Quote from: ranochigo on February 05, 2024, 01:30:02 AM

Quote from: alfredaino on February 04, 2024, 04:37:40 PM

The reality is that one has to trust the various actors, without being able to verify their actions. This invalidates one of the basic principles of blockchain.

So we have to trust, Bitcoin could be controlled by the government or finance. A tool that was born to fight the banks has become part of them. So sad https://imgur.com/a/PreVIYz

Fundamentally, Bitcoin is built on the principle of transparency, at least to the extent where feasible. It would be incorrect to say that the principles that Bitcoin was built on is compromised solely because there are limitations to what we can do as far as decentralization, transparency, etc can go. Make no mistake, there are no perfect systems in the world and compromises has to be made in every of them.

For example, if you want something to be completely decentralized, then you would have to do it at the expense of something else, which can be transparency or any other property that Bitcoin has. The assertion that Bitcoin is compromised just because of what is postulated in this thread would be wrong. There are limitations to what an adversary can do with a good proportion of the hashrate, and as mentioned, it wouldn't make sense for adversaries to do so.

Since 50-60 miners control 51% of the computing power and since it is not possible to know who they are, one must trust that they are not either some private company or some government. The principles of decentralisation transparency of the whitepaper fail.