say it with me: 👏 crpyto 👏 currenency 👏 is 👏 not 👏 decentralized 👏

@sofia @maris 2 biggest BTC mining pools together controlled over 50% of the hashing power:
cryptopolitan.com/bitcoin-hash

Developers of ETH deciding to blacklist some wallet addresses after the DAO kerfuffle:
coindesk.com/hard-fork-ethereu

So, it's centralized, just on a different level.

@rysiek @sofia @maris

Just so people know:
The top 2 mining pools produce 31% of bitcoin blocks, which is not over 50%. When pools get big, they get broken up
m.btc.com/stats/pool

And the Ethereum fork happened in 2016 when the system was small enough to allow such a thing.

If you want to make arguments against decentralized technologies, please at least do so honestly.

If you wanted, you could even offer constructive criticism.

Follow

@rysiek @sofia @maris Here's a legitimate criticism specific to Ethereum. Gas prices are too damned high. It makes it prohibitively expensive to do decentralized collaboration (e.g., a DAO) because each vote that is called requires gas to execute.

Here's another valid criticism: most proof of stake systems give the most rewards to the people who have and hold the most money.

There are other systems, like central banks, that don't have these properties.

@adam maybe you should clarify that "gas" is a specific transaction unit in etherium. just because some people seem to blame crypto for the fact that fossil fuel company don't have to clean up their mess 😅.

and yeah, i'm not a fan of proof-of-stake either. painting central banking as fairer ignores that the central bank can increase inequality at will by by inflating the currency.

my hope for alternative currencies is energy credit, but i don't see much work done on that.

@rysiek @maris

@sofia @rysiek @maris Wow, cryptocurrency causing fossil fuel prices to go up... hadn't heard that one before, but I'm not surprised. Some people will say anything. :-(

Re: central bank. yup, and hyperinflation is bad for pretty much everyone, if it gets that far.

Now is when you might be expecting to tell you about the ICO/chain/ERC20 token/NFT that doesn't have any of these problems. Nope. Not here to shill some new shiny thing.

@sofia @rysiek @maris If someone wants to show me something that doesn't have any drawbacks, go right ahead, I'm listening.

Sign in to participate in the conversation
hax0rbana.social

Mostly hackers, mostly in Urbana, IL, talking to each other & our friends on like-minded servers without giving our personal data to the marketing machine.