Google Down: The Perils of Centralization
It was a jarring reminder of the hidden costs of the easy-to-use, centralized systems that permeate the web, and just how taxing or debilitating they can be.
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Kadan Stadelmann, the Chief Technology Officer (CTO) of Komodo, an open-source technology workshop, has raised concerns about the increasing centralization of the world’s largest cryptocurrency, Bitcoin. Stadelmann asserts that the rising centralization poses a threat to the fundamental principle of BTC as a decentralized digital currency. Centralization Poses Existential Threat To Bitcoin According to Stadelmann, a […]
For many, the level of centralization found in the Bitcoin mining ecosystem is the biggest issue for the peer-to-peer digital cash system today. As a technology that relies on decentralization in order to provide a censorship-resistant bearer ecash, any trend towards centralization should be viewed as problematic. In 2014, economist Kevin Dowd claimed the incentives of pooled mining are “totally destructive of the Bitcoin system.” The amount of mining that takes place in China led former Bitcoin developer Mike Hearn to state, “Bitcoin is controlled by the Chinese Government.” Those who....
Google has announced an update to its financial products and services policy, which includes its policy on cryptocurrency advertising. The new rules will take effect in August and all prior crypto exchange certifications will be revoked. Advertisers must request new cryptocurrency exchanges and wallets certification with Google. Google Introduces New Crypto Ad Rules Google Inc. posted a notice Wednesday regarding its new crypto ad policy. “This policy will apply globally to all accounts that advertise these financial products,” the Internet giant wrote. The notice explains that....
Bitcoin mining pools rely on centralization, but P2Pool and other protocols have sought to reduce the need for trust in third parties.
Bitcoin mining centralization - the concentration of mining power in the hands of a small number of corporate entities - is considered by many people to be the single biggest problem facing the cryptocurrency today. One of the biggest selling points of Bitcoin is, after all, the fact that it is a decentralized network that does not need to rely on users trusting large corporations, such as the 'too big to fail' banks which many would like to see replaced by cryptocurrency. Bitcoin's mining centralization not only contradicts this decentralized ethos, but also potentially puts the network....