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Author Topic: [2018-04-03] Our Love and Hate Relationship with Bitcoin Miners  (Read 15 times)
Iloveelvis
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April 03, 2018, 10:42:23 PM
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It’s coming close to a decade since the creation of the bitcoin network and the cryptocurrency ecosystem. The protocol has produced a great deal of users, infrastructure, businesses and influential parties like developers and miners. Since the beginning of bitcoin’s mining history, individuals mined lots of coins with central processing units (aka home computers). Later, characters like Artforz started the graphics processing unit (GPU) arms race, a moment in history that eventually led to a world of application-specific integrated circuit (ASIC) mining which changed the game significantly.

The cryptocurrency ecosystem is made up of a diverse group of people, but some specific ‘pools of individuals’ offer a great resource by securing the crypto economy for an incentive. Love them or hate them, bitcoin miners have been processing our blocks for years, the very blocks that hold the millions of transactions broadcast throughout the network. Even though miners have been simply following the protocol as it was written, these individuals have always been deemed ‘tendentious’ by certain groups and social figures within the cryptocurrency industry. Mining pools have suddenly become ‘evil groups’ who are allegedly planning malicious attacks on the network.

Read More Here >>>>   https://news.bitcoin.com/our-love-and-hate-relationship-with-bitcoin-miners/
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April 03, 2018, 10:51:51 PM
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I wouldn't say they are "tendentious" since I believe a lot of them are just in it for the money as they mined and speculated that the price would go up, and true enough it did.

Mining pools aren't truly evil since they have a false form of power as they do not really hold the mining rigs. All they have are miners trying to go in groups to be able to take a share of the pot. But when the need arise the miners can come and go as they please, especially when the pool announces their intentions. If it is not the same with their goals, then they can just simply leave and the pool loses it's power.
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April 04, 2018, 05:23:31 AM
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If there's money to be made, some people would find a way to be the dominant force. If I understand it correctly, Satoshi Nakamoto's intention was to spread the control over the keeping of the ledger through individual users, not through a minority of users controlling hundreds of rigs. Each user would then have 1 vote of sorts, more or less equal in terms of processing power with the  others on the network. Poor guy (Satoshi Nakamoto), whoever he is, probably got himself rid of bitcoin when he saw that big enterprises are trying to take over bitcoin with the amount of computing power that these people brought into the system.
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