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> but a blockchain-based service with hosted nodes is better than a federated service ...and a federated service is better than a handful of silos controlling
by athenot 10y ago
> but a blockchain-based service with hosted nodes is better than a federated service
...and a federated service is better than a handful of silos controlling the network.
So if the blockchain is supported by the mining of many small miners, it's a decentralized dream. But if there are a handful of miners validating the majority of transactions, then it ends up smelling a lot like the handful of silos situation. Not exactly the same but very similar.
- natrius 10y agoMiners cannot control your eyes. You can choose any record as your source of truth. If miners produce a good one, look at that one. If they produce a bad one, look somewhere else.
- t1amat 10y agoThis sounds great but it is a dramatic misunderstanding of the real problem. Sure, you can personally decide you don't like a particular fork. However, the value of your position is not determined by you, it is determined by the community and their overall choice. Bitcoin forking is dangerous. If it goes bad and the community becomes overly fragmented then everyone loses. The strength of a position in Bitcoin is a combination of many factors, but the most important ones are related to the size of the community, its relative stability as a crypto coin, and the relative ubiquity of it.