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If you need a relatively small handful of people to control the ecosystem to make it secure from large numbers of decentralized users, then what the heck do you
by cwyers 9y ago
If you need a relatively small handful of people to control the ecosystem to make it secure from large numbers of decentralized users, then what the heck do you need Bitcoin for?
- the_real_sparky 9y agoI think that the mistake here is believing that the miners control the network, when most likely the miners simply work for the decentralized network. When the miners become centralized there is little they can do that the users/nodes can’t unwind with a software update, even up to the point of firing those miners completely if necessary (changing the proof of work so that their current hardware is worthless). I think that long-term the incentives are aligned for them to simply do their job.