Coin Stories Bitcoin Mechanic: Is Bitcoin Too Centralized? Mining Pools & Freedom Money vs State Surveilled SoV
Sep 10, 2024
In a riveting discussion, Bitcoin Mechanic, a dedicated Bitcoin educator and member of the Ocean Mining team, dives deep into the evolution of Bitcoin, reflecting on his journey from Occupy Wall Street to crypto education. He tackles provocative issues like the centralization risks posed by mining pools and how they could challenge Bitcoin's core ideals. The conversation also explores censorship in the Bitcoin network and poses critical questions about Bitcoin as freedom money in a surveillance state. Tune in for an insightful look at the future of decentralization!
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Found Bitcoin During Occupy
- Bitcoin Mechanic discovered Bitcoin during Occupy Wall Street and preferred building an alternative to protesting.
- He dug deeper into Bitcoin year after year and became increasingly involved.
Early Miner And Butterfly Labs
- Bitcoin Mechanic bought a Butterfly Labs miner that mined about 10 BTC and cost $150, highlighting early mining economics.
- He learned mining at home in England was unprofitable because electricity costs were too high.
Hashing Versus Block Construction
- Bitcoin's hash rate can be decentralized while the pre- and post-hash processes stay centralized.
- A few actors still control block construction and custody, creating systemic risk.