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53042825 No.53042825 [Reply] [Original]

>2 mining pools now own 51% of the hashrate
I thought this could never happen? I've been in Bitcoin since 09. Literally haven't had to work since I graduated college in 2012. For the first time ever I'm worried about Bitcoin. We are one clandestine meeting away from complete disaster, this is the nightmare scenario

>> No.53042841

This is why I hold ADA

>> No.53042877

Nice there is interest in mining. Healthy even.

>> No.53042888

>>53042877
That's literally the opposite of what this means and I'm not sure how you came to this conclusion.

>> No.53042898

>>53042825
Lying piece of shit, you know unlike staked coins the hash can be moved instantly. A 51% attack doesnt even work because all nodes reject them and it causes a fork which gives all miners time to move to a nonshit pool. The pool would lose all their revenue, gain nothing.
Oldfags know.

>> No.53042899

>>53042825
china vs usa. no way they will cooperate to kill bitcoin. i guess they both see btc as a hedge against a fiat collapse and want to actually protect the btc network

>> No.53042903

>>53042825
>Decentralisation or greed
It's the miners choice

>> No.53042925

>>53042825
XMR chads win again with p2p pool

>> No.53042952

>>53042898
>A 51% attack doesnt even work because all nodes reject them and it causes a fork which gives all miners time to move to a nonshit pool.
No, it doesn't work like this at all. Only full-nodes(miners) can block the attack. If these 2 pools agree to go hostile, 49% of the nodes are now "wrong". Good game, we lose.
A 51% attack is this exact scenario. 51% of the mining population deciding to go rogue. There is not stopping it, it's the one weakpoint. Game theory suggested we'd never reach this point, but here we are.

>>53042899
>no way they will cooperate to kill bitcoin
This is a massive assumption. Naïve at best, short-sighted at worst.

>i guess they both see btc as a hedge against a fiat collapse
This narrative needs to die, it's not true. It does nothing to further the cause and makes us all look delusional in the face of the price action. There is no way you can convince me that two of the worlds leading global powers believe it either.

>>53042903
>It's the miners choice
Exactly, we're at a crossroads and the future of Bitcoin is entirely dependent on these two groups doing the right thing. Terrifying.

>> No.53043054

>>53042952
>Only full-nodes(miners) can block the attack
Wrong. All nodes, including non-mining, decide the consensus rules. In practice it's more complicated but that's the theory.
>>53042898
>the hash can be moved instantly
This anon is correct. Basically in BTC pool dominance is not as big a deal as it seems.
>>53042952
>the future of Bitcoin is entirely dependent on these two groups doing the right thing
Actually the future of BTC depends on them sorting out the problem where network tx fees are not enough to pay for network security, they're an order of magnitude too low and dropping, with no solution in sight. IMHO it won't be solved in time to stop ETH taking the top spot.

>> No.53043107

>>53042952
> 51% of the mining population deciding to go rogue. There is not stopping it, it's the one weakpoint. Game theory suggested we'd never reach this point, but here we are.
kek, do you even understand what a 51% attack is

>> No.53043131

>>53043107
He doesn't.

>> No.53043173

>>53042952
You're missing the point, even though you mention game theory.

If they collude, sure they can do what they want, but the cost to do so would be astronomical in terms of consequences. They'd collude and ruin their own investment.

They wont do this for the same reason many alts with >50% ownership don't kamikaze their own coin. Money will vanish and their asset is dead. They will cause damage to themselves more than others, and that would be irrational.

Unless there's some external pressure to do so, greater than the financial loss inflicted (eg, do this or we kill you - gun to head, etc). This is the only actual increased threat - you only need to threaten 2 groups now, not lots.

>> No.53043279

*laughs in BSV*
>muh decentralisation
The whole point of decentralisation is that no one can exert control over the protocol, which is why BSV has a locked down protocol, it can't be changed. BTC on the other hand, oh boy, what a shit show.

>> No.53043313

> an estimation of hashrate amongst the largest mining pools

Mining pools, not total Bitcoin miners globally.

>> No.53043347

Why does this site have the most retards?

