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Author Topic: Is Foundry a threat to decentralization?  (Read 46 times)
The Hidebehinder (OP)
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May 20, 2024, 09:10:39 PM
 #1

I planned to ask this question a week ago, not that much time to check on the forum and I planned to let it drop till I saw it happening again,  and I'm starting to think it a more common occurrence that I'm being able to observe normally. It was stated numerous times that the best way to make sure a transaction is not reversed would be to wait for at last 6 confirmation, and I saw that Foundry managed twice to get six blocks in a row, like in this example (this was the first):

and again yesterday


If they managed to get that many in a row this open the possibility of an attack in vase they are hacked, one single individual could invalidate thousands of transaction on top of double spending his funds, dealing not only a financial blow but what I think worse a credibility blow to the network, so how can we make sure pools don't get so much power and convince miners to move to smaller pools to avoid concentration of power and ensure decentralization?
Would there be possible to make a signalling service that would alert miners if a pool goes above 20% to switch to a lower hashrate one, much like in the days of GPU mining when you could switch the coins you were mining based on profits?
DaveF
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May 20, 2024, 10:32:07 PM
Merited by ABCbits (1)
 #2

And then they get sued into oblivion for breaching their fiduciary duty to their large mining clients by causing a massive price drop in BTC and then everyone stops mining there and then.......

It's happened before and will happen again, not worth worrying about.

F2 pool was large got close to 50% an people left.
IIRC there was another pool around that same time that (ghash? it's been a while don't remember) got a little to large for people and miners moved.

-Dave

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hd49728
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May 21, 2024, 02:04:24 AM
 #3

If censor transactions becomes a new standard in Bitcoin mining industry by mining pools themselves or by government enforcement, it will be threat for decentralization.

If it only comes from a single mining pool, it will be not a threat for decentralization.

LukeDashjr and Jack Dorsey proposed to censor transactions because of Ordinals but this idea is opposed by Bitcoin community, because it is not good for decentralization.

Bitcoin Developer's Proposal to Stop 'Spam' NFTs Gets Shut Down

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