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Originally Posted by sxcladies
yes, ghash is a pool run by people who had control over the network.... if they choose to abuse that power they could of done major damage.
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They didn't have "control over the network." The full nodes control the network; miners just find blocks. The operators of gHash can't force people to use their pool; it has a large amount of hashing power because people choose to use it. The best way to understand the different incentives at play here is to read up on the
prisoner's dilemma.
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So you arent even slightly concerned that only massive farms run by god knows who will control more and more of the hash rate of the network?
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No; I'm comforted. I
want massive farms to keep putting ever increasing amounts of hashing power into securing the blockchain. As the difficulty increases, it becomes less and less likely that a single bad actor can cause a significant disruption.
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Also you are deluded if you think that government will have no control over bitcoin. Sure one gov wont have control of the network but im pretty sure they will find a way to cash in on it and if you dont play ball the [insert tax departments name here] will bend you over and not even lube up. If you think im paranoid just read up on whats come out about the nsa lately and youll find out pretty quick you cant do shit without them knowing
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You are deluded if you think anyone can stop Bitcoin. There's no warehouse full of bitcoins -- nothing for governments (better called terrorist organizations) to seize. The serious players aren't
using Bitcoin in such a way that the NSA would be able to disrupt it. This isn't for the idiots -- the people who need perpetual hand-holding. With even a minimal amount of actual brain utilization (a tall order for the "average joe"), it should be trivial to do crypto properly (
rectal-thermal cryptanalysis remains the only practical attack-vector).