On Mining
Decentralization, n. The security assumption that a nineteen year old in Hangzhou and someone who is maybe in the UK, and maybe not, have not yet decided to collude with each other. There has been a large amount of ruckus in the past week about the issue of mining centralization in the Bitcoin network. We saw a single mining pool, GHash.io, amass over 45% hashpower for many hours, and at one point even grow to become 51% of the entire...