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Sure, there certainly is a risk of centralization in Bitcoin. At the moment Chinese miners probably are in a position to collude and censor transactions they do
by VMG 11y ago
Sure, there certainly is a risk of centralization in Bitcoin. At the moment Chinese miners probably are in a position to collude and censor transactions they don't like. However they can't steal assets, so they have a limited incentive to do so. Users only need to find one miner that includes a transaction in order to make a payment, albeit a slow one.
- Rmilb 11y agoAnd those miners know the minute they start to censor transactions the price of BTC would probably suffer greatly.
- richardwhiuk 11y agoThat doesn't mean it won't become illegal for miners to authorize a transaction. From a certain legal standpoint (IANAL) the miner is facilitating all of the transactions which he creates a block for. This might make him liable if any of those transactions involve blackmail / extortion / money laundering.