This is really aimed specifically at the BTC maxis, but holds true for pretty much every project out there. Decentralization was the point, right? Well, it didn't work.Using BTC as the example: the proof of work concept points it towards a decentralized concept - but in actual practice, it's not.Pool DistributionFOUR MINERS CONTROL 53% OF BITCOIN'S HASHING POWER.What this shows is that there is a preferred nature to progression - and it's actively at odds with the concept of decentralization. BTC set an incredibly high bar for hashing while holding appeal for people to try it. The issue is that the for the common person, BTC mining is cost prohibitive. So, what do people naturally do when something is cost prohibitive? They pool their resources.Which, normally, works out great! Except that's the exact opposite of what the mission was: decentralization. Pooling resources is literally centralization. By removing the individual autonomy of participants - the original targeted democratic governance is reduced to an oligopoly.Almost every single thing people love about crypto - the exploding value, the decentralization, etc., is all fundamentally undercut by the processes you use to exploit it.How do you buy BTC? We used to buy it P2P. Now, the most common outlet is a CEX. From decentralized - to centralized. CEXs are nothing but pooled resources.So, when people claim BTC is 'decentralized' all I can do is laugh. It's a network dominated by four entities and entirely reliant on centralized exchanges. That's why it is what it is today. BTC doesn't hit $30k, 40k+ without massive money coming in - and that money is, surprise... pooled. That's what institutional investments are: pooled resources.BTC had an incredible vision - but the reality is, it has been entirely usurped - and largely by the same people that still sing it's original vision as if that's somehow what made it what it is today. Which is simple not true.
Submitted February 21, 2022 at 11:47PM
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