Post
Topic
Board Bitcoin Discussion
Re: If this doesn't wake you up and make you do the RIGHT thing...
by
Husires
on 18/04/2024, 14:13:36 UTC

Op, what do you mean by wake up and do the right thing, i know there is a risk of centralization when few pools control most of the hashrate and now their rewards is stored in a custodial service. But i don't see any reason to press the panic button yet, BTC is still decentralized, and the custodial service cannot control the network just because they have a large amount of BTC's. BTC can only be centralized and pro censorship if most pools start blacklisting addresses and censoring utxo's, but i don't think that is likely to happen.
Two of them have already begun to do so, but if these lists are more widely adopted, such as the lists issued by the US Treasury, the matter will not end well.
These pools can create a hard fork depending on which chain is longer, or at least you need an anonymous mining pool to mine a block and include your transaction.