the two largest bitcoin mining pools in the world - Foundry USA and Antpool - require identity verification on all miners that use them
53% of global bitcoin hash rate has been doxxed between these two pools...
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If this was news to you, you haven't been paying attention.
If this scares you, you don't understand Bitcoin as well as you told yourself this morning.
If you think these mining pools will exist long term, you're a ππ».
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That's the possibility of 51% attack
Lowly pleb miner bucking that trend
What about the super low rate nerd miners? After all the point isn't to win necessarily but create an affordable miner with an army of users to secure voting positions?
Home mining, yes, but it must be done with ASICs to achieve a meaningful percentage.
I have faith with the next iterations of #nerdminers and #bitaxe projects.
πͺ
I do not see a problem in this. Rather not KYC of course. Worse case they move (again) to another country if it gets out of hand.
Exactly this.
We need to decentralize mining. I know its not obvious, but relying on these big pools is a vector of attack for bitcoin.
I'm certain today's chip makers could make usb asic sticks like the blockeruptors of old. 200,000 people each running a usb asic at 5-10gh/s and linked to an independent pool could make a difference
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Snort is a feature-packed, decentralized social media client built on Nostr protocol. Fast, censorship-resistant, and open source.
Or we could change the mining algorithm, making all those dedicated ASIC's obsolete overnight. Return to the days of CPU mining.
And face the possibility of easy attack like CPU mineable shirtcoins are.
#Bitcoin is strong also because it doesn't change the rules overnight.
This is scary!
When p2pool on bitcoin?
Monero is showing the way
All Monero shows me is how to have your wealth debased by #Bitcoin
Not really. The shirtcoin is much easier to attack, that's not the way we want to go.
One day you'll understand why #Bitcoin is the way. Good luck on your journey.
All Bitcoin shows me is how to have your wealth surveillable, nonfungible, and prohibitively expensive to transact on chain in the near future #Monero
In the future maybe. RN not really
Bitcoin is the way.
Nevertheless you have to be honest about problems and good solution by other projects
Centralized kyced mining is a problem (and an attack vector)
P2pool is a solution (with tradeoffs)
Like hell it isn't...
Draw the graph for bitcoin starting q4 of 2020β¦.
Still debased. What's your point?
A voir si pour les mineurs la décentralisation est importante et la façon dont ils vont réagir.
Vont-ils s'identifier sagement ou choisir d'autres pools plus respectueuses de la vie privΓ©e ?
Not cool.
Solutions for competitive mining from home is the way to go
Where are the bitcoin heaters at?
Hyper-KYC-coinication π
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Compliance to government ID is the way to go down to the road of hell
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Why wouldn't you just use another pool. That's strange.
Because if you're are registered business making profits and paying taxes, kyc isn't a problem. A half decent accountant will minimize your taxes, and you don't have to sneak around like a low life criminal when everything is above board.
We never saw the 53% Attack coming.
Aren't miners supposed to migrate voluntarily to other pools?
The solution is that every bitcoiner needs to at minimum run an S9 and point at slushpool. Even if it is a net loss. The combined hash will add up.
Why is everything about drivechains these days. π«
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You are calling bitcoin decentralized virtual crypto currency, but obvious problem is seeing that whole mining system is centralized and it critically depends on huge technical things that must be powered by electricity that is centralized system too. Bitcoin is moving into trap. Proof of work consensus is moving into trap. It is bullshit to tell that you can keep on renewables and your own sources, those big ones already have you in trap. Stories about decentralized bitcoin are just fairytales. Col delegated proof of stake consensus into mining pools would represent mamy times more protection for bitcoin than this, those like nodes would be able to run anywhere powered just by sun and 100% protected from censorship.
Potentially one big drawback to PPLNS locking people with big expenses in.
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Get out
Reminds me of how the charts of staking pools look for shitcoins. I'm no Bitcoin magician, but it just doesn't look decentralized enough.
#noKYC #sovereignty
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There will be chenges soon
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This is , like, not cool man.
They can switch whenever they want.
DCG and friends have ALWAYS been an enemy of Bitcoin
what are these miners getting in exchange? what's incentivising them not to switch?
There are 2016 blocks every 2 weeks, surely income stability can't be a factor especially if you're a public miner and report quarterly earnings - even if you're a 1% hashrate pool that's about 262 blocks in a Q with reasonable certainty and even a chance of being lucky and getting more.