Yea. But this is NOT a desired outcome. Because we have a system that was supposed to be decentralized became de facto centralized in the hands of few miners. What if these few miners decided to engage in 51% attack without announcing it and steal people money.
Yeah, I'm with you on that issue. I don't like the idea that big miners and big corporations took over mining bitcoin and the little guy got trampled on so it's no longer "one cpu one vote" i wish there was a way to go back to that.
democratizing bitcoin mining is what I say needs to be done but how?
democratic. : to make (something) available to all people
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If you take the Top 8 biggest mining pools they represent over 80% of total hash rate. Total dominance of these few pools over the entire Bitcoin network. Imagine if Google, Amazon, Apple, Facebook and Microsoft decide to join the mining party.
I think it should be one cpu one vote. An asic miner should count as one cpu just like my intel core 2 duo. they should both get the same weight/power to collect a mining reward but that's not how it works. i dont think satoshi meant it to be that way but that's how it turned out. and its a shame. i'm just not sure how one could implement that. it still needs to involve proof of work but leveling the playing field between different hash rate hardware seems a challenge.
