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I'd like to hear how you think it is centralized. I address the common point above, but maybe you have other ideas.



Centralization is a continuum, not a binary condition. I don't think that Bitcoin is centralized in absolute terms—it's just more centralized than it should be—which is a normative opinion I have, not a statement of fact.

Bitcoin would be less centralized if ordinary people could mine it successfully with their home computers, rather than needing to buy specialized hardware. As it stands, mining activity is performed almost entirely by people and entities able and willing to spend the money to buy mining rigs. Not a bad thing per se, but it results in fewer people mining than I might prefer.

I think your explanation is a good one.


Thanks for the clarification because it sounded like a more definitive statement than a normative opinion.

Join some of the FB mining groups... you'd be surprised at how many 'normal' people have bitcoin miners. They aren't at the scale of the commercial places, but it is happening. Especially once China shut down, the markets were flooded with boxes.

This is also why I prefer GPU based mining. More accessible (gpus are everywhere) and it is actually the older hardware that is more ROI profitable. It isn't a hardware race like it is with bitcoin. The risk is lower too... if you burn out a $100 card, it is a lot less of an impact than a several thousand $ card.

The interesting thing to watch is what what coin (or technology) will pop up next as the top GPU PoW. There can only be one.




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