Say goodbye to decentralization

[worhiper_-_]

Mining is as centralized as ever, this day is now here. A single corporation owns the majority of the hash rate, bitcoin could be done any minute now. The argument "against their interest" doesn't stand as long as they have the chance to give bitcoin a fatal blow. Interests change and are affected by all sorts of sources, now it has to do with a multi billion dollar economy.

https://news.ycombinator.com/item?id=10774773

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[unamis76]

We've had far worse distribution of the hashrate. It's not guaranteed that they can 51%, and when these chips go on sale everywhere they won't be able to dominate the hashrate... We'll see, only time will tell if we're in danger.

[pedrog]

Why would they "give bitcoin a fatal blow"?

That would be killing the company...

[unamis76]

Why would they "give bitcoin a fatal blow"?

That would be killing the company...

They aren't going to attack themselves, obviously, but the fact that 51% might be achievable for a company raises some questions and red flags. If a private company can do it, a government can probably do it too, with bigger ease. I think that is the biggest point of these hashrate issues.

[pedrog]

Why would they "give bitcoin a fatal blow"?

That would be killing the company...

They aren't going to attack themselves, obviously, but the fact that 51% might be achievable for a company raises some questions and red flags. If a private company can do it, a government can probably do it too, with bigger ease. I think that is the biggest point of these hashrate issues.

It was always like this, but now it's more difficult, and as time goes by it becomes even more difficult.

[franky1]

the link is missing soo much facts, and instead filled with so much opinion.

the article says bitfury now has the capacity of 650peta.. um nooo that the total world network hashrate of every different company.. not just one
https://blockchain.info/charts/hash-rate

also it suggests that the 200peta bump in the last 30 days is due to bitfury..

well bitfury is mining ~91peta at the moment which is 13% of the entire mining network  ...then that means 30 days ago(200peta less), bitfury must have had minus 109peta

https://blockchain.info/pools

also the article says that bitfury must be ramping up.. yet they have been 13% for the last 4 days
https://blockchain.info/pools?timespan=4days

and as for the understanding of the term "centralised" this means 1 point of failure where every node talks direct to that one point..
bitcoin has no single point. its distributed.. so please if you want to suggest that bitcoin is getting less distributed.. say less distributed.. as saying centralised is just wrong on many levels

[n2004al]

Mining is as centralized as ever, this day is now here. A single corporation owns the majority of the hash rate, bitcoin could be done any minute now. The argument "against their interest" doesn't stand as long as they have the chance to give bitcoin a fatal blow. Interests change and are affected by all sorts of sources, now it has to do with a multi billion dollar economy.

https://news.ycombinator.com/item?id=10774773

The most stupid thing I have heard. The OP before making such stupid thread must read and learn more about bitcoin. Then create threads about its actual and future status. Bitcoin was decentralized, is decentralized and will be decentralized. Even if one day will be centralized will be only by the desire of all the world countries with the aim to take care of it and managing it for its good. Thing this (the last) futuristic but much more verifiable than the variant given by OP. Bitcoin cannot be never centralized in the way mentioned by OP. Following is explained the reason. Since today are produced and are in circulation about 15 million bitcoin. Bitfury must mine for other more than 125 years and assuming that no one will mine even 1 satoshi during these years (variant this absolutely impossible)  Bitfury can have (if will be live the sons of actual owners of Bitfury) only the remaining 6 million (less than the half of all the bitcoin in circulation). This amount can make rich 100 generations of their sons but nothing else. They can try to use it for several reasons (that can affect even the price of bitcoin) but never will be able to own it. Who want can read everything told in this post here: https://en.bitcoin.it/wiki/Controlled_supply

[Blind Legs Parker]

Sill it's pretty scary to think that one single company could own 51% of the hash rate.
I'm not sure I completely understand the extents of it but doesn't it give them absolute power of decision over what is and what isn't recorded on the blockchain and how transactions happen?

[franky1]

Sill it's pretty scary to think that one single company could own 51% of the hash rate.
I'm not sure I completely understand the extents of it but doesn't it give them absolute power of decision over what is and what isn't recorded on the blockchain and how transactions happen?

they dont own 51%.. so relax.. its just some dummy make up a story trying to cause panic just for a price dump and pump.

