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RE: Bitcoin's Failure As A Monetary System

in LeoFinance2 years ago

Are you sure Hive is not as decentralized as Bitcoin? Hive has 20 consensus witnesses. They are all unrelated. This is what controls the network. How many entities control Bitcoin's network? 5 major mining pools? Now I will say that BTC is beyond a 51% attack. But the number of entities truly in control is rather small.

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I think both have good decentralization. I don't want to compare them really they are different, now from what I know the pools cant take those decisions those are the nodes themselves, I'm not sure I'm still learning this, but I'm not sure Bitcoin is a bad network that's all.

How many entities control Bitcoin's network? 5 major mining pools?

Miners or miner pools do not control the network. Only theoretical threats from miners are DDOS or double spend attack (aka. 51% attack), but even with these attack they cannot change consensus rules. Nodes running Bitcoin Core control the network. At the moment there are approximately 44k nodes – these are the entities that enforce consensus according to which miners have to play. Every one of these can choose what version of Bitcoin Core they run and there's no way anyone can force an individual to run a certain version of Bitcoin Core.

Miners already pushed for a change in the block size with BCH fork, yet they failed to convince even such a simple change. Node runners as a whole are in control.