Every time a block is added 2,500 transactions out of 204,000 (current) are added to the chain.
Currently, 4 nodes will decide the construction of 75% of all blocks. This is the definition of a network that CAN BE CENSORED.
The censorship resistance of bitcoin is a LIE.
We must fix this.
We need step by step bitcoin guides for 5th graders.
From explaining what bitcoin is and solves to setting up a node, Lightning, etc.
ALL OF IT
I'm confused. I thought all nodes validate transactions.
Yes, this is correct, but the block of transactions that every node verifies was proposed and added to the chain by a miner running a mining node.
And currently, over 75% of the blocks being added to the chain (proposed) are constructed by 4 nodes (pools, companies).
The miner will choose ~ 2500 out of the current > 200,000 transactions in the mempool to construct a valid block. The other 198,000 remain in the mempool.
There is the thought that miners will simply construct a block which generates the highest fees, but this has already been proven wrong.
Thanks for the detailed explanation. Can't there be a decentralized undiscrinatory and purely fee based mining pool? Is the issue with such a creations viability, or that one does not currently exist?
That is the goal friend. Miners benefit from pooling with the largest pools. Pools that get large get attention of sovereigns. It’s cheaper for pools to comply than face down agencies in court. The cycle continues.
Further I suspect with etf that the inducements and incentives for “compliant” pools will grow.
What do you mean 4 nodes?
It’s an over simplification, but essentially 4 nodes or companies or pools, whichever you prefer, dictate which transactions will be included in the next block.
IMO, this is a problem that we should try to solve before we test our “censorship resistance.”
We need to flood the market with solo mining devices that cost roughly the price of how many transactions one do a month.
Say I typically pay $20 worth of transactions. Give me a solo miner that costs $20 a month of electricity.
Then flood the market with these device, and give them their own smaller pools maybe top 10K devices per pool.
I would be willing to do this.
