Marathon CEO Fred Thiel on maintaining decentralization #Bitcoin
what are the potential long-term
consequences and Industry solutions to
maintain decentralization well very
legitimate concern because you have two
pools that basically together could
collaborate and do a 51% attack if they
wanted to one of which is an offshore
pool we operate our own pool we do it
because we prefer having control of Our
Own Destiny the problem is the economics
if you’re a small scale minor the uh
likelihood that you’re going to win a
block in your own pool while statistic
the same as you would in a big pool the
difference is instead of getting small
portions of everybody’s hash rate you’re
now dependent on getting a block maybe
every month versus getting a little bit
of every block that’s been won during
the course of a day by a big pool so a
lot of people opt not to do it but most
of the foreign countries that are mining
Bitcoin as sovereigns and beginning to
operate their own pools because they
don’t want anybody to be able to
restrict them from transacting their
Bitcoin and over time that’s going to
become more and more important
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