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> The flaw with it though is that it confuses growing resource needs with centralization. And yet, we observe centralisation.
by davidgerard 11y ago
> The flaw with it though is that it confuses growing resource needs with centralization.
And yet, we observe centralisation.
- colordrops 11y agoWhen the term centralization is used, it refers to the idea that a single entity can control or damage a system through a single (central) point. How is that the case with bitcoin?
- davidgerard 11y agoEr, no, it means a thing is centralising (which is observably the case). The word doesn't just refer to the limit case of a single entity. And we have in fact had the single entity case, when GHash went over 51% (and had successfully conducted a 49% attack already), as you already know.