I’d like someone to tell me if I’m wrong:
- More than 50% of the mining is done by Chinese pools. That means that they control the network – who’s transactions get in, who’s transactions are left out. Since the block reward was reduced to 12.5BTC, they are completing it with transaction fees – the bigger the transaction you’re sending – the bigger the fee you need to pay them. Last time I’ve checked I’ve seen some transactions with fees of more than $ 1000 worth of BTC in them. So in a sense, Bitcoin is starting to act like a traditional banking system – owned by Chinese people.
- Blockchain size is increasing rapidly and soon to reach 200GB of storage – when the size will get ever larger, especially assuming that people that host the entire chain on their computer do not get rewarded for it and maintaining a full node requires electricity + storage + network uptime, it will soon be costly to run a full node. 200GB and even 1TB of storage is no problem for a central authority to run, and it seems to be going in that direction. How can the network continue to be P2P like that? And especially what happends if that main storage will be taken over by the authorities and be shutdown?
- There is no governance, and the only thing that governs the entire network is mathematics. What happends if tommorow all Chinese pools collaborate together, make a Bitcoin transaction of 1B Bitcoins, and after 5 or 6 blocks (confirmation) they start to re-mine all the blocks again in order to erase that transaction from the chain? Assuming that they outmine all the other competitors, I can’t think of scenario where they won’t catch up and even win over the honest chain, assuming the difficulty changes only every 2016 blocks. If I was the owner of these pools, what can prevent me from deliberately ceasing all my mining power.. wait for the net difficulty to lower, and then do this attack?
Any expert thoughts on this?
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