Jun 15, 2016
Risk of concentration in Bitcoin Mining.
Once the software stops minting new bitcoins, miners will need to be rewarded in some other way – and in fact, bitcoin users were already starting to pay miners to process their transactions more quickly, Aste said. He noted that other financial technology innovations – for example, e-commerce – had started off as highly distributed but had since become concentrated with just a few dominant vendors such as Amazon, eBay and Alibaba. The same should be assumed to happen with bitcoin mining due to economies of scale, he said. http://www.risk.net/risk/news/2461327/status-quo-will-push-back-on-blockchain-conference-hears