In other words, this one entity holds the keys to at least 47 out of every 100 freshly mined bitcoins
What is the reason pools and etfs and things don't hold their own keys? They aren't stupid people, they aren't lazy or scared (reasons that might apply to individuals who don't hold their own keys). Is it just convenience or a regulatory issue?
Steve Barbour and Rijndael further discuss here:
@checksum0 Lots of people have demonstrated there is a custody agreement involving Antpool, and possibly F2Pool, for smaller pools (quite a long list).
I'm theorizing Antpool are building blocks for them too (excluding F2Pool), thus controlling all the hashrate for those, by proxy.
@SGBarbour Yes, I thought this was well known.
Bitmain is also backing / financing a significant % of gross market hashrate (hardware + infra). They are also backing / doing sweetheart deals with lots of software infra.
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I see this diversifying this cycle with options like ocean and I’m sure many more.
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This is why I am mining with ocean.xyz now. I think this is important for the Bitcoin future.
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Braiins didn't do that until they went FPPS. I believe it's the result of a big player providing all the FPPS backing, making essentially all FPPS pools just front-ends for that one big backer.
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Should have used Ocean pool
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17 sats \ 2 replies \ @OT 10 Apr
Who's the custodian? Coinbase?
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I don't know, from the thread it looks like it is unclear. He says in a previous thread it is something called Cobo, but he doesn't sound too certain.
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10 sats \ 0 replies \ @OT 10 Apr
Maybe bitgo
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it’s probably a low tech version of stratum v2, where they agree to share variance, and have a centralized entity escrow the coins and pay them out pro-rata
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17 sats \ 0 replies \ @nym 10 Apr
They aren’t holding a lot, it’s like a hot wallet sum to us.
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17 sats \ 4 replies \ @Cje95 10 Apr
I agree with you! This just leads to centralization which is the exact opposite of BTC!
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Yeah, it doesn't seem good.
But I don't think people make stupid decisions in general, so I really want to figure out: what is the motivation here?
We all think that centralization is bad and trusting somebody else to hold your keys is bad, but here are people with a ton of skin in the game doing exactly the opposite of what makes sense.
Dude fuck coinbase. It's an exchange, not a wallet. They just want you to treat it like one so they can claim your coins
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From these kind of tweets, it feels like Bitcoin's decentralization is under attack.
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Isn't it only when they want to sell?
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Amazing! BITCOIN isn't decentralized anymore.
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Let's change over to bch
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Nope! That's the same kid out of bitcoin.
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That was a joke
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I know. Haha...I made another ioke
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Let's make some bsv jokes here around....
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Why jot I am in.
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They'll kick our a.... here