5/5 distributed. Mining is like this because it is surrounded by Capitalism, but mining was not designed with Capitalism in mind. Bitcoin is socialist, but the pools within aren't.
I think Socialists & Communists r a minority in Bitcoin (BCH) because they don't seem to understand that only elite miners (Capitalists) can profit the most. When price is down and up.
people with cheap electricity profit the most. (unless by elite you just mean best/most efficient not necessarily the largest) large miners can better deal with variance in reward time
Speaking 2 efficiency of Capitalist miners who have access to best electricity rates. Luv to hear your & others opinion on this vid from where I side with.
Really its about converting fiat to crypto efficiently. Could do this at the market (paying a premium at $6.5k) or could mine (more variables but reduced rate ($1-4k/BTC)
Miners might operate at a short term loss now with the expectation of a price rise & their operation will be set up for future profit
I agree with this too. I would add places with free cooling can also boost efficiency (like heating homes in the far north with miners). Have to also consider expected future value
It's not about who can profit the most. It's about everyone being paid for their work. If the owners of large mining pools take most of the profits, the workers aren't paid enough.
And as far as workers are concerned, they are the majority in any economic system. Capitalists are the minority who have an unfair advantage. Anyone in their right mind is Socialist.
