@sofia @maris 2 biggest BTC mining pools together controlled over 50% of the hashing power:
Developers of ETH deciding to blacklist some wallet addresses after the DAO kerfuffle:
So, it's centralized, just on a different level.
Just so people know:
The top 2 mining pools produce 31% of bitcoin blocks, which is not over 50%. When pools get big, they get broken up
And the Ethereum fork happened in 2016 when the system was small enough to allow such a thing.
If you want to make arguments against decentralized technologies, please at least do so honestly. #misinformation
If you wanted, you could even offer constructive criticism.
That's the difference between "it's IMPOSSIBLE to amass >50% of mining power and screw with the transaction history" and "people who did amass >50% so far always decided to voluntarily split the pools".
Which means someone can make a different decision at some point. That is, amass >50% mining power and NOT split their mining pool. Imagine the chaos!
@adam @sofia @maris regarding ETH DAO fork, sure, "ETH was smaller", but again, it doesn't matter. Again, it's the difference between "this outcome is impossible" vs. "this outcome is not a decision people would make".
The whole *promise* of ETH, BTC, and other cryptocurrencies was that such centralization and central control *is impossible*.
And it is clearly not. We've seen it happen.
@rysiek you still seem confused about what pools are. they aren't ethernal monoliths that all listen to one command. miners join pools to get a more steady income, instead of mining alone which would mean they most likely get nothing back, but they may also get a big windfall. miners could even mine for multiple pools at once.
and no technology can be called "decentralized" when you criterion is "it's impossible that all the nodes will be owned by one party somehow".
@sofia @ilja @maris @adam how do you join a pool? Do you volunteer your own hardware? Or do you "buy into" a larger pool of specialized hardware running somewhere, and get some fraction of what is mined?
In other words, to you have full physical control of your "part" the mining hardware pool, or does someone have that control instead?
Long ago, before every block was always full, the rewards would go directly to the miners. Almost that long ago, they switched to going to the pool operator to reduce fees (1 transaction instead of N) and pay out periodically based on the users preferences (e.g., @ 0.01 BTC)
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