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I got the impression that the theory was that the power was the individual. But in practise it's 65% Chinese miners? And most people use cloud wallets and you

I got the impression that the theory was that the power was the individual. But in practise it's 65% Chinese miners? And most people use cloud wallets and you know what they say: Not your key, not your crypto.

kkoncevicius 6y ago
I didn't get this part: > I got the impression that the theory was that the power was the individual. But in practise it's 65% Chinese miners? Are Chinese miners not individuals? China has the largest population, so it's only natural that it will also have the largest fraction of miners.
- NicoJuicy 6y ago
  The ones mining are corporations, not individuals. A lot of people seem to have a short memory: https://en.m.wikipedia.org/wiki/GHash.io https://en.m.wikipedia.org/wiki/GHash.io
gruez 6y ago
The control that miners exert is much less than governments have over fiat. Miners only control transaction inclusion and ordering, but can't uniliterally change the emission rate. Governments on the other hand can do all of that.
- NicoJuicy 6y ago
  Miners can change the proof. Governments can't do that
  - gruez 6y ago
    >Miners can change the proof what?
    - NicoJuicy 6y ago
      51% attack... They could change confirmations or be forced by the government. Governments can't do that with transactions through banks.