Bitcoin will fail without decentralized mining

Re:Bitcoin will fail without decentralized mining by _n6th on Monday January 06, 2014 @11:15PM (#7015478)

One solution for this already exists: P2Pool. From the wiki page, "P2Pool is a decentralized Bitcoin mining pool that works by creating a peer-to-peer network of miner nodes." The key thing is that since it's p2p, there's no owner of the network who can use it to perform a 51% attack.

P2Pool is not perfect, but it works and it shows that decentralized pools mining are possible. With some improvement, it (or something like it) could be a replacement for all centralized mining pools.

https://en.bitcoin.it/wiki/P2Pool

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Re:Bitcoin will fail without decentralized mining by sktrdie on Monday January 06, 2014 @11:48PM (#7015641)

You obviously haven't clicked on the link. P2Pool requires too many resources (a full-node). Whereas most of current mining, ran by trusted third-party pools, can even be done off of a raspberry pi, which requires much less resources.

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Re:Bitcoin will fail without decentralized mining by verroq on Tuesday January 07, 2014 @12:03AM (#7015704)

You can just connect to a P2Pool node you know. You don't need to set up your own. Check out http://whatisp2pool.com if you still want to learn more.

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Re:Bitcoin will fail without decentralized mining by shawabawa3 on Tuesday January 07, 2014 @06:21AM (#7016681)

Isn't that again just recentralizing? The P2Pool nodes could be malicious

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Re:Bitcoin will fail without decentralized mining by verroq on Tuesday January 07, 2014 @07:09AM (#7016848)

Well that's what the share chain is for. Again, if you don't trust the nodes you can run your own.

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Re:Bitcoin will fail without decentralized mining by foley on Tuesday January 07, 2014 @12:45AM (#7015846)

I used to run a full-node on a Raspberry Pi, has the transaction volume made this unfeasible?

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Re:Bitcoin will fail without decentralized mining by nwh on Tuesday January 07, 2014 @02:19AM (#7016125)

Very. You'd be looking at months to sync, if it managed to at all.

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Re:Bitcoin will fail without decentralized mining by nullc on Monday January 06, 2014 @11:22PM (#7015504)

Here is what happens when you _mention_ P2Pool in Bitcoin forums: https://bitcointalk.org/index.php?topic=325737.0

Note that the subject of the post isn't p2pool but the responses are pages of anti-p2pool FUD.

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Re:Bitcoin will fail without decentralized mining by pikachu_is_cool on Monday January 06, 2014 @11:18PM (#7015489)

Did you even click on the link?

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Re:Bitcoin will fail without decentralized mining by samstave on Tuesday January 07, 2014 @01:04AM (#7015907)

Is this "Seti@Home" for bitcoin mining?

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