Show Posts
Now is the time to start thinking about the future of Bitcoin. We're currently in a situation where the developers of Bitcoin are attempting to enable a new feature called multisig which is a massive technological improvement to the Bitcoin protocol.
For the developers to be able to safely go forward with these changes they need 55% of the processing power in the network and Deepbit holds more than 30%. It's important to understand that this issue is undermining the whole idea behind Bitcoin. This massive centralization is a threat to all future development of Bitcoin. It's not about 51% attacks anymore, this is much more significant. One pool operator, namely Tycho, holds all the cards as far as any major development of the Bitcoin protocol is concerned.
For more information on this I recommend these following threads. Read what P2SH is about. Move to a smaller pool and consult your mining pool operator on what he thinks about the multisig implementations. The other option is to move to p2pool and vote for yourself, directly. Or at least pressure your current pool operator to offer different servers for different votes so you have a choice.
https://bitcointalk.org/index.php?topic=61125.0
https://bitcointalk.org/index.php?topic=60829.0
https://bitcointalk.org/index.php?topic=60981.0
For the developers to be able to safely go forward with these changes they need 55% of the processing power in the network and Deepbit holds more than 30%. It's important to understand that this issue is undermining the whole idea behind Bitcoin. This massive centralization is a threat to all future development of Bitcoin. It's not about 51% attacks anymore, this is much more significant. One pool operator, namely Tycho, holds all the cards as far as any major development of the Bitcoin protocol is concerned.
For more information on this I recommend these following threads. Read what P2SH is about. Move to a smaller pool and consult your mining pool operator on what he thinks about the multisig implementations. The other option is to move to p2pool and vote for yourself, directly. Or at least pressure your current pool operator to offer different servers for different votes so you have a choice.
https://bitcointalk.org/index.php?topic=61125.0
https://bitcointalk.org/index.php?topic=60829.0
https://bitcointalk.org/index.php?topic=60981.0
Hi Technomage,
I am a BitCoin novice user and only started micro mining a couple of weeks ago. But what you say is very sound. Facts and the true are always clear but some people try to hide from the majority or obfuscate them for their own selfish ends.
The bottom line is that if there are only a few large mining pools, these operators can hold us to blackmail and as you say, make the decisions on the development of the BitCoin protocol to suit their own ends.
Thank you for raising awareness on this vital issue. I think the long there danger of creating a few big mining pools doesn't ever appear on most small time miner's radars. They go with what is easy and what their friends have done. It's not feasible for me to implement P2SH mining at this time as I have under 10 GH/s processing power. I think I read the minimum recommended hashing power for implementing P2SH is 40 GH/s
Keep up the good work!
Best wishes,
Zephyr
