Bitcoin Forum
December 15, 2018, 07:31:44 PM *
News: Latest Bitcoin Core release: 0.17.0 [Torrent].
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Are BTC and ETH More Centralized Than Most Realize?  (Read 44 times)
Sinistlercoin
Member
**
Offline Offline

Activity: 72
Merit: 10


View Profile
January 18, 2018, 01:55:36 PM
 #1

Just an FYI.  I've always heard rumors, so this was an interesting read.

https://www.financemagnates.com/cryptocurrency/news/study-shows-bitcoin-ethereum-centralized/
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1544902304
Hero Member
*
Offline Offline

Posts: 1544902304

View Profile Personal Message (Offline)

Ignore
1544902304
Reply with quote  #2

1544902304
Report to moderator
Tuesto
Member
**
Offline Offline

Activity: 168
Merit: 10


View Profile
January 18, 2018, 01:58:11 PM
 #2

It wasn't like that before. But when they entered the american exchanges, they became more centralised. But if you are not living in us, there won't be a problem for you.
Sinistlercoin
Member
**
Offline Offline

Activity: 72
Merit: 10


View Profile
January 18, 2018, 02:03:01 PM
 #3

It wasn't like that before. But when they entered the american exchanges, they became more centralised. But if you are not living in us, there won't be a problem for you.

I disagree.  Centralization means higher risks on many levels, which can affect the worldwide market.  Besides mining and exchanges do not necessarrily go hand-in-hand.
DrYM
Full Member
***
Offline Offline

Activity: 131
Merit: 100


View Profile
January 18, 2018, 02:03:27 PM
 #4

Just an FYI.  I've always heard rumors, so this was an interesting read.

https://www.financemagnates.com/cryptocurrency/news/study-shows-bitcoin-ethereum-centralized/

The mining is centralized, but hopefully when Ethereum goes into POS, then this will greatly decentralize the currency.
thebanker28
Sr. Member
****
Offline Offline

Activity: 305
Merit: 250


View Profile
January 18, 2018, 02:14:43 PM
 #5

I am not sure that there is anything much to see or worry about here. Some of the mining is concentrated for sure, but miners are only one constituent in the eco-system. If the miners get out of check, economics will bring them back in line.

            ▄▄████▄▄
        ▄▄██████████████▄▄
      ███████████████████████▄▄
      ▀▀█████████████████████████
██▄▄       ▀▀█████████████████████
██████▄▄        ▀█████████████████
███████████▄▄       ▀▀████████████
███████████████▄▄        ▀████████
████████████████████▄▄       ▀▀███
 ▀▀██████████████████████▄▄
     ▀▀██████████████████████▄▄
▄▄        ▀██████████████████████▄
████▄▄        ▀▀██████████████████
█████████▄▄        ▀▀█████████████
█████████████▄▄        ▀▀█████████
██████████████████▄▄        ▀▀████
▀██████████████████████▄▄
  ▀▀████████████████████████
      ▀▀█████████████████▀▀
           ▀▀███████▀▀



.SEMUX
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
  Semux uses 100% original codebase
  Superfast with 30 seconds instant finality
  Tested 5000 tx per block on open network
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
█ █
Stedsm
Legendary
*
Offline Offline

Activity: 1512
Merit: 1051


View Profile
January 18, 2018, 02:15:37 PM
 #6

It wasn't like that before. But when they entered the american exchanges, they became more centralised. But if you are not living in us, there won't be a problem for you.

NO. They started becoming centralized the day we started using exchanges and KYC became mandatory everywhere.
You know your government is getting all the details regarding everything you do related to Bitcoins, from your trading history to your deposits/withdrawals that you do, if you're doing it using an exchange as these exchanges give our KYC documents and history to Government to keep compliant with their Anti-money laundering rules. You know that, do you?

Dapper
Sr. Member
****
Offline Offline

Activity: 392
Merit: 254



View Profile
January 18, 2018, 02:18:05 PM
 #7

Well logically this is not unusual.   This the way of the world.   The first movers are typically those who hold the power (centralized power).    

sent from my X6
7Pro
Member
**
Offline Offline

Activity: 182
Merit: 10


View Profile
January 18, 2018, 02:18:18 PM
 #8

It wasn't like that before. But when they entered the american exchanges, they became more centralised. But if you are not living in us, there won't be a problem for you.

What is the reason why if its enter the american exchange then it will be more centralized? I think bitcoin and etherium are not centralized.

——< Datecoin | The fastest successful match. The hottest ICO ever. >——
ANN | Medium | Twitter Facebook | LinkdedIn | Telegram
QuestionAuthority
Legendary
*
Offline Offline

Activity: 2058
Merit: 1364


You lead and I'll watch you walk away.


View Profile
January 18, 2018, 02:27:09 PM
 #9

Bitcoin is centralized, and always will be, because the great and powerful wizard of oz Satoshi was naive enough to believe bitcoins security system would always be distributed between individuals.

He designed bitcoin to be mined on a cpu by people using the client software. He failed to anticipate upgrades to the client software that would remove the mining feature.
He failed to anticipate ASIC mining.
He failed to anticipate mining pools consolidating mining power.
He failed to anticipate big business and Wall Street taking over bitcoin by hoarding millions of coins for the futures market.
He knew very little about economics and political science, didn’t understand that rampant deflation is bad and couldn’t predict how governments would respond to citizens attempting to usurp fiat controls.
I frankly think he abandoned bitcoin due to his embarrassment over failing to foresee where his creation was headed. Like all idealistic dreamers, he deluded himself into thinking that average citizens are more than a herd of cattle willing to be controlled.

Kprawn
Legendary
*
Offline Offline

Activity: 1694
Merit: 1052


View Profile
January 18, 2018, 02:48:00 PM
 #10

He failed to anticipate mining pools consolidating mining power.

This is very true, but unavoidable. The only difference between Bitcoin and Ethereum is.... drum roll... Vitalik and the founders

are known to the authorities. They can be corrupted, bribed, threatened or influenced to do governments bidding. Putin has

already had talks with Vitalik, but he will have a hard time reaching Satoshi.  Grin

Signature space for Hire :->
QuestionAuthority
Legendary
*
Offline Offline

Activity: 2058
Merit: 1364


You lead and I'll watch you walk away.


View Profile
January 18, 2018, 03:01:43 PM
 #11

He failed to anticipate mining pools consolidating mining power.

This is very true, but unavoidable. The only difference between Bitcoin and Ethereum is.... drum roll... Vitalik and the founders

are known to the authorities. They can be corrupted, bribed, threatened or influenced to do governments bidding. Putin has

already had talks with Vitalik, but he will have a hard time reaching Satoshi.  Grin

Vitalik Buterin and his boyfriend Peter Thiel have done more to hurt bitcoin in the last couple of years than all of the governments of the world combined.

penig
Member
**
Offline Offline

Activity: 266
Merit: 13


View Profile
January 18, 2018, 03:11:15 PM
 #12

This is not new, its always been the way since ASIC came on the scene, with the centralisation beginning with mining pools. 

But the flaw is in the original design, as above there was only naive ambition for the future of bitcoin.  Maybe Satoshi simply didnt know about the efficiency of GPU mining and the arms race that would lead to?  Though surely the idea that a specialist miner could have be conceived and designed against.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!