Bitcoin is becoming CENTRALIZED and is INSECURE
Bitcoin is becoming CENTRALIZED and is INSECURE 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. 200...