Quote:
Originally Posted by klinton
please explain how btc is really "decentralized" if most of the mining is located in the hands of few groups, mostly Chinese ones.
Similar thing with owners - around 10,000 "owners" own most of it.
So how is that decentralized?
Chinese groups go down (power cut for example), btc has problems...
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For every miner taken offline gives extra incentive to those that stay online. Bitcoin mining in China could cease to exist today and all miners in other countries would have extra incentive.
There is also the mining difficulty adjustment that updates every 2 weeks to ensure BTC blocks are mined every (approx) 10 minutes
As for truly decentralized, check the nodes of BTC compared to any other proof of work project. The system is BUILT to be decentralized, it's up for us, the world, mine/buy/hold/sell for ownership to be spread out. This takes time.
Look at Doge - 1 wallet address owns 25% of entire supply
Look at Ripple/XRP - premined to own 70% of all supply of XRP
Look at BCH/BSV - aiming for less nodes = more centralization
etc etc
99.9% of altcoins are money grabs, scams, or centralized, my advice don't buy into that shit
