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That's not my definition of decentralization, sorry. Censorship resistance is but one of many necessary requirements for me. Another requirement is that no sing
by damnyou 7y ago
That's not my definition of decentralization, sorry. Censorship resistance is but one of many necessary requirements for me. Another requirement is that no single entity should be able to mine more than a small percentage of coins.
A truly decentralized currency would have built-in protections against any sort of concentration of power, whether it's based on the ability to buy electricity in bulk cheaply or based on the ability to censor transactions. To date no currency is decentralized.
- sedeki 7y agoIf you had 51% of the CPU power within the Bitcoin network, would you a) choose to cheat with a rather high chance of crashing the exchange rate, or b) use the CPU power to collect rewards while leaving the exchange rate ”unaffected” with probability = 1? Satoshi considered this scenario. It is also a public ledger, ie even if you don’t mine it is easy to track everything.