. "Bitcoin will end up centralized if hash-sellers stop selling." Excuse me, but I didn't think a newbie would understand that.

So since mining is "pretty much" centralized I guess people with an interest in bitcoin should give up and let it become totally centralized.

And there are 7 pools that make up around 75% of the network hashrate, kind of a far cry from a couple hundred.