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Technology Forum

  1. Joined
    07 Dec '05
    Moves
    16924
    27 Mar '21 05:22
    From the link below:

    "Pools and specialized hardware has unfortunately led to a centralization trend in Bitcoin mining.

    Bitcoin developer Greg Maxwell has stated that, to Bitcoin’s likely detriment, a handful of entities control the vast majority of hashing power.

    It is also widely-known that at least 50% of mining hardware is located within China.

    However, it’s may be argued that it’s contrary to the long-term economic interests of any miner to attempt such an attack.

    The resultant fall in Bitcoin’s credibility would dramatically reduce its exchange rate, undermining the value of the miner’s hardware investment and their held coins.

    As the community could then decide to reject the dishonest chain and revert to the last honest block, a 51% attack probably offers a poor risk-reward ratio to miners.

    Bitcoin mining is certainly not perfect but possible improvements are always being suggested and considered."

    https://www.buybitcoinworldwide.com/mining/

    A 51% attack probably offers a poor risk-reward ratio to miners, but what about central banks?
    Don't central banks like the Federal Reserve System have an interest in sabotaging bitcoin to eliminate competition?
  2. DonationChris
    Site Admin
    Wimbledon
    Joined
    21 Feb '01
    Moves
    26157
    06 Apr '21 13:21
    @Metal-Brain

    The increased centralisation of Bitcoin is a concern - it would be a very expensive project for the central banks to try to attack it, with no guarantee of success.

    An interesting article regarding this https://quillette.com/2021/02/21/can-governments-stop-bitcoin/

    I believe Cardano is currently the most decentralised cryptocurrency, and I am one of the "miners" in that system, in the Chess pool... https://chess.ihpapp.com/
  3. Joined
    07 Dec '05
    Moves
    16924
    15 Apr '21 14:47
    @chris said
    @Metal-Brain

    The increased centralisation of Bitcoin is a concern - it would be a very expensive project for the central banks to try to attack it, with no guarantee of success.

    An interesting article regarding this https://quillette.com/2021/02/21/can-governments-stop-bitcoin/

    I believe Cardano is currently the most decentralised cryptocurrency, and I am one of the "miners" in that system, in the Chess pool... https://chess.ihpapp.com/
    Maybe the central banks control it.

    https://www.mybloggertricks.com/2018/06/no-crypto-company-operate-without-complying-nsa.html
  4. Joined
    07 Dec '05
    Moves
    16924
    17 Apr '21 12:04
    @chris said
    @Metal-Brain

    The increased centralisation of Bitcoin is a concern - it would be a very expensive project for the central banks to try to attack it, with no guarantee of success.

    An interesting article regarding this https://quillette.com/2021/02/21/can-governments-stop-bitcoin/

    I believe Cardano is currently the most decentralised cryptocurrency, and I am one of the "miners" in that system, in the Chess pool... https://chess.ihpapp.com/
    I agree that it would be expensive, but wars have been waged to protect the US dollar's status as the world reserve currency by forcing transactions of oil in US dollars only. Saddam Hussein stopped selling Iraq oil in US dollars and my government spent a lot of money to wage that war of choice.

    Bitcoin enthusiasts claim bitcoin is some unstoppable new currency that will overtake other currencies in the long term because it is deflationary. Elon Musk put his money where his mouth is. A lot of people believe that. If it is true the central banker's world dominance will be threatened.

    Trillions would be nothing to protect their power to tax the world with inflation. They have already spent that in optional wars of choice. Well, not their own money, but you get the point. They think they own us so they probably think of it as their wealth.
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