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I appreciate the article but it's still disappointing to run into a typical misconception about Bitcoin from someone claiming to make a technical defense of cry
by colordrops 4y ago
I appreciate the article but it's still disappointing to run into a typical misconception about Bitcoin from someone claiming to make a technical defense of cryptocurrency. He states that Bitcoin is now not so decentralized, presumably because of the concentration of mining power. This is a pretty fundamental misunderstanding of what decentralization means with regards to proof of work. What it means is that there is no central authority that can reverse or change transactions, add taxes, only operate from 9 to 5 on weekdays, etc. The protocol defines the behavior, not a centralized org, and it is perfectly decentralized. Anyone can add a mining node, because the protocol itself is decentralized. Having a smaller group of mining pools doesn't change this core characteristic of PoW blockchains.
- jcbrand 4y agoI would be interested in seeing a similar breakdown of stakers and staking pools for the large PoS chains.