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Not sure why he's getting downvoted. for a "decentralized" currency bitcoin is quite centralized and is not that hard to control "IRL" so to speak. We're talkin
by ChemicalWarfare 9y ago
Not sure why he's getting downvoted. for a "decentralized" currency bitcoin is quite centralized and is not that hard to control "IRL" so to speak. We're talking like 10 subpoenas/cease and desist orders to bring the whole thing down.
Or one executive order to block a couple of ports on the great firewall of China (I'm oversimplifying but not by much actually).
- rothbardrand 9y agoYou're wrong.
- ChemicalWarfare 9y agook, so 4 pools have over 50% of the hashing power, add 4 more pools right under them and you're at >70%. (https://blockchain.info/pools https://blockchain.info/pools). if that's not centralized I don't know what is. the only argument I can think of here is that BTC isn't currently used for "important"/"mission critical" stuff, tx volumes are negligible compared to fiat methods of payment and ppl who use it are mostly crypto enthusiasts, so if hypothetically these pools go offline and it takes forever for their txs to be processed these users would be ok with that. Along the lines of what happened couple of years ago during the DDOS attack.