It does, indirectly. If you are able to mine a lot of bitcoin you will also have access to a lot of real money, as you need that for "efficiently" mining them using cheap (often subsidized fossil) energy. The mining capacities grant power over the network. So it is an inverted cause and effect relation.

@BUNDjugend_ak_digi @mark Mining capacity does not grant power over the network, as has been undeniably proven with SegWit2x, UASF and the block size war and subsequent hard forks in general. Where's the proof for your argument exactly?

We are really confused by your stance. The basic problem of PoW based blockchain applications is the 51% attack, which basically says: as soon as you have enough mining power you can control it. Of course this is not end of story, but the basic problem is there. Our point however was the inverse perspective: if you are rich you get more bitcoin and bitcoin will not solve any social or ecological problems. It is still unclear how much it will increase severity of specific problems.

@BUNDjugend_ak_digi @mark This is patently wrong, and works exactly the opposite way to fiat money. where asset holders have profited from massive inflation, while poorer people lose purchasing power every day.

A bitcoin miner doesn't automatically earn more money from the coins they mined. They have to re-invest exactly the same amount of computing capacity, time, and electricity as any other miner competing with them, for every single block they try to mine.

@BUNDjugend_ak_digi @mark Aside from that, you said "more money, more control", and now acknowledged, that one would need to gain 51% of mining power over the entire network. Which is basically impossible now.

@raucao @mark
Vor control over a few mining pools. Just because the scenarios are unlikely, they are not impossible.

@BUNDjugend_ak_digi @mark Mining pools are just service providers for single miners. You can't just buy what miners do, and as proven by SegWit2x and UASF, even a majority of miners cannot affect changes over the rest of the network. You seem to have no idea what you're talking about to be honest.


If you think, insulting us makes a good conversation we are wasting our time. Goodbye.

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Climate Justice Global

Welcome to this official Fediverse instance for climate justice groups.

There is also: climatejustice.social also for individual activists