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I agree. The big flaw in Bitcoin is technical deficiency which leads to a system which compromises its core value. It’s core value is to democratize via decentr
by DSingularity 4y ago
I agree. The big flaw in Bitcoin is technical deficiency which leads to a system which compromises its core value. It’s core value is to democratize via decentralization. It’s supposed to work for the people. That is undermined in two ways. First it is deflationary and that lead to hoarding and malicious market manipulation. If you don’t know that cryptocurrency is owned by the techno-elites then you aren’t paying attention. Second the hardware acceleration makes you totally useless. Can’t get millions in hardware along with state subsidized energy? Sorry, you have no say in the world of miners and protocol evolution.
A real solution would be truly decentralized. It needs controlled inflation to avoid incentivizing the capture of the supply and it needs CPU only mining to prevent the eventual emergence of parasitic mafia miners.