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It's a mistake to look at pools as distinct entities in themselves or to think that their members are in cohesion to do anything other than increase their chanc
by sparkie 8y ago
It's a mistake to look at pools as distinct entities in themselves or to think that their members are in cohesion to do anything other than increase their chance of monetary gain from their pool generating valid bitcoin blocks. The mining collective has no power of its own, but its power is distributed entirely among its members. A mining operator loses no autonomy by joining a pool, and can leave it just as easily as the joined. Nobody is loyal to a pool.
- Qworg 8y agoThis is a supreme "Homo economicus" argument - there are switching costs, human factors (do I like X, do they pay on time, are they charismatic and forceful?), and dumb money problems that thwart it.