Re:ZCash Will Be a Truly Anonymous Blockchain-Based Currency
by cloudjacker on Tuesday October 25, 2016 @04:51PM
(#12791557)
tolerable growing pains
all of those things improve the resilience of the implementations
exactly as the original white paper suggested
Re:ZCash Will Be a Truly Anonymous Blockchain-Based Currency
by CoryG89 on Tuesday October 25, 2016 @07:18PM
(#12792641)
I'm not sure how the centralization improves the resilience of the implementations. Mining pool centralization is definitely a big downside for security on the blockchain. A lot of research is being done in cryptocurrencies looking for ways to discourage this type of centralization.
Re:ZCash Will Be a Truly Anonymous Blockchain-Based Currency
by cloudjacker on Tuesday October 25, 2016 @08:20PM
(#12792947)
centralization doesn't, that wasn't a claim I was making or considering
mining pool centralization has ebbs and flows. I'm not concerned about bitcoin's TODAY for example, but maybe tomorrow and at times in the past. There are a lot of blockchains people don't put under much scrutiny, where it turns out there is massive centralization. But this isn't an inherent problem, Satoshi was 100% of Bitcoin's network for a long time.
You've read about the dozens on dozens of compromised exchanges?
You heard about the DAO hack?
You realize that the majority of bitcoin is mined by like a dozen people in China?
Maybe someday we'll get our act together, but right now blockchains are a recipe for FUD and centralization.
(I say this as someone who thinks bitcoin is cool. For instance, the traditional financial system makes it unnecessarily hard to send money overseas, a need bitcoin can fill well. But secure? No.)