The hash rate distribution looks pretty distributed from my perspective right now. No miner has more than 18% of hashrate (see below, source here)
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The hash rate distribution looks pretty distributed from my perspective right now. No miner has more than 18% of hashrate (see below, source here)
If you haven't read Dan's previous article about Bitcoins security and the mining pools, I kindly suggest you give this article 10 minutes of your time to read through it.
http://bytemaster.github.io/update/2015/09/29/Bitcoin-is-100x-less-secure-than-commonly-believed/
While reading the article, keep in mind that the mining pools are a central point in the network.
There's no central point of failure in bitcoin.
There's a pretty clear central point of failure in Steem currently.
There is central point of failure in bitcoin.
Centralized mining. steem is 100x times secure than bitcoin in terms of central point of failure.
Wow, look at that chart 17.9% f2pool!
That chinese miner guy can collapse bitcoin anytime.
If you are using bitocin, you are under the generosity of super elite of CCP.
That f2pool {w,sh} ould do whatever super elite of CCP says.
Satoshi knew if mining centralized, bitocin would die. So he fought to last for survival of bitcoin. He even suggested gentlemen's agreement to distribute hashing power at desperation. After serious centralization he knew it is failed, so just disappeared.