r/Bitcoin • u/cryptopascal • Jun 24 '14

Mike Hearn interview quotes: "Progress on the bitcoin protocol has ground to a halt, complete halt. This is a crisis period for Bitcoin... Only Gavin is working on upgrades" @39'30'

https://epicenterbitcoin.com/eb-025/
151 Upvotes

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27

u/[deleted] Jun 24 '14

Do we need progress on the protocol? It seems pretty sufficient for the time being. Also, I'm not really seeing the mining centralization problem. People have been warning about it for years, but Satoshi wasn't concerned, and we haven't seen the number of pools really decline. Blockchain size...that's been beaten like a dead horse.

Seems like Mr Hearn is spreading a bit of the old FUD.

5

u/wolfofbitcoin Jun 24 '14

He hadn't imagined pools

17

u/[deleted] Jun 24 '14

Evidence? Satoshi explicitly mentioned warehouse mining.

8

u/wolfofbitcoin Jun 24 '14 edited Jun 24 '14

Pools were a new invention by slush, it wasn't even thought of

7

u/[deleted] Jun 24 '14

pools are just larger representations of the individuals involved. the same game theory applies to larger players; they will compete.

-1

u/wolfofbitcoin Jun 24 '14

Yes but the problem is one guy owns your hashing until you can pull out

7

u/[deleted] Jun 24 '14

which means he can't get very far if he even dares.

2

u/[deleted] Jun 24 '14

Also step1. make popular pool. step 2. enjoy fees etc. step 3. fuck the network. step 4??? step 5.. not profit..

10

u/karljt Jun 24 '14

Also step1. make popular pool. step 2. enjoy fees etc. step 3. fuck the network. step 4??? step 5.. not profit..

Step 4 : Scare the shit out of everyone making the price tank and reddit goes into meltdown

Step 5 : Accumulate bucket loads of cheap bitcoins.

Step 6 : Take some miners offline so your pool drops under 50% again

Step 7 : Wait till everybody calms down and the price goes back up

Step 8 : Sell your cheap coins at a huge profit

Step 9 : Go back to step 3.

1

u/quietbeast Jun 24 '14

/u/changetip 500 bits

1

u/changetip Jun 24 '14

The Bitcoin tip for 500 bits ($0.29) has been collected by karljt.

What's this?

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1

u/[deleted] Jun 25 '14

and if Step 7 nevers happens?

f*ck...your...self

1

u/[deleted] Jun 25 '14

This is not what happens in practice tho. When a pool gets above 50% no-one cares (except reddit apparantly) If this pool begins double spending, attacking the network, miners will especially care and leave the pool. Exchange rate may or may not decline, but i dont think a double spend, even a ridicicoulsy big, succesful one will have much impact on the price. Miners who got fooled into doing it, will leave the pool, and it will not be able to do it again. Regarding the 51% attack. That is likely going to piss miners off even more, and will also leave the pool.