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Author Topic: If this doesn't wake you up and make you do the RIGHT thing...  (Read 322 times)
stompix
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April 22, 2024, 11:22:46 AM
Merited by ABCbits (2)
 #21

These pools are not centralized because they store their block rewards in a custodial service, i know it sounds 'weird' that all 9 of them chose the same custodial service, Cobo, but it is not for this reason that they can be called centralized.

Pools are by definition centralized, it's a domain name, a person or a group running it, they make the decision, they make the calls.
What we have here is by no means decentralization, we have 9 businesses having the same custodian, mining directly to their partner, and if this deal was possible one might have to ask what else is going behind the scenes.

These big mining pools are the only ones that becomes centralized they have 47% of the total hash rate meaning it's still not centralized there are 53% of the total hashrate is still on decentralized pools and other miners can still mine on other pools if they don't want to mine on a centralized mining pool. ViaBTC and foundrydigital are not included on the list so they don't have full control of all pools yet you can also mine on your own and deploy your own pool if you have a mining farm.

You know too well that foundry is a closed pool, you can't just mine there without them approving you as a parent and with minimum hashrate requirements.
So the alternative to those is actually a bit worse ..

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Jason Brendon (OP)
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April 22, 2024, 11:57:39 AM
 #22

These pools are not centralized because they store their block rewards in a custodial service, i know it sounds 'weird' that all 9 of them chose the same custodial service, Cobo, but it is not for this reason that they can be called centralized.

Pools are by definition centralized, it's a domain name, a person or a group running it, they make the decision, they make the calls.
What we have here is by no means decentralization, we have 9 businesses having the same custodian, mining directly to their partner, and if this deal was possible one might have to ask what else is going behind the scenes.

These big mining pools are the only ones that becomes centralized they have 47% of the total hash rate meaning it's still not centralized there are 53% of the total hashrate is still on decentralized pools and other miners can still mine on other pools if they don't want to mine on a centralized mining pool. ViaBTC and foundrydigital are not included on the list so they don't have full control of all pools yet you can also mine on your own and deploy your own pool if you have a mining farm.

You know too well that foundry is a closed pool, you can't just mine there without them approving you as a parent and with minimum hashrate requirements.
So the alternative to those is actually a bit worse ..

This is exactly the point i am trying to make and worries me. Apparently, for those who say it's not or  it won't matter, they are either naive or vicious, or maybe both. If bitcoin is no more decentralized which it is becoming, what's the point of it in existence at all?
Jason Brendon (OP)
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April 23, 2024, 03:14:40 AM
 #23

I somewhat agree, i doubt centralized Bitcoin pool can handle government pressure forever. For example, https://b10c.me/observations/08-missing-sanctioned-transactions/ state some pool likely to intentionally exclude certain transaction.
I wonder if these transactions have ever been included.
martinex
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April 23, 2024, 08:43:07 AM
 #24

I somewhat agree, i doubt centralized Bitcoin pool can handle government pressure forever. For example, https://b10c.me/observations/08-missing-sanctioned-transactions/ state some pool likely to intentionally exclude certain transaction.
I wonder if these transactions have ever been included.

Well, I think another important point that you want to make is that Decentralization is Important and should be a common priority especially for the Bitcoin community which should be kept from causing further concern so as not to weaken the core of BTC's basic philosophy that it runs by many people and for many people.

ABCbits
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April 23, 2024, 08:50:01 AM
 #25

I somewhat agree, i doubt centralized Bitcoin pool can handle government pressure forever. For example, https://b10c.me/observations/08-missing-sanctioned-transactions/ state some pool likely to intentionally exclude certain transaction.
I wonder if these transactions have ever been included.

Yes, since not all pool intentionally exclude certain TX/address. For example, TXID 262025e73812fc68b6514ea366abf463147176c7867e5853f117aded58c30e0e which excluded by ViaBTC on block #808660 included on next block which mined by Foundry USA.

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DooMAD
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April 23, 2024, 09:46:00 AM
 #26

Centralisation of the protocol is primarily measured in how freely people can transact.  What miners choose to do with their block rewards doesn't impact my ability to transact peer-to-peer using Bitcoin.  Pools censoring transactions based on government watchlists and sanctions is a far bigger concern for me than pools using the same custodial service.



Do you also want to say that Bitcoin is already centralized for people who hold their coins in CEX and buy ETFs? those services only hold customers' money, they didn't really own the coins.

That’s the thing people still seem to be getting wrong.  Centralised exchanges do have ownership of the BTC they hold.  Just like the commercial bank you use for your fiat is the legal owner of any funds you deposit there.  None of it really belongs to you.  People have been indoctrinated for centuries to believe money in the bank belongs to them.  It doesn't.  You are granting them ownership of (what was) your money.

However, using centralised exchanges only makes things centralised for the people who surrender their funds to such third parties.  For those who control their own keys, Bitcoin is not centralised for them.

ETFs are a separate matter.  Customers of those services never had BTC to begin with.  They're just trading ownership of fiat for ownership of shares.  Despite what they might think, these customers are not Bitcoin users (unless they also happen to hold some actual BTC).


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Zanab247
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April 24, 2024, 04:18:11 PM
 #27

Quote from: Dunamisx
This as well also tells me that bitcoin network is gaining more power and adoption the more, so that all of us will understand and learn the way we can have our digital asset with us in our custody than when on a centralized exchange, not your keys and it simply implies not your coin, once you're making the right application and use of non custodial means, then i don't see a reason why we should fear for any unnecessary demand with what others are doing, they cant centralized bitcoin, this is for sure. 
Nothing will stop people not to adopt BTC again, and they have seen many reasons why they will continue to adopt the most popular coin, that is causing people to be comfortable with their hodling because they know that time of earning will come for them to achieve their purpose.

Those that tested decentralized currency before, will never pay attention to centralized currency too much because they have have been with the centralized currency some years but no good results to show but the little opportunity they used to test the decentralized investment, they have achieved good results so far.

Many people have observed so many things from BTC industry that is making them not to be afraid, whenever they have the opportunity to hodl BTC because they know the kind team that is behind the coin to ensure it continue dominating in the industry.

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