polynya
@polynya
It is pretty clear that Bitcoin as a blockchain is a colossal waste of energy. As BTC custody continues centralizing to a few ETFs, CEXs, institutions, in the long term >50% of BTC will be held by a handful of organisations Might as well just cancel PoW and move to PoA at that point. It would actually be *more decentralized* as PoW will inevitably centralize over to a handful of industrial players and pools due to crippling economies of scale. Plus, it'll solve the security budget problem. As before, the full nodes will be there as the last line of defence irrespective The only thing matters for BTC is it remains a speculative store-of-value, doesn't matter the mechanism to achieve that https://x.com/i/trending/1885868663116296256
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Manzanitacheeks
@manzanitacheeks
I don’t understand. While I agree that the big guys will eventually own 50%+, that’s also true of every other major asset, so what’s the issue that needs solving? Isn’t it true that ownership concentration (ETFs, institutional, Central Banks, etc) shouldn’t affect mining and PoW…nodes are bitcoin’s decision makers…why cancel PoW?
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Vik29
@vik29
Wealth inequality is the issue that needs solving. The rich have excess cash which they pile into assets which drives up prices thus pricing out average Joe who now struggles to accumulate any sort of wealth. Look at the last few years many people have struggled to get by but majority of assets are at all time highs.
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