Showerthought: I contributed to the current Bitmain situation


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About three years ago, I discovered Bitcoin. The very first thing I bought with it was a pair of Antminers S3 from Bitmain. In that regard, I've been instrumental in making Bitmain the #1 ASIC manufacturer, and now, maybe, a global threat to hashing decentralization and thus Bitcoin itself.

But interestingly, the very reason I (and so many others) bought Antminers back then was because Bitmain was playing fair: you sent a few bitcoins to China and you got a couple 12-pound, 500 GH/sec behemoths back in the mail, no questions asked.

And why would they choose to do that? Why not keep the bitcoin and delay the shipping endlessly while mining for themselves, like so many other vendors seemed to be doing? At the time, it seemed to me that was because it was in their best interest to keep Bitcoin mining decentralized by moving hashing power out of their own hands.

Whatever the actual reason, they were making awesome hardware and selling it honestly, so they were rewarded by the market and grew to their current top position, which ironically now includes being in direct control of a huge chunk of the hashing power.

So, yeah, sorry about that. I sure didn't see it coming.

submitted by /u/erkzewbc
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