A new study shows China controls 74% of bitcoin. Does that sound decentralized to you?
>The paper establishes its thesis by proving the Bitcoin mining ecosystem has become “heavily centralized.” Cryptocurrency miners have banded to such an extent that “over 80 percent of Bitcoin mining is performed by six mining pools,” with five of those managed directly by individuals or companies based in China.
thenextweb.com
Could we take a lesson from this that economic systems need constant redistribution mechanisms built in to resist the natural inclination towards the concentration of power?
74% of the newly created bitcoin, which is very little anyway.
If they can control mining they can start delaying/censoring transactions. It's more than just getting new coins
this
>Does that sound decentralized to you?
Yes actually, individuals owning a large share of a free market because they are more successful than their competitors is entirely fair. Thinking otherwise is socialist bullshit,
What do you think of this hairline?
$589 eoy
Jow Forums is retarded when it comes to what decentralisation actually is
When they start maliciously cripple the network, it will be obvious and people will start using some altcoin instead.