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21 sats \ 10 replies \ @Hypnagog 17 Sep 2023 \ on: What would be a "plot twist" for Bitcoin? bitcoin
Blackrock gains a market share of bitcoin, then invests heavily in centralizing mining, which then becomes ofac-compliant and only process kyc'd exchange transactions.
Non exchange transactions have a chance of being processed by independent miners, but their odds are so small of mining a block by this point that basically all of bitcoin is now kyc-basis only.
This scenario is flawed and useless.
Then bitcoiners change the code and all blackrock is fucked.
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Tell me how: what change could stop black rock from buying bitcoins? What code change could stop black rock from owning majority stakes in miners?
I would love examples as they carry more weight than grand statements
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A simple fork that will invalidate all blackrock blocks and make them totally useless.
You still didn't understand the power of Bitcoin network, that is not driven just by a group of people, but by all of us involved...
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Blackrock buying all the bitcoin would send the price to the moon. You're crazy if you think most of the network wouldn't want that.
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We can restart a new fork banning BlackRock then. Majority of nodes win over miners.
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Black rock uses VPN, unknown addresses, different shell companies, efforts thwarted. Banning black rock is also against the ethos of bitcoin - it is censoring the network.
Under this scenario black rock would own the majority of miners, meaning any new fork would need to have an entirely new mining infrastructure in order to work.
Centralized mining is the biggest fault and flaw of bitcoin today
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please point us to evidence of bitcoin mining being centralized
I would love examples as they carry more weight than grand statements
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From the info here, it looks like the top 5 miners control > 51% of the network
https://mempool.space/graphs/mining/pools
Correct me if I am wrong
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Members of the pools can move to another pool or to new pools in an instant if needed. We would need to know the internal pool distribution of hash power. If almost all the power of the pools comes from one miner, then it can be a problem. But these miners are not interested in 51% attacks because they would destroy themselves.
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Those are pools, so they’re made up of individual miners.
If any of the pools misbehave, there’s nothing stopping miners there from unplugging and moving their hash somewhere else
See what happened here with OKEx
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