If 3 or 4 pools control most of the hashrate and most mining is concentrated in a handful of countries..
At what point does Bitcoin stop being 'ownerless' and start being 'owned by a few very powerful people'?
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If 3 or 4 pools control most of the hashrate and most mining is concentrated in a handful of countries..
At what point does Bitcoin stop being 'ownerless' and start being 'owned by a few very powerful people'?
It’s still an open question whether those pools can misbehave significantly.
The option to point your hash elsewhere is a powerful deterrent (probably).
Pools don't own hashrate they just lease it, geographic concentration dissolves as miners chase cheap energy, a 51% attack is financially suicidal, and at the end of the day, miners only propose blocks while free user nodes dictate the rules
Independent nodes are truly powerful!
Thanks to the SATs I've accumulated, I'll soon have the opportunity to buy a laptop, and right now I'm learning everything I need to set up my own node to help with decentralization.