Bitcoin Decentralization Debate
Comments debate whether Bitcoin is truly decentralized or controlled by a small group of miners, developers, large holders, or consensus mechanisms, challenging its core promise of resisting central authority.
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Effectively 4 people, when they agree, completely control bitcoin. That's more centralized than the US dollar.
Wait, I thought bitcoin was decentralized?
Doesn't that run contrary to the idea of Bitcoin being decentralized?
bitcoin is decentralized in name only.
Miners control bitcoin more than people realize.
No one controls Bitcoin. The people who fed you that story are simply trying to pump shitcoins.
Wasn't part of the promise of Bitcoin that no single entity or cabal would control it? It would be a distributed platform, owned by the masses?
It's a self-imposed hegemony. Bitcoin is controlled by the consensus of all users.LIBOR was "decentralized". Then we found out that they were all colluding together.
If bitcoin/crypto was going to do something about centralisation, it would have by now. Bitcoin us a great idea, but it doesn't change anything about how we organise the economy, how we write contracts, the relationships between the powerful entities, and everything else. It just a really nifty financial concept.I don't see how this is different.
Bitcoin is really about power and control, not about trust. In many aspects it's a rebellion of coders against the MBAs and lawyers.