Ninjastic
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Board Bitcoin Discussion
Re: Can we drop the decentralization lie yet?
by
Eisenhower34
on 29/10/2014, 07:26:21 UTC
Quote from: mczarnek on October 28, 2014, 05:26:35 PM
Quote from: findftp on October 22, 2014, 08:30:46 PM
Quote from: sublime5447 on October 22, 2014, 08:24:11 PM
“It’s accelerated out of the garage and the homes, to the small businesses, to the large data centers, and now you’ve got to have a mega data center for it to be profitable.”

http://www.bloomberg.com/news/2014-10-21/bitcoin-miner-ditches-clients-to-chase-2-billion-coding-prize.html

KNC bitcoin central issuing authority.. great job guys creating the same shit sytem we already have.  


Not really.

Let's assume there is one entity with 99% of the hashing power and there are a million entities owning the remaining 1% of the hashing power.
The remaining 1% could always decide to ignore the big 99% entity and fork the chain. The 1% would end up owning 100% of the hashing power again.
Until the 99% entity joins the club again of course.
Now I think of it, could it be possible for the 1% to block the 99% entity?

This works in a Proof of Stake System where you can lock up or track the other coins within your fork.. with proof of work though, just move your miner to a new wallet address, and how can you possibly prove whether 'new' miners are valid or invalid?

Yet another positive for Proof of Stake
You are kidding right? In this example the '99%' would not hold all 99% in one wallet/address, but would be spread out. When an entity would be buying up all this "mining" power on a PoS shitcoin they would certainly not transfer all of their coins to one address.