Post
Topic
Board Legal
Re: Bitcoin centralization and governmet control
by
stompix
on 29/09/2020, 17:02:30 UTC
I want to discuss the vision of bitcoin future. One of the main idea of Bitcoin was decentralization, but now we can see that all hashrate is concentrated in pools, which works under some jurisdiction, pay taxes, burn electricity - they are legal.
Pools don't burn electricity the way you think, and pools are not owning the hash rate, in most cases it's miners that point their gear to a pool...which brings us to the flaw in your scenario...

Lets imagine that pools have some blacklist of addresses for which they do not process transactions.
At which point miners will be against this censorship which will, of course, hurt bitcoin and their profits and they will point their gear towards a pool that does not havea blacklist, easy as pie.

As pools control almost all hashrate there will not be any real chance to find block outside the pool.
As I said, pools don't control the hash rate, so, come with another scenario next time.

The only way to regulate it is to regulate miners. As for miners, they will have to concentrate in pools, because is no another way to find a block in acceptable time. The pools will work in some jurisdiction under it's laws. So they will have to do what they will be said by laws of this jurisdiction.

p2pool, problem solved  Wink