#pest | 2024-01-20

17:15

http://logs.bitdash.io/pest/2024-01-19#1031864 << oh neat, miners are gonna airdrop bidencoin for us to dump? keep me posted

↖

17:15

bitbot

Logged on 2024-01-19 18:52:14 asciilifeform[jonsykkel|signpost|billymg]: re: miners, imho they're indisputably the weakest link in the whole edifice. erry single day, mining gets moar effectively centralized, less within reach of humans, than prev. day

17:20

signpost

definitely the case that mining is a heavy industry now, not something an individual can meaningfully do. whether that undermines decentralization is an open question, though indisputably having more mining participants means more decentralization.

↖ ↖

17:21

signpost

at least on a "pool" basis there is no single pool wielding >50% atm.

17:23

signpost

(and at least the energy resources necessary to mine reside in multiple orwell-scale empires who have reason to defect on the matter of excluding transactions from blocks)

↖

17:23

signpost

still better than fiat, but not necessarily the system originally envisioned by satoshi.

17:24

signpost

(though if hal finney was in fact satoshi, he did see a day where bitcoin would only be held and transacted by banks, iirc, so there's reason for doubt)

↖

17:36

signpost

http://logs.bitdash.io/pest/2024-01-20#1031869 << completely, I mean of course.

17:36

bitbot

Logged on 2024-01-20 17:20:53 signpost: definitely the case that mining is a heavy industry now, not something an individual can meaningfully do. whether that undermines decentralization is an open question, though indisputably having more mining participants means more decentralization.

17:15	billymg	http://logs.bitdash.io/pest/2024-01-19#1031864 << oh neat, miners are gonna airdrop bidencoin for us to dump? keep me posted
		↖
17:15	bitbot	Logged on 2024-01-19 18:52:14 asciilifeform[jonsykkel\|signpost\|billymg]: re: miners, imho they're indisputably the weakest link in the whole edifice. erry single day, mining gets moar effectively centralized, less within reach of humans, than prev. day
17:20	signpost	definitely the case that mining is a heavy industry now, not something an individual can meaningfully do. whether that undermines decentralization is an open question, though indisputably having more mining participants means more decentralization.
		↖ ↖
17:21	signpost	at least on a "pool" basis there is no single pool wielding >50% atm.
17:23	signpost	(and at least the energy resources necessary to mine reside in multiple orwell-scale empires who have reason to defect on the matter of excluding transactions from blocks)
		↖
17:23	signpost	still better than fiat, but not necessarily the system originally envisioned by satoshi.
17:24	signpost	(though if hal finney was in fact satoshi, he did see a day where bitcoin would only be held and transacted by banks, iirc, so there's reason for doubt)
		↖
17:36	signpost	http://logs.bitdash.io/pest/2024-01-20#1031869 << completely, I mean of course.
17:36	bitbot	Logged on 2024-01-20 17:20:53 signpost: definitely the case that mining is a heavy industry now, not something an individual can meaningfully do. whether that undermines decentralization is an open question, though indisputably having more mining participants means more decentralization.