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Title: BTC network is becoming more centralized every day. Post by: N[e]wBie on April 09, 2014, 06:49:22 PM As ASICs become more efficient, and expensive, fewer people will mine. The people who do mine have capital to purchase expensive machines, and the largest operations will have the most efficient setups. As fewer and fewer people are able to afford efficient ASIC miners, the network becomes more centered around more wealthy individuals. Is this a bad thing? What is BTC backup plan, in case centralization becomes a huge issue?
Title: Re: BTC network is becoming more centralized every day. Post by: iglasses on April 09, 2014, 06:57:44 PM I'm not sure what you mean. Mining hardware has been steadily decreasing in cost per GHs and there is no reason to think it will not continue.
If Bitmain is to be believed they claim that Antminer S1's are nearly %20 of the network. S1's are not some exclusive domain of big giant miner company X that has ten million dollars of equipment. Title: Re: BTC network is becoming more centralized every day. Post by: LAMarcellus on April 12, 2014, 06:27:12 AM The division of labor is a good thing. Would you want everyone in the world to be barbers? Or ballerinas? or bakers? Why should everyone in the world mine bitcoins?
YOU can be bitcoin miner. And if you are able to produce the same amount of work in a more efficient manner than your competitors, then you will become the very thing you are worried about. Specialization is a good thing. Division of labor is good. Resolve to become an astronaut, a doctor, a bitcoin miner, a lawyer, etc. The only person stopping you from becoming any of these things is yourself. Make it happen! Title: Re: BTC network is becoming more centralized every day. Post by: tzortz on April 12, 2014, 10:11:10 AM As ASICs become more efficient, and expensive, fewer people will mine. The people who do mine have capital to purchase expensive machines, and the largest operations will have the most efficient setups. As fewer and fewer people are able to afford efficient ASIC miners, the network becomes more centered around more wealthy individuals. Is this a bad thing? What is BTC backup plan, in case centralization becomes a huge issue? I wouldnt agree, pools become smaller and better divided. Also the bitcoin idea has great acceptance to small miner / hobbyists / investors lately which will make it even more decentralised. Anyone can easily buy an S1 these days. That group is a niche market that cannot easily be competed. Title: Re: BTC network is becoming more centralized every day. Post by: crycurex-support on April 12, 2014, 10:44:15 AM As ASICs become more efficient, and expensive, fewer people will mine. The people who do mine have capital to purchase expensive machines, and the largest operations will have the most efficient setups. As fewer and fewer people are able to afford efficient ASIC miners, the network becomes more centered around more wealthy individuals. Is this a bad thing? What is BTC backup plan, in case centralization becomes a huge issue? You dont need to mine to get btc ... simply buy 1 btc for 400 usd today, its 65 % cheaper than in December 2013 .... and become part of "centralised" bitcoin if you want .. go on .. Sorry I but i totally disagree with you ;) Title: Re: BTC network is becoming more centralized every day. Post by: Angela8488 on April 13, 2014, 11:53:57 AM Don't think so at all!
Title: Re: BTC network is becoming more centralized every day. Post by: cech4204a on April 13, 2014, 02:18:06 PM I'm actualy thinking the same way, in first place every one was able to mine , but now it's not worth it if you don't invest at least few 1000$ or €. This is simply taking small fishes out of pond. Guess what, big fishes are still here and are going to compete, so yes, BTC mining network i getting centralized more and more each day.
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