Bitcoin: A Miner Problem

[grarpamp]

On 3/4/16, Georgi Guninski <guninski at guninski.com> wrote:
>> http://qntra.net/2016/03/a-miner-problem/
>
> IIRC sufficiently many dishonest nodes (51%?) might screw bitcoin much
> worse, it had something to do with consesus/transactions.
>
> Is the above true?

Theres some random link
http://bitcoin.stackexchange.com/questions/658/what-can-an-attacker-with-51-of-hash-power-do

> Isn't this "cartel" the "free market" in juan's anarchist utopia?

Yes. That's supposed to happen. t's also supposed to happen
that there will be many independant brains out there that introduce
opposing forces. But traditional sheeple don't exactly spin up as
independant actors quickly when anarchism is suddenly dropped
on them, thus they get raped for a while till they do.

The one or two past situations over 50% were voluntarily rebalanced
by pools and miners. However since pools are still too uneven few and
large multi percent chunks the possible combinations and motives aren't ideal.
People will eventually realize that they, as millions of users, are the ones
who should be doing the mining, all independantly under a known
and necessary code of poolsize limiting, a vested stake in preserving
value of their own assets and economy, thus distributed impossible to
be abused by large pools / entity cabal miners. Most users don't get that
yet. Though the 21 of things is a step towards that.

They also don't seem to get that ineffective bitcoin leadership
(for those that don't believe in the anarchist blockchain as a
possibility itself) is repressing and destroying their value and
utility.