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I think there's an argument to be made that Bitcoin is oligarchical, but saying that 70+% of mining happens in China doesn't support the statement. Nor is susc
by cowpig 7y ago
I think there's an argument to be made that Bitcoin is oligarchical, but saying that 70+% of mining happens in China doesn't support the statement.
Nor is susceptibility to a 51% attack relevant to that point.
- la_barba 7y agoYou're right, the fact that they're in China might be irrelevant. I should have mentioned that a very large percentage of mining happens on a handful of pools.
- umanwizard 7y ago> saying that 70+% of mining happens in China doesn't support the statement I think the implication is that since China does not have meaningful rule of law, that 70% of mining could in practice controlled by one entity: the Chinese state.