He said that Bitcoin is centralized because there may be 51% of miners controlled by one entity. However that has been proven to be false (see The Blocksize War). Bitcoin is controlled by the nodes, not by who has the most mining power
Bitcoin is controlled by the exchanges. Whoever has the majority of the trading volume has most of the power and influence over it's price. Currently, this would be Binance.
Please don't bother explaining how P2P is beyond their influence (it's not). Their influence is magnified by Tether which they can mint at will and is involved in over half of all crypto trades.
Long story short --- the crypto market has been rigged --- by Binance. Collusion with others is likely simply due to the fact there is nothing to prevent it --- but it's impossible to say anything for sure because there is no external access.
Blockchain is just an accounting system which tracks how badly the market is rigged.
It is controlled by the miners, and a 51% attack is a serious concern. It always has been, and it always will be.
It was designed assuming at least half of the network would not be malicious.
The blocksize war absolutely didn't prove the superiority of the nodes. These are tall tales told by people who really wanted that to be true.
That's why in the ETH merge, the issue is who the money goes with. Circle and Coinbase are going with the merge, so it wins.
Regardless of small or big loan, it will be slashed. On PoW chain you would still have the mining hardware to run the attack again.
having hardware is not the thing that allows you to attack a PoW network. especially if it's one of the ones that anyone actually puts any stock in the network security of.
bitcoin's network security is a joke (although certainly better than PoS), so hopefully we're on the same page about that as well?