[mobnepal]

This is only rumor as the fact can be seen blockchain.info, where it is clearly stated bitfury only have 13% of share on hashrate far lower than 51%.
People now have more knowledge about how bitcoin works so i don't think this type rumors will create any panic.

[n2004al]

Sill it's pretty scary to think that one single company could own 51% of the hash rate.
I'm not sure I completely understand the extents of it but doesn't it give them absolute power of decision over what is and what isn't recorded on the blockchain and how transactions happen?

There were be always other people who will mine. There were be always other businesses which will compete with Bitfury and will be always someone who will invent another better thing than that which have already Bitfury. As for the blochckchain cannot be made nothing that can affect it. He is totally independent and decentralized. Is the amount of all the transactions made from every person who send bitcoin from all around the world. So nothing can happen to it.

[AtheistAKASaneBrain]

We have been throught this before and nothing seems to happen, it eventually evens it out as time progresses, but there is a clear group of 3 - 4 max miner companies that have most of the hashrate. Unfortunately I can't think of any solution to this, and satoshi predicted mining specialization too.

[Amph]

any attempt to harm the network by anyone with a 51%, would be better spent in the mining scene itself, so no way someone is so retarded to destroy his own profit

i'm not buying any of those fud

[thejaytiesto]

any attempt to harm the network by anyone with a 51%, would be better spent in the mining scene itself, so no way someone is so retarded to destroy his own profit

i'm not buying any of those fud

Well for someone that is already a billionaire and some eccentric guy that hates Bitcoin, hey may not care about wasting the resources to attack it. In any case this is why it's really extremely important that nodes are as decentralized as possible which is why we can't use blocks that are too big to be able to run Core in your average computer.

[Amph]

any attempt to harm the network by anyone with a 51%, would be better spent in the mining scene itself, so no way someone is so retarded to destroy his own profit

i'm not buying any of those fud

Well for someone that is already a billionaire and some eccentric guy that hates Bitcoin, hey may not care about wasting the resources to attack it. In any case this is why it's really extremely important that nodes are as decentralized as possible which is why we can't use blocks that are too big to be able to run Core in your average computer.

exchange can simply freeze everything to prevent dumping at that point, so i'm not sure how he is really going to harm the network with double spending

there are conter measures even when a 51% is "deployed"

[gkv9]

Well for someone that is already a billionaire and some eccentric guy that hates Bitcoin, hey may not care about wasting the resources to attack it. In any case this is why it's really extremely important that nodes are as decentralized as possible which is why we can't use blocks that are too big to be able to run Core in your average computer.

In that case, I guess pools are able to stop such attacks if they take place ever...
51% ain't a big problem as it's being tackled many times before, and so will be tackled again in future...

[callynyan]

It is really worrying how centralized mining has become in bitcoin.
p2pool seems to be the best decentralized pool alternative that could save bitcoin.

[calkob]

Why would they "give bitcoin a fatal blow"?

That would be killing the company...

They aren't going to attack themselves, obviously, but the fact that 51% might be achievable for a company raises some questions and red flags. If a private company can do it, a government can probably do it too, with bigger ease. I think that is the biggest point of these hashrate issues.

I'm not sure this statement is true anymore, i just watched a private company (SpaceX) return a rocket from low earth orbit and land it standing up, i never seen NASA do that........

[doublemore]

Mining is as centralized as ever, this day is now here. A single corporation owns the majority of the hash rate, bitcoin could be done any minute now. The argument "against their interest" doesn't stand as long as they have the chance to give bitcoin a fatal blow. Interests change and are affected by all sorts of sources, now it has to do with a multi billion dollar economy.

https://news.ycombinator.com/item?id=10774773

Maybe someone will develop some new tech to increase decentralization, everyone will always want bitcoin to look decentralized even if it isn't.

[Moneyburner]

I think it would be too much of an investment to bother with it. I'd rather just enjoy the profit from all that mining.