How is bitcoin a trustless currency when you need to trust mining pools not to attack the system?
Look at this article:
http://hackingdistributed.com/2014/06/16/how-a-mining-monopoly-can-attack-bitcoin/Bitcoin could be a trustless currency if there were measured implemented to prevent centralisation of mining power.
We know the current situation is not how Satoshi intended it to be. I think if he didn't go away he would have come up with a solution a long time ago.
Any suggestions how to go about it?
I had some but I was told that they wouldn't work for such and such reason.
We need a working solution that doesn't require making
major changes to the way the protocol works.
And from what I gather, that is not possible.
Hehe, there are no solutions even WITH major changes. That's real problem.
There are NO long term solutions any way you turn it around...with changes or without em.
Hard forks are...well...hard, but they are much better solution than having hole in your system that can be used to kill it any time by whoever.
I haven't heard of single proposal that would fix current problem even with hardest fork you can imagine....
It only shows how hard this topic is.
True, and by major I mean changing the way the protocol works.
And that means it's not Bitcoin anymore.
That's why a solution is currently not possible.
At least that's what I think.