Bitcoin is largely controlled by a small group of investors and miners

Re:Bitcoin is largely controlled by a small group of investo... by tinus_hn on Wednesday October 27, 2021 @10:56AM (#29014122)

This is like saying because some people own the majority of printing presses, money is worthless.

Money has worth because people accept it in exchange for goods and services.

Bitcoin has worth because people accept it in exchange for goods and services.

It’s not the miners that create value, it’s the merchants. If miners start some fork they’ll leave the main blockchain, which will run fine without them. And they have absolutely no way of forcing anyone to use their fork. Only if the merchants start accepting coins from the forked blockchain will it become valuable. But that’s up to the merchants, not the miners.

There are problems with one miner controlling over 50% of the mining power. This is not such a problem.

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Re:Bitcoin is largely controlled by a small group of investo... by namaria on Wednesday October 27, 2021 @05:15PM (#29019239)

Cryptoheads really gone from "printed money is becoming worthless, we need currency with enforced scarcity" to "it's all arbitrary anyway".

It's been quite educational watching the whole cryptocurrency community re-invent economics 101 and find out the problem has never been technical, always been political.

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