Binance announce Bitcoin Mining Pool ( Binance Pool )

[DaCryptoRaccoon]

CZ has tweeted that they are looking into opening a Binance mining pool with some heavy rewards for miners moving to the pool.

It seems they have been reaching out to large miners in china to see if they are willing to jump to the Binance pool.

Details are few at the moment on the pool but it will be interesting to see where this op leads and what type of payment system binance will adopt to the pool.

https://twitter.com/cz_binance/status/1245361117301358592

https://www.coindesk.com/binance-crypto-exchange-is-launching-its-first-bitcoin-mining-pool

The company has already hired some professionals for this purpose, some of them former Bitmain employees. The launch is planned for the Q2 2020...

Jakhon Khabilov of Sigmapool pool, stated that Binance has already offered potential clients “generous” referral bonuses as it has been reaching out to some miners in China to promote the upcoming new service.

So the question should be is this more centralization in the bitcoin world? with Binance being by far the biggest exchange could they also now become the biggest player in the pool sector?

Only time will tell.

[mikeywith]

So the question should be is this more centralization in the bitcoin world? with Binance being by far the biggest exchange could they also now become the biggest player in the pool sector?

1- Be the largest exchange by volume.
2- Buy the most famous "crypto market statistics" website (Coinmarketcap), more details here.
3-Attempt to start a mining pool.

Does not seem like CZ is trying to take control at all, pretty hard to smell any sort of centralization here. 

[DaCryptoRaccoon]

I would agree it's not looking good as we know they will prioritize transaction going to there platforms in there blocks so could be more of a problem than we know at this point in time.

I have sent them a few questions for the AMA session and I will post the reply if the chose the questions.

[20kevin20]

1- Be the largest exchange by volume.
2- Buy the most famous "crypto market statistics" website (Coinmarketcap), more details here.
3-Attempt to start a mining pool.

Does not seem like CZ is trying to take control at all, pretty hard to smell any sort of centralization here. 

That's right! Doesn't sound good at all from my perspective either, it looks just like he's focusing on gaining power and control so that makes me very doubtful about the true intentions he has. Especially because people don't even know some of the most critical things about his business.

What exactly can he do if he somehow gets to own >50% of the hashing power through his pool? Can miners from his pool be somehow forced to accept some manipulation if he ever has the intention to manipulate the network one way or another?

[DaCryptoRaccoon]

That's right! Doesn't sound good at all from my perspective either, it looks just like he's focusing on gaining power and control so that makes me very doubtful about the true intentions he has. Especially because people don't even know some of the most critical things about his business.

What exactly can he do if he somehow gets to own >50% of the hashing power through his pool? Can miners from his pool be somehow forced to accept some manipulation if he ever has the intention to manipulate the network one way or another?

Yes well let's not forget they did ask for a "chain roll back"  after the hack so if they start to control the hashrate then it could lead to something bad in the future.

While I am all for more pools in the industry I think it's a scary though having the most powerful exchange possibly having the most powerful pool, if this will happen or not it's something we should be thinking about.

[mikeywith]

What exactly can he do if he somehow gets to own >50% of the hashing power through his pool?

I don't think that is a possible scenario, bitmain owns two of the largest pools and they are from that 50%, they also manufacture most of the gears and do own a ton of them, in a nutshell 50% of hash power is way above binance's capabilities.

Keep in mind that miners can switch pools in a second, also it is for Binance's best interest to not try and do anything obviously damaging to bitcoin.

Yes well let's not forget they did ask for a "chain roll back"  after the hack so if they start to control the hashrate then it could lead to something bad in the future.

IIRC CZ didn't ask for a roll back, he talked about the pros and cons of it and i think he mentioned that roll backs are bad for bitcoin and he wouldn't want to see them happen, some digging into his Twitter needs to be done to confirm this.

I am with you in regards to having more "major" pools, if it was only a mining pool they are up to i would support that, but the CMC thing is what makes me worried about binance shady goals, there is also the incident with DGB where binance asked how much can dgb team afford to pay to be listed, all of those things make me not trust binance for anything outside of thier exchange which they have proved to be good at running it so far.