Bitcoin mining fees to surge

[The_Ogre]

Absolutely. What I'm getting at though is that it is not a user friendly, UX/UI optimized website with a 1 click solution. This is why intermediaries like HashFlare/NiceHash/Genesis/etc. exist. The problem is that the larger they become in relation to the market, the less secure the technology becomes for their users.

Please explain

 

[aybbleek]

Please explain

All of the eggs are in one basket. As was the case with the NiceHash compromise. Imagine trying to socially engineer every bitcoin user individually.

 

[aybbleek]

Yep, but still decentralized, and someone should point that out to that tit saturnz.

That's what I was trying to do

 

[The_Ogre]

All of the eggs are in one basket. As was the case with the NiceHash compromise. Imagine trying to socially engineer every bitcoin user individually.

You'll need to elaborate further.

Even if one company with 1 000 000 L3's is running a mining operation and only one other person mines with a 1070, the nodes are still verifying transactions in a decentralised manner. The only way the company can manipulate anything other than what the whitepaper and algorithm outline is if it creates a duplicate copy of Bitcoin Core - a hardfork...but then we're no longer talking about bitcoin.

Centralisation becomes an issue when you give a single entity control over the source code of the bitcoin reference client that all nodes need to run <- it's open source, so will never happen.

If you do not understand this concept, I'd recommend you steer clear of topics dealing with bitcoin's decentralised nature.

 

[Kloofvreter]

That's what I was trying to do

LOL. Seems as usual he was only interested in some weird pointless circular argument

 

[aybbleek]

You'll need to elaborate further.

Even if one company with 1 000 000 L3's is running a mining operation and only one other person mines with a 1070, the nodes are still verifying transactions in a decentralised manner. The only way the company can manipulate anything other than what the whitepaper and algorithm outline is if it creates a duplicate copy of Bitcoin Core - a hardfork...but then we're no longer talking about bitcoin.

Centralisation becomes an issue when you give a single entity control over the source code of the bitcoin reference client that all nodes need to run <- it's open source, so will never happen.

If you do not understand this concept, I'd recommend you steer clear of topics dealing with bitcoin's decentralised nature.

The centralization I'm talking about is the intermediary wallet systems used to pay incentives, has nothing to do with the protocol or blockchain control. Trust me, I understand the technology. Good luck finding a BTC block with a 1070

 

[The_Ogre]

The centralization I'm talking about is the intermediary wallet systems used to pay incentives, has nothing to do with the protocol or blockchain control. Trust me, I understand the technology. Good luck finding a BTC block with a 1070

The 1070 was used for effect - to demonstrate massive mining power vs no power at all.

On your other point: Yeah, but the incentive and associated wallet is merely a catalyst. In order for the system to be centralised, one would need a single entity with absolute control of whether a transaction would be successful or not. In this instance it's not possible, and won't be even when Lightning comes along.

 

[aybbleek]

The 1070 was used for effect - to demonstrate massive mining power vs no power at all.

On your other point: Yeah, but the incentive and associated wallet is merely a catalyst. In order for the system to be centralised, one would need a single entity with absolute control of whether a transaction would be successful or not. In this instance it's not possible, and won't be even when Lightning comes along.

Exactly why, if you read back, I used the wording ELEMENTS of centralization, yet still a decentralized system. Reason why I'm pointing this out to someone like saturnz is that you need to understand the difference and where there is risk and how the entire system works together

 

[The_Ogre]

Exactly why, if you read back, I used the wording ELEMENTS of centralization, yet still a decentralized system. Reason why I'm pointing this out to someone like saturnz is that you need to understand the difference and where there is risk and how the entire system works together

Touché