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bitcoin is interesting in this regard. no one is 'in control' of bitcoin but anyone can contribute to its production according to a set of rules and it has value. it's the bittorrent of money.



I still don't understand this argument.

It is possible for an alliance to form between large mining pools, and then what do we have?

I'm no bitcoin expert, so I just googled some random words and found this[1] which claims the 5 largest pools mine 57.5% of all blocks in the past 6 months.

Also, the idea that "anyone can contribute" could do with a few qualifiers: anyone with access to a computer, electricity, and the internet - and all the associated infrastructure required to support running those.

Bitcoin also has carbon emission externalities[2]

1. https://www.hobbymining.com/bitcoin-mining-pools/

2. http://www.coindesk.com/carbon-footprint-bitcoin/




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