Re:Proof-of-Stake is better than Proof-of-Work; the Merge wo...
by jqpabc123 on Saturday August 20, 2022 @09:38AM
(#32531977)
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.
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.