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Isn't bitcoin already owned by a mining pool (ownership defined as an entity that can express 51% of the mining power)?

Isn't bitcoin already owned by a mining pool (ownership defined as an entity that can express 51% of the mining power)? Why is anyone even playing with this system anymore - the growth of the blockchain is controllable by a single entity! Isn't preventing that the whole point?! http://arstechnica.com/business/2014/07/bitcoin-pool-ghash-i... When a protocol depends on the "Evil Bit" being set to 0 to function correctly, that protocol is broken .

Posted by politician on Jan 14, 2015, 4:51 AM

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Isn't bitcoin already owned by a mining pool (ownership defined as an entity that can express 51% of the mining power)?

politicianJan 14, 2015, 4:51 AM

Isn't bitcoin already owned by a mining pool (ownership defined as an entity that can express 51% of the mining power)? Why is anyone even playing with this system anymore - the growth of the blockchain is controllable by a single entity! Isn't preventing that the whole point?! http://arstechnica.com/business/2014/07/bitcoin-pool-ghash-i... When a protocol depends on the "Evil Bit" being set to 0 to function correctly, that protocol is broken .

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