Quote from: newIndia on June 08, 2014, 03:25:56 PM

Quote from: eleuthria on June 08, 2014, 05:48:28 AM

Quote from: QuestionAuthority on June 08, 2014, 05:27:53 AM

Deepbit had controlling share in the network a couple of times and we survived. They won't do anything because it's in their best interest to play nice. Think about it a minute. They're holding a mass of btc profit from running a successful pool. They could continue making more money but instead they decide to make their holdings worthless by fucking with the network. Yeah, that makes sense. Calm down people, the sky isn't falling.

Their "mass of BTC profit" isn't from their pool. Their pool costs them money, it makes them nothing. It has, from day 1, made absolutely no economic sense for their pool to exist at all. Their private farm is as large or larger than any other pool as is, so the argument of letting others join them to reduce their variance is moot. They're too large for variance to make an impact on their monthly revenues. They're paying to run servers for people for nothing, unless they're skimming from the top.

Who is this private firm behind that is paying for servers with no profit ...as u r saying ?

Don't worry about it, he's a pool operator spreading FUD about another pool operator. If Bitcoin stays the same, the reward keeps dropping, the difficulty keeps increasing and mining fees don't shoot through the roof (which no one will pay because Western Union will cut costs to compete) then you will end up trusting a few or possibly even just one business to control the Proof of Work system. The theory is that the business or businesses that control it will have a vested interest in preserving the system and keeping it safe. You will still end up with a centralized system whether you like it or not.

Read this: https://en.bitcoin.it/wiki/Proof_of_Stake

And this: https://en.bitcoin.it/wiki/Proof_of_burn