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Then Bitcoin has to hard fork every time someone comes up with a new patentable idea. I don't see why people think mining must be fair. It only has to not bec
by jcoffland 10y ago
Then Bitcoin has to hard fork every time someone comes up with a new patentable idea. I don't see why people think mining must be fair. It only has to not become completely centralized.
- tlrobinson 10y agoBut if one miner has a significant advantage for a long enough time then mining will become unprofitable for everyone else, ultimately leading to nearly complete centralization.
- Taek 10y agoPeople forget that profits can be reinvested. If one miner has 10% extra profits, they will have 10% extra hashrate growth. This leads to effective monopoly.
- um_ya 10y agoHard fork isn't required to fix this issue.
- Taek 10y agoSomeone who can control the majority of the hashrate can enforce a transaction whitelist. Bitcoin's independence from the state requires the world superpowers are not able to control a majority of the hashrate.
- midmagico 10y ago> Bitcoin's independence from the state requires the world superpowers are not able to control a majority of the hashrate. Too late. :-)