Has Mining Failed?

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Has Mining Failed?

Post by RamboLambo » Sun Jun 24, 2018 8:36 am

Kings they once were, sitting in conferences, dictating crucial matters, telling us njet. Bankrupt now most of them will be, a footnote in crypto history, if that.

Like Ghash, which once ruled and told us to trust them. Or the much forgot BTC Guild, which too once ruled then closed its doors in 2015.

The current ones will also probably revolve, but is there a fundamental problem with mining? Has it simply gone wrong?

Bitcoin’s security model is a 10 of 1 multisig, Vitalik Buterin, ethereum’s inventor, said in commentary of the first picture which showed all miners in one room.

Some of them are no longer miners, while some others still on the stage are pretty close to no longer being miners.

Ruthless, the crypto mining system is in design, but while they do revolve, it is still just a handful of mostly men who do meet with each other as shown above, may well collude, and have great say on how the network runs.

Some would have us believe they do not matter, it is all about nodes, but even as they say so they know it is not fully true.

The decision by ethereum miners in December, for example, to not increase the gas limit and thus not increase capacity, did and does matter. Bitmain nearing 51% of the bitcoin hashrate does matter.

The clear misalignment between the interest of mining pools and that of the network as a whole does matter and does so significantly.


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