@DeathAndTaxes

Was just pointing out that if one entity has the means to gain control, they would certainly have the means to convince people that 'their' solution is the right one.

..should have used more words :]

@Beliathon

I'm sorry to have brought you feelings of disgust. But, I'd argue that the evidence for evolution is as strong, as the evidence for financial institutions, leeching off of your hard earned 'republic credits', is becoming.

@DeathAndTaxes

Yes, but almost daily, we see that with the right machine behind you, you can convince the majority of the population of anything.

@SZZT

That is what is at the core of my concern/question.

I was hoping that crypto would make 'control-schemes' very difficult - but, unfortunately, it has the potential to do the exact opposite - and I'm looking for a way to disrupt the latter :]

Do you mean that we should stop pointing at potential problems with crypto? or how should I understand that?

@josiah__Coinsetter

Yes, they might not be able to produce more coins than the fixed amount, (even though I remember reading, that you could indeed change the maximum amount of coins if enough nodes are willing to participate - please enlighten me if I'm wrong) but that matters little if a single entity controls the network - as others mentioned; that would be a 'hello' to blacklisted coins, transaction reversals and other shenanigans.

@AnonyMint

Thanks for the link - very interesting :]

@devphp

Admittedly, I have not researched the PoS system - but I should look into it.

@DeathAndTaxes

Never said that miners are banks, but I understand how you would draw that connection in relation to the image - maybe I should have been more clear; that it was the consolidation model and not the specific institution I was referring to.

@Beliathon

I knew I should have been more cautious mentioning the 'i-word'..

But I agree with you to some extent - I just believe it's healthy to have a look at both sides of a 'coin', no matter how ridiculous that side may seem. :]

@runam0k

That is indeed true, for the time being - as an example; today, 2 major US capitalfunds bought the NETS infrastructure (responsible for most financial transactions and state-identification in Scandinavia).

What I gather from that is; that over time, all those thousands of banks you mention, will be owned by few, very large entities.

I'm not saying mining will be centralized - I'm saying it could be.

@drrussellshane

Same goes for me, but I always brushed the idea off as paranoia - and still might be just that..

I just wanted to bring attention to my concern, and see what you good people have to say about it :]

@Denton

The future 'global competition', or lack thereof, is what concerns me..

@IrishFutbol

That is a little scary to think about..
<tinfoilhat>..feels like I'm contributing towards the centralized one-world currency that the illuminuts have been proposing.</tinfoilhat>

@DannyHamilton

It matters if we end up with a mainstream crypto where +51% of the mining is being done by major corporation - whom, from my life experience, do not have your best interests at heart.

@vnvizow

Exactly my sentiment - I thought we were in it for the species..

@greenlion

Thanks for jumping in mid-sentence - and sorry if I stepped on your toes :] - but I did not claim to have any magical powers, nor did I write; that my word is the law. But your expensive words intrigue me.

@Beliathon

Okay, I see what you are getting at - but how does that address the consolidation of mining operations? Yes, some miners/buyers will become very wealthy, some might stay in the game and expand, others might leave - but in the end, I only see one possible outcome - right back where we started :]

@gollum

Not entirely sure how multiple blockchains would work (example?), or how it could solve the 'problem', since I think the 'problem' is an inherited human flaw (greed).

But would love to see suggestions/solutions, as this has become my primary concern about a sucessful crypto.


@Beliathon

No, cryptocurrency is not a bank.. and yes, it is decentralized - for now.. that is my concern.

The image above was an example of how businesses consolidate, where bigger fish eat smaller fish.

It is not so much apples and oranges, if you look a little deeper..

Eventually - mining will become so expensive that no ordinary man will have access to the equipment required to compete. Large mining corps will take over smaller ones, and the consolidation will have started, where, in the end - you might have 1-3 major mining corps, whom will have the exact same power that we loathe about the financial industry today.

Thanks for the input devphp,

Afraid you might be right - even though I wasn't thinking in terms of investments..

In my naivety I had hoped that crypto would release us from the claws of the financial industry - and, if it doesn't - then what is the point? - do we really want these entities to have even greater control than they have today?