can we really say that the uncoordinated choice model is realistic when 90% of the Bitcoin network’s mining power is well-coordinated enough to show up together at the same conference?and Makarov and Schoar wrote:
Six out of the largest mining pools are registered in China and have strong ties to Bitmain Techonologies, which is the largest producer of Bitcoin mining hardware
Earlier this month How ‘Trustless’ Is Bitcoin, Really? by Siobhan Roberts drew attention to Cooperation among an anonymous group protected Bitcoin during failures of decentralization by Alyssa Blackburn et al that pushed Bitcoin's centralization problem back to its earliest days. Below the fold I discuss the details.