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It's the biggest problem facing bitcoin today. Mining centralization is a systemic risk. The thing about systemic risks is that everyone loves to ignore them right up until it blows up in their face.

How many people were concerned about banking centralization leading up to the 2008 mortgage crisis? Just a couple pipsqueaks on the internet and that weird quant from The Big Short. They were fucking right all along, just nobody gave a shit. And then all of a sudden everybody gave a shit when it blew up and the problem became impossible to ignore.

Mining pools today are like mortgage brokers in 2007. The time to act is now. If you disagree, that's fine. Bitcoin is permissionless. Feel free to fork yourself off the network. We are moving forward with or without you.

This is you right now. Don't be that dog.

Wonteet Zebugs 7mo ago

Miner centralization (1) and not having to trust a mining pool to dispense the reward (2) are not the same thing.

With all due respect, it seems like I wouldn't be the one forking off the network.

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Discussion

vnprc 7mo ago

Incorrect. They are one and the same.

vnprc 7mo ago

If you oppose a soft fork and the majority does not actively reject soft forking blocks then you would be the one forking off of the network.

Wonteet Zebugs 7mo ago

I haven't seen a majority in favor of a soft fork for CTV or convenants. I've seen loud proponents who attempted reckless things, like Jeremy Rubin, but I haven't seen a majority.