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Welcome to crypto project number 206701341. At least that is how many are listed on CoinMarketCap: https://coinmarketcap.com/charts/number-of-cryptocurrencies-

Welcome to crypto project number 206701341. At least that is how many are listed on CoinMarketCap: https://coinmarketcap.com/charts/number-of-cryptocurrencies-tracked/ https://coinmarketcap.com/charts/number-of-cryptocurrencies-... Bitcoin is decentralized because the sun distributes energy somewhat evenly across the globe. The other 206701340 crypto projects, including this one, are decentralized because ... ? From the very sparse info on the page, it seems this project does what so many other chains do to make payments faster and cheaper: They log them on a database that is synchronized across only a few computers. In other words: I can't find any info on that page explaining how they plan to achieve decentralization.

javier123454321 1y ago
No, you misunderstand and are closed minded. Their corporate leadership has already stated in the roadmap and core value document that it will be neutral and permissionless.
- ArtTimeInvestor 1y ago
  First, relying on plans some corporate leadership states is the opposite of a decentralized approach. Second, permissionless does not mean decentralized. You can have all validation of a POS chain ending up on a single computer.
  - throawayonthe 1y ago
    i think they're joking
plywoodtrees 1y ago
Bitcoin is _not_ magically produced by the sun striking the ground. There are mild returns to scale in running large-scale mining operations and as a result mining power seems to actually be somewhat centralized under the control of a small number of players: https://digiconomist.net/cryptocurrency-decentralization/ https://digiconomist.net/cryptocurrency-decentralization/ Not to mention that "decentralization" is a technical property and not necessarily desirable in itself. Users might care about fairness, avoiding sanctions, purchasing illegal goods, etc, but these are only weakly connected to technical decentralization.
- ArtTimeInvestor 1y ago
  From your link: In March 2023, the New York Times identified a list of just 34 Bitcoin mining facilities (controlled by 22 different entities) in the United States, which represented about a third of the total worldwide Bitcoin mining network at the time. If we extrapolate from that, it would be 66 entities that control 100% of Bitcoin mining. Miner revenue is somewhere about $50M per day. So on average one of those miners makes very roughly $1M per day, say $365M per year. 34 such $365M/year entities would have to collude to attack bitcoin. And accept that their business is severely damaged afterwards. So much for the decentralization and security of Bitcoin. How does the situation look like in other chains?

javier123454321 1y ago

No, you misunderstand and are closed minded. Their corporate leadership has already stated in the roadmap and core value document that it will be neutral and permissionless.

ArtTimeInvestor 1y ago
First, relying on plans some corporate leadership states is the opposite of a decentralized approach. Second, permissionless does not mean decentralized. You can have all validation of a POS chain ending up on a single computer.
- throawayonthe 1y ago
  i think they're joking

plywoodtrees 1y ago

Bitcoin is _not_ magically produced by the sun striking the ground. There are mild returns to scale in running large-scale mining operations and as a result mining power seems to actually be somewhat centralized under the control of a small number of players: https://digiconomist.net/cryptocurrency-decentralization/ https://digiconomist.net/cryptocurrency-decentralization/ Not to mention that "decentralization" is a technical property and not necessarily desirable in itself. Users might care about fairness, avoiding sanctions, purchasing illegal goods, etc, but these are only weakly connected to technical decentralization.

ArtTimeInvestor 1y ago
From your link: In March 2023, the New York Times identified a list of just 34 Bitcoin mining facilities (controlled by 22 different entities) in the United States, which represented about a third of the total worldwide Bitcoin mining network at the time. If we extrapolate from that, it would be 66 entities that control 100% of Bitcoin mining. Miner revenue is somewhere about $50M per day. So on average one of those miners makes very roughly $1M per day, say $365M per year. 34 such $365M/year entities would have to collude to attack bitcoin. And accept that their business is severely damaged afterwards. So much for the decentralization and security of Bitcoin. How does the situation look like in other chains?