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114 sats \ 2 replies \ @jk_14 21 May 2023 \ on: Centralizing Forces - A Weekend Discussion bitcoin
"In July 2014, the GHash.io mining pool briefly exceeded the 51% hashrate threshold, which forced the bitcoin community to discuss the possibility of finding a common solution to this threat."
I remember that time. And I remember the community effort and "hype" to move hashrate from GHash.io and spread it to other mining pools just to fix this issue.
That was long time ago, so it looks like there is no better solution discovered so far to prevent centralization other than: educating people.
For example: to prefer smaller LN nodes close to you, than to directly connect to the biggest ones.
P.S. Mempool Accelerator want to offer something at cheaper price than its free market price - so this business case is destined to fail or shaddy, tertium non datur ;)
Yes, I mined on GHASH between 2013-2015. Those times weren't so many good pools and GHASH was a good one.
this business case is destined to fail
No. Will not fail. Will always be somebody willing to mine your low fee tx. This is actually creating more pressure on the market.
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Always will be somebody willing to mine low fee tx - but this artifact of the surrounding reality is negligible in the first approximation, I assure you... :)
Yes, I know that's in line with your quote regarding Bitcoin miners:
"Most of them are mining to SECURE the network."
But that's naive perception of the surrounding reality...
You are so old and so naive still... ;)
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