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Right, mining pools are an issue. If the hash power isn't sufficiently distributed then your guarantees go away. That is why some people are doing research in t
by CoryG89 10y ago
Right, mining pools are an issue. If the hash power isn't sufficiently distributed then your guarantees go away. That is why some people are doing research in that area to discourage or eliminate mining pools. I read about most of this from the following draft textbook from Princeton
https://freedom-to-tinker.com/2016/02/09/the-princeton-bitcoin-textbook-is-now-freely-available/ https://freedom-to-tinker.com/2016/02/09/the-princeton-bitco...
- exelius 10y agoAh; but the way that mining is incentivized makes mining pools almost required to spread out the risk sufficiently as the amount of discoverable blocks shrink over time. IMO this is the critical flaw in any cryptocurrency. Hell, it's the entire reason we don't elect our politicians directly: sometimes a thin majority has intentions that directly endanger the whole. You need some out-of-band checks and balances to protect against bad actors and moral hazard or else people will never adopt the system in large numbers.