Blockchain technology is going to change everything: the shipping industry, the financial system, government … in fact, what won’t it change? But enthusiasm for it mainly stems from a lack of knowledge and understanding. The blockchain is a solution in search of a problem.
  • uthredii
    1·
    3 years ago

    Oh, really? How many shareholders does Bitmain have? What about the exchanges used? Now, how many people have root on their servers? How many law enforcement agencies (supposedly who side with central banks) could raid their office and gain root access? How many people develop your wallet? How many people audit it to make sure there’s no backdoor?

    I assume by this you mean the bitcoin mainnet and you are implying it is centralised because of mining? I agree but there are other cryptocurrencies that are less centralised. Also, you don’t need to use an exchange to transfer value with crypto, you can buy peer-to-peer on sites like localbitcoin.

    All about human interactions is trust all the way down. If you try to replace human trust with something else (eg. machine-built consensus) you still have humans to trust but it’s much less obvious and so the people who hold the actual power are much less accountable to the rest of us.

    This is an interesting point I think. I think sometimes the control is anonymous and sometimes it is not, for POW you can identify some large miners and for POS you can identify some large holders (e.g. exchanges).