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The amount of politics in the crypto space is mind-boggling. Bitcoin is "only" the #1 by market cap at this point due to first-mover advantage and network effec
by pcthrowaway 5y ago
The amount of politics in the crypto space is mind-boggling. Bitcoin is "only" the #1 by market cap at this point due to first-mover advantage and network effects. In terms of technology and capability, it's massively behind (though there is an argument that its network is the most valuable due to its hash rate making it the most secure of PoW blockchains, there are also arguments for PoS, and more arguments that the security is self-fulfilling; if other PoW blockchains overtook bitcoin by market cap, the miners would switch over)
But when people who hold/promote bitcoin criticize web3, one has to question whether they're doing it because they want people to continue regarding bitcoin as the "safe" crypto asset.
- muzika 5y agoThe biggest advantage that bitcoin has is that’s it’s the only major crypto that is completely decentralized. Every other crypto project has people or agencies that have some kind of leverage over it. Bitcoin is controlled completely by the node operators that run the network. And they have to all agree on any change to the bitcoin protocol.
- pcthrowaway 5y agoFirst of all, the node pooling actually leads to heavy centralization. Remember in 2017 when one of the pools grew so large it became 51% of the hash rate briefly? Yeah, they ended up limiting their hashrate to stay under 50%, but if 2 node pools colluded, they could control the network (and require miners joining them to install upgrades if they wanted)