"Crypto is decentralised" 🤓 (it's not)
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July 2nd - $8m $TAO hack ; Bittensor is halted
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June 14th - Stacks down for 9 hours (BTC issue)
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June 2nd - Velocore is hacked ; Linea is halted
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May 15th - Degen Chain shut down for 50+hrs for fixes
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February 23rd - Avalanche is halted for a bug
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February 6th - Solana halted for 5hrs (11th halt in 2yrs)
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Blockchains are designed to be decentralized, meaning they are not controlled by a central authority. This aims to ensure transparency, security, and resilience against single points of failure.
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These examples of setbacks and system halts combat the core principle that the community collectively oversees and validates transactions, maintaining the trust within the network.
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Ultimately, the smol user does not have power over the VCs and blockchain companies. If you lose your shirt on a scam the chain won't be halted, if it affects the owners directly then the world will stop.
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It's their chess board and we're just their pawns 😇