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Emin Gün Sirer
One way to look at PoW is to view it as an extortion racket by miners where you have to pay an ever more centralizing set increasing amounts to not attack you.
Bitcoin’s infrastructure is more centralized than ever before --raising alarms about the security and viability of what is championed as a decentralized network.
Bloomberg Technology Bloomberg Technology @technology
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ObservantOne 1. velj
Odgovor korisniku/ci @el33th4xor
But it still doesn't work. What is to stop a super wealthy entity, or group, from taking the majority of the hashrate and proving that PoW doesn't work? PoW is inherently centralized, and it's only store of value is how it wastes electricity. I can't wait for PoW to go away.
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Loïc Thierry 1. velj
Odgovor korisniku/ci @ObservantOne13 @el33th4xor
The thing is that I have never seen a good scientific argument suggesting that PoW works e.g. leads to decentralization. It seems to be assumed since the beginning. That's silly.
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Michel Rauchs 1. velj
Odgovor korisniku/ci @el33th4xor
How is that different from PoS, where you pay an ever more centralising set increasing amounts to not attack you, with the main difference being that these oligarchs have less selling pressure than miners to cover operational costs?
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Sir Qooba islamic anchorperson 1. velj
Odgovor korisniku/ci @mrauchs @el33th4xor
My miner runs in Iceland and Atlanta (USA). But I pool with antpool. According to this article my miners are in China.
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𝙂𝙊𝙅𝙄𝙍𝘼 ⋰·⋰ 1. velj
Odgovor korisniku/ci @el33th4xor @TomShar12187252
does it right. 😎
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The Happy Hodler - #Bitcoin $BTC 1. velj
Odgovor korisniku/ci @el33th4xor
"an ever more centralizing set " That can't possibly be true because we started with one miner, then two, and so on. Also, 'pools' are collections of individuals.
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dremann 1. velj
Odgovor korisniku/ci @mikewallace_oz @el33th4xor
Misrepresent the power of mining pools and the incentives at play is the bread and butter of low-effort, bad faith PoW critique. Check list: ✅Pools = Miners ✅51% = Certain, permanent destruction ✅X miners control Y percent of total hash power (!!) ✅Pie charts
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Bitcoin Theory 1. velj
Odgovor korisniku/ci @el33th4xor
Lol. See Moore's law.
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Christian Nyumbayire 31. sij
Odgovor korisniku/ci @el33th4xor
Power laws are natural. It's all about picking the power law you want.
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Pruneyard-at-Law 31. sij
Odgovor korisniku/ci @el33th4xor
Looks it's a great innovation. But no one should invest in
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