Post
Topic
Board Bitcoin Discussion
Re: Is Bitcoin not decentralized anymore?
by
bitcoiner49er
on 18/06/2014, 14:59:17 UTC
This is what I am trying to say.
People are attacking me because I have 720GH at GHash - where I have 1.5TH on another pool, but apparently that doesn't matter to them because I am a bad guy.
I didn't bring GHash to 40PH+ with my 720GH.

That being said, the core-dev team cannot expect every miner to keep an eye on the hash rates when they can jsut sort it out once and for all.

People are greedy.
It has been proven even after GHash had 51%. - EDIT: YES, me included - I didn't do anything because I wasn't worried
They did not move their miners.
The hash rate dropped ONLY after the DDOS attack.

So, do you want a trustless system or not?
Should we trust pools?
Should we trust individual miners to point their equipment elsewhere?
OR
Should we put an end to this now and help make BTC mainstream?

What would you choose?

You DID bring Ghash to 40PH+

Let's assume the following:

Ghash has 40PH
Ghash owns 50% = 20PH
Miners on Ghash own the other 50%
If each miner had 720GH, that would be about 27,000 miners to equal 20PH

The world pop is ~ 6.6B
If 0.01% use bitcoin, that is 660,000 users
Say a little less than half of us mine bitcoin = 300,000

Now, let's assume that 1/3 of the network hash is pool owned. ~96PH total
That is ~63PH owned by "private" miners, of which there are 300,000
That is only an average of 212GH per miner
You are 3.5x above that average

So yes you and the other miners at Ghash ARE causing the problem.

No one can tell you to point your miner(s) at a certain pool, that is the freedom of the network. Yet that freedom also brings responsibility. You are to act responsibly to protect the network. Asking for a hard fork is taking away that freedom and centralizing it. That is the opposite of what bitcoin is about.

You want a tool? Here, use this https://blockchain.info/pools?timespan. It will tell you which pools are "too big". Move to a smaller pool and all is fine. Each one of us holds the future of bitcoin in their hands. We can build, we can just toss it to the side, or we can destroy. It really is up to you.



You guys are so fucking selfcentric that you don't get the point.
ITS NOT THE POOLS FAULT NOR MINE.
THE PROTOCOL AS IT IS IS FLAWED.

It's as simple as that.

You cannot expect every single fucking miner to point their equipment elsewhere EVERY FUCKING TIME theres a 51% concentration instead of just getting rid of the problem.

You know why?

BECAUSE YOUR TRUSTLESS SYSTEM DEPENDS ON TRUST, between miners and pools.

Nice decentralization and trustless system we have there......

The trust is in NOT the system, it's in the execution. You and another party can TRUST that your transaction will be processed by the bitcoin protocol and be irreversible. You still need to trust the person to whom you send bitcoin to honor the sale/service/exchange as agreed. The network/system, does nothing to make that trustless.
Pools were not something that existed when bitcoin was released. It's miners working together to help all miners that AGREE to work together to split found blocks proportionately. This is not something bitcoin needs to control, as the blockchain is decentralized and visible to anyone. IF a pool abuses it's hash power and attempts to re-write, the network will punish them and they will have ZERO trust forever more. A 51% attack is detectable and preventable. No one entity has shown that they have enough hash power to do so.
The FUD will always be there. Before the Ghash 51%, it was mutable TX, before that it was hacked exchanges, before that China, etc, etc.