Author: Pindar Wong 2015-08-03 01:21:25
Published on: 2015-08-03T01:21:25+00:00
In an email response to Jim Phillips' views on the so-called 'Chinese Miners', a user expresses their belief in the diversity of opinion and mining, stating that others who wish to mine bitcoin should be encouraged to make the capital and technical investments to do so. The user then asks Jim for his technical suggestion to move the discussion forward beyond anti-Chinese/anti-China rhetoric, specifically asking for his views on colluding miner attacks in draft 0.5.9. of Joseph Poon and Thaddeus Dryja's 'Lightning network' paper. Jim had previously expressed his concern about the centralization of Bitcoin hashing power in China due to the country's advantages in terms of cheap ASIC chips, subsidized electricity, and natural cooling, leading to the People's Republic of China effectively controlling 57% of all the Bitcoin being mined. He argues that the only disadvantage Chinese miners have in competing with the rest of the world is bandwidth, and that increasing block size would be detrimental to them. He suggests that most of the free world has enough bandwidth to handle larger blocks and that taking advantage of this fact could help get mining out of centralized control by the Chinese government. His message also includes a quote from David Ogilvy and a reminder to think twice before printing.
Updated on: 2023-06-10T18:01:56.291058+00:00