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RE: Bitcoin’s Innate Problems: Volatility and Mining Centralization
First of all, great post.
Coming to the point. You take into consideration the mining pools but I guess you forgot the exchanges and wallets that have a good enough importance too. In reality not many people setup nodes. People just love the ease of setup in remote clients and wallets. And in such a case their power to take part in the consensus is partially lost. So in a way even this leads to "centralization" of the network.
What do you think?
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Definitely @chirag-parmar
If you're aware of the Bitfinex and EOS tie up, where Bitfinex was willing to stake all the EOS held on their exchange to power the network, you know the power an exchange can bring.
CZ and Jesse Powell brought BSV to the gutters in one fell swoop. Exchanges, as the main liquidity providers, are at the forefront of the current ecosystem. Centralisation is often misconstrued as purely "on chain". This isn't true at all, as you've pointed out.
Exchanges, wallets, the community, and mostly the developers are the focal point of consensus. As people who drive adoption and innovation, the power they hold is significant. That's why I pointed out "developer consensus" is possibly the most important thing here.
Thanks for the great feedback. I love intellectual comments like these that get me thinking further.
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