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Title: What happens if mining is domainted by the rich? Post by: Galahad on July 03, 2013, 04:53:43 PM What happens if all the mining becomes less of a hobby and more like big business. That controls who has most of the money doesn't it? Will this not create a wealth gap?
Title: Re: What happens if mining is domainted by the rich? Post by: Trillium on July 03, 2013, 06:27:52 PM You could argue that if someone is holding a lot of something then whatever they are not holding becomes worth a lot more to those who want it. This is true in many walks of life.
A problem exists where if a group, or, several groups working together had over 51% of the hashing power of the entire bitcoin network they could in a statistical sense at least attempt to perform a 51% attack. This can and has happened with the smaller altcoins where someone with ASIC devices (on SHA-256 alts) or GPU farm (scrypt alts) comes along and acts maliciously. Title: Re: What happens if mining is domainted by the rich? Post by: Gabi on July 03, 2013, 06:44:04 PM >implying mining wasn't dominated by the rich
Title: Re: What happens if mining is domainted by the rich? Post by: Bananery on July 03, 2013, 09:50:56 PM It is becoming big business. But big business doesn't mean high margins, large corporations that work in high competition field don't have high margins.
Title: Re: What happens if mining is domainted by the rich? Post by: DeathAndTaxes on July 03, 2013, 09:52:09 PM What happens if all the mining becomes less of a hobby and more like big business. That controls who has most of the money doesn't it? Will this not create a wealth gap? Did you think this through. A wealth gap .... between rich people and poor people? Really? Breaking news at 11 "Rich people have more wealth than poor people." and in related news http://www.theonion.com/articles/report-rich-consistently-outearning-poor,1514/ Title: Re: What happens if mining is domainted by the rich? Post by: Galahad on July 04, 2013, 04:24:56 PM What happens if all the mining becomes less of a hobby and more like big business. That controls who has most of the money doesn't it? Will this not create a wealth gap? Did you think this through. A wealth gap .... between rich people and poor people? Really? Breaking news at 11 "Rich people have more wealth than poor people." and in related news http://www.theonion.com/articles/report-rich-consistently-outearning-poor,1514/ I'm saying that I don't agree with a vast inequality of wealth. Like in America 150 people have more than 150 million other people, that's too much. Obviously some people will have more than others. |