Quote from: RoadStress on March 11, 2014, 01:47:52 PM

Quote from: merv77 on March 11, 2014, 01:28:32 PM

Quote from: The Avenger on March 11, 2014, 11:53:13 AM

KNC's greed is going to do terrible damn to bitcoin, eventually.

I agree with you

bitcoin is meant to be a decentalized P2P payment system (and much more) and was designed to be run by many around the world as Satoshi Nakamoto wanted it and designed it to be, not by a few mega mining farms.

KNC in the beginning acted like they were big supporters of the bitcoin community telling us they were going build great mining machines to spread around supporting the bitcoin network and their customers, but in fact are doing the total opposite. Sucked us all in.

When I first discovered bitcoin I loved the idea and tried spreading the word around about bitcoin to friends and everyone I bumped into. I was telling them that this is going to be huge as this bitcoin network is run by many people around the world like the P2P file sharing network worked. It couldn't be stopped, it couldn't be controlled by any government or bank.

now I believe this isn't the case and it will only get worse so I refrain from spreading the word, I'm starting to think that one day in the near future instead of people complaining that the banks and governments have to much control with the monetary system it will be people complaining that a few mega mining farms will have this insane control with bitcoin.

I sure as hell can't trust KNC anymore and I can't tell others to do so also. As fantastic as bitcoin is (true genius invention) I don't believe that people would take to the idea that it's controlled and run by a couple mega mining farms. In the long run the many banks in many countries and many governments around the world would look less controlled/monopolized than bitcoin will look. When you really think about people can elect a new government, people can change banks, and people can transact with whatever they want, but if bitcoin goes into the hands of a few greedy individuals you've don't have a choice no longer.

maybe the bitcoin foundation should impose some rules like mining farms cannot exceed a certain size in hash power, I know this is impossible to enforce but something has to be done before it really gets out of hand.

Sorry for the grim outlook but this is my gut feeling as to how this is going to pan out, the few greedy liars will destroy bitcoin.

1-2 years ago people were so damn scared about a 51% attack, now when the total hashrate is going to the moon everyone is still complaining. Until proven KnC still are good guys and i don't see how can their greed do terrible thins to bitcoin. We have cex.io that made a successful double spend and nobody is complaining so much about them and we have KnC who did nothing wrong except mine more coins than anyone else and people are complaining. People are weird!

I can't disagree with you and wish I can see KNC as you do, but at moment I don't get that fuzzy feeling from them.

cex.io is a cloud farm selling mining contracts so they don't come across like KNC do.
the size or 51% perspective of cex.io doesn't come across as greedy as KNC, but truthfully I don't know to much who and how cex.io operates and if they lied to get to where they are.

KNC have registered a 'knccloud' domain but I think they will only sell mining contacts when they see a decline in mining revenue for themselves.

I just lost my trust with them only because of their behavior and lies.
We're still waiting for them to sell some jupiter upgrade modules. Couldn't they just come out and say, sorry there isn't going to be any.
Their transparency and communications about selling existing modules and development of neptune isn't reassuring.

I really hope I'm wrong and bitcoin does succeed, and not just to make profit mining just because I like to see a bitcoin payment system and protocol remove/take some of the control from banks and governments.