>> No.53043385

Unless these companies are being funded by Governments who want to crush bitcoin (which is totally possible) they’d lose their investment in all that mining equipment by doing a 51% attack. But if they are told to do so, and are compensated for such an attack after being ordered to do one, they can theoretically kill bitcoin (which governments want to do because it undermines fiat)

I always figured it would be a government quantum computer that does the attack, but this is the next easiest way to do it.

>> No.53043449

>>53043385
Read the graphic dumbass, these are mining pools not the totally off miners globally. Miners globally have far more hashrate than these two pools.

>> No.53043461

>>53043449
Got a source for that?

>> No.53043474

>>53043279
>BSV
too bad nobody gives a fuck
go shill your bags on reddit

>> No.53043479

>>53043173
Exactly anon.
>commit fraud and get 100% of BTC
>nobody buys it from you because you are a fraud fag

>> No.53043553

>>53043479
>>commit fraud and get 100% of BTC
>>nobody buys it from you because you are a fraud fag
>get compensated and then some with fiat to invest in real shit by the grateful government for crushing bitcoin
It’s really simple why they could be motivated to do this.

>> No.53043571

>>53043461
Fucking Google it. China 20%, Kazakhstan 15%, Russia 13% but these numbers are all approximations. Long-term, US miners are going to lose hashrate if Bitcoin price stays down and energy costs keep going up. Much cheaper energy in other countries than the US. No idea why Arab countries aren't mining

>> No.53043583

>>53043553
Why are you retarded?

>> No.53043595
File: 88 KB, 1408x644, staking.png [View same] [iqdb] [saucenao] [google]
53043595

>>53042825
Two pools control over 51% Ethereum staking as well
Crypto is fucked

>> No.53043607

>>53043595
>Holy shit, unknown will 51% attack ethereum!

>> No.53043622

Btw, Antpool is Chinese

>> No.53043635

>>53043622
On the other hand btw, Antonopoulos is Greek

>> No.53043664

>>53043173
>If they collude
a miner can leave a mining pool whenever it wants. it's like the PoS node FUD on aws servers, you can easily switch to a competitor elsewhere or run a node at home

>> No.53043681
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53043681

>>53042825
Never happened to my moneros

>> No.53043724

>>53043347
>this site
bitcoin is a direct competitor to kike bankers

>> No.53043788

>>53043664
Running an Ethereum node at home is risky because Ethereum is a clusterfuck of code and there's a risk of getting slashed. That why stakers are on ofac compliant pools. Servers are another centralized point, AWS decides to shut you down, you're fucked. Ethereum is centralized trash. You can't even run a simple node, which most are all on AWS as well.

>> No.53043805

>>53043681
Yeah, you need 3 pools to control more than 51%!

>> No.53043813

yess! pre rally fud boys! christmas coming late this year ; )

>> No.53043837

This is why I'm an ETH maxi

>> No.53043946

>>53042952
Bro the ones who aren't part of the malicious 51% will just go back and resume the chain from the block before the attack and forth the chain. The public will decide which chain to support. Remember bsv, bch? Btc 51% attack would screw over those who just entered the ledger around the time. Actual hodlers and whales don't give a fuck if you roll back the chain and fork it to resume the chains integrity. The 2 chains will fight. Everyone knows btc is ancient tech and only has value because people put their faith in it. Nobody put their faith in bch or bsv. Ethpow even later after the merge. This is a nothing burger for actual hodlers of several years. Ten years from now we will all be running a btc node and helping keep the ledger safe. Any actual malicious attack that destroys the order and amounts of btc balance on the ledger/chain (no smart contracts remember dummy) will be remedied with a chain roll back/fork/snapshot/airdrop/etc. Btc is the community not any miners. Miners only do the heavy lifting out of incentive.

>> No.53043970

>>53042825
Binance will roll back the chain and fork btc the minute this shit happens. Cz would be in heaven because we all know his coin would get the community and every other ticker would be like bsv sand bch

>> No.53043973

>>53043946
>arguing with a marketing team
dumbass

>> No.53044273

>>53042952
holy shit you're a faggot

>> No.53044590

>>53043474
hey guys, we found the spokesman for every anon, he represents all of you.
oh wait, no you don't, shut that hole in your face before it leaks any more of your shitty thoughts out to the public

>> No.53044695

>>53043571
>No idea why Arab countries aren't mining
Probably because 99% of them live in huts.