billymg[asciilifeform]: http://logs.bitdash.io/pest/2024-01-19#1031864 << oh neat, miners are gonna airdrop bidencoin for us to dump? keep me posted
bitbot[asciilifeform]: 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
signpost[asciilifeform]: 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.
signpost[asciilifeform]: at least on a "pool" basis there is no single pool wielding >50% atm.
signpost[asciilifeform]: (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)
signpost[asciilifeform]: still better than fiat, but not necessarily the system originally envisioned by satoshi.
signpost[asciilifeform]: (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)
signpost[asciilifeform]: http://logs.bitdash.io/pest/2024-01-20#1031869 << completely, I mean of course.
bitbot[asciilifeform]: 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.