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Author Topic: Cooperative Mining Monopoly Question  (Read 1595 times)
jimbobway
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January 06, 2011, 09:26:17 PM
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Right now there is one major cooperative miner.  He has about 9000 Gh/s.  Does this means he controls a lot of the network?  What if he hacks the bitcoin client?  Couldn't this be a potential problem?  Or, do everyone who contribute to the cooperative server help the integrity of the bitcoin?
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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theymos
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January 06, 2011, 10:06:52 PM
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The pool maintainer makes all network decisions. If a pool has more than 50% of the network, the maintainer can double-spend.

I see this as a good thing because it allows the network to adapt quickly. If the network is controlled by a few dozen people, software upgrades will happen within hours/days. Generators can change their code and have real effect before a new version is even released.

The members of a pool will leave if they know that the maintainer is acting inappropriately, though this is more difficult to detect on slush's pool -- puddinpop's pool is better in this regard because the miners can see the block they are working on.

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He has about 9000 Gh/s.

The entire network has 129 Gh/s. The pool has ~8 Gh/s.

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January 07, 2011, 06:24:17 AM
 #3

Ok, I suppose what I thought was a negative could be a positive.
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