Hacker News new | ask | show | jobs
by davidgerard 4033 days ago
> The flaw with it though is that it confuses growing resource needs with centralization.

And yet, we observe centralisation.
1 comments
colordrops 4030 days ago
When the term centralization is used, it refers to the idea that a single entity can control or damage a system through a single (central) point. How is that the case with bitcoin?
link
davidgerard 4030 days ago
Er, no, it means a thing is centralising (which is observably the case). The word doesn't just refer to the limit case of a single entity.

And we have in fact had the single entity case, when GHash went over 51% (and had successfully conducted a 49% attack already), as you already know.

link