What happens if mining is domainted by the rich?

[Galahad]

What happens if all the mining becomes less of a hobby and more like big business. That controls who has most of the money doesn't it? Will this not create a wealth gap?

[Trillium]

You could argue that if someone is holding a lot of something then whatever they are not holding becomes worth a lot more to those who want it. This is true in many walks of life.

A problem exists where if a group, or, several groups working together had over 51% of the hashing power of the entire bitcoin network they could in a statistical sense at least attempt to perform a 51% attack. This can and has happened with the smaller altcoins where someone with ASIC devices (on SHA-256 alts) or GPU farm (scrypt alts) comes along and acts maliciously.

[Gabi]

>implying mining wasn't dominated by the rich

[Bananery]

It is becoming big business. But big business doesn't mean high margins, large corporations that work in high competition field don't have high margins.

[DeathAndTaxes]

What happens if all the mining becomes less of a hobby and more like big business. That controls who has most of the money doesn't it? Will this not create a wealth gap?

Did you think this through.  A wealth gap .... between rich people and poor people?  Really?

Breaking news at 11 "Rich people have more wealth than poor people."

and in related news
http://www.theonion.com/articles/report-rich-consistently-outearning-poor,1514/

[Galahad]

What happens if all the mining becomes less of a hobby and more like big business. That controls who has most of the money doesn't it? Will this not create a wealth gap?

Did you think this through.  A wealth gap .... between rich people and poor people?  Really?

Breaking news at 11 "Rich people have more wealth than poor people."

and in related news
http://www.theonion.com/articles/report-rich-consistently-outearning-poor,1514/

I'm saying that I don't agree with a vast inequality of wealth. Like in America 150 people have more than 150 million other people, that's too much. Obviously some people will have more than others.