Quote from: amishmanish on Today at 11:44:07 AM

Quote from: onisuk20 on Today at 11:11:34 AM

--snip--
Currently, I don't have to trust the Chinese or Russian miners who validate my transactions, the software keeps them in check. I'm sure if I were given a choice where my tx was validated I wouldn't have those people/countries do it!

At the end of the day, I would likely trust a central bank way more than some sketchy operation in the arse end of China, but it doesn't matter with BTC where or who does the mining. So what's the harm in letting only Central banks do the work needed to secure the network?

It would remain opensource and controlled by the people....

I can't see any downsides to what I have suggested!?

I share your sentiment about mining not really being as decentralized as some would want it to be. It needs a large investment and the people who afforded it are now big players themselves.

Even then, what you have to understand that those are essentially individuals or privately-owned entities that do not have to justify their actions for political motives. When it comes to governments, it is exclusively about gaining political mileage. They can go to any extent for that and also have the wherewithal to do what they want. Bitcoin as a philosophy tells the common man that "Here is your money, keep it safe and no institution or government, no matter how powerful, will part this from you".

That is empowering and something that we have never had. This is really an answer to all the faults of democracies. Giving common people the freedom to hold money which cannot be hurt by stupid governments. When it comes to governments, or anybody in power, they have almost always fucked up things that require agreements. Conflict resolution isn't really a forte of governments. They dilly-dally over issues for political reasons and use all kind of machinations to ensure that their side wins.

Thats why I chose the CBs because generally speaking...

Quote

Central banks are inherently non-market-based or even anti-competitive institutions. Although some are nationalized, many central banks are not government agencies, and so are often touted as being politically independent. However, even if a central bank is not legally owned by the government, its privileges are established and protected by law.

Most, if not all CBs in the west do not answer to the .GOV, they are free to act as they see fit free from political involvement.

Quote

Due to these reasons, it isn't really a good idea to have Bitcoin be controlled by a set of permissioned entities, no matter who they are or how many of them there are.

How is mining the chain "giving them control" Huh

by this same logic, we are now allowing China to control BTC........?