THE IDEA: Total decentralization, nobody controls it, power spread between millions of regular people, freedom from corporations and governments
REALITY: Centralization with new faces, big mining corporations run most of it, centralized exchanges (Binance, Coinbase) decide the price, top 5 mining pools have over half the power. It's not random people keeping this running — it's big players with skin in the game (miners earning money, exchanges holding billions in client funds, companies protecting their investments)
THE IDEA: Digital cash for everyday payments, send money fast without banks, stable way to pay for stuff, no middlemen needed
REALITY: Speculation game, nobody actually buys things with it — everyone just holds waiting for it to go up, price goes up and down like crazy ($100k today, $50k tomorrow), people treat it like stocks, not money
THE IDEA: Valuable because it's scarce, only 21 million coins will ever exist, limited supply means high value, "Digital gold".
REALITY: Worth whatever people think it's worth, not backed by anything real, not tied to any actual economy or goods, price = what people believe + what exchanges do, people stop believing → it's worthless.
Bitcoin is less centralized than the dollar but way more centralized than what the creators intended.
What are your thoughts on this?
Posted by Kernel07
5 Comments
I agree with parts of this especially about exchanges But Bitcoin as a system is not the same thing as how speculators currently use it
I disagree, but don’t want to waste time arguing with a bot
Scarcity doesn’t matter when it’s infinitely divisible. The network cost doesn’t allow for it to be used for everyday payments.
You just described BCH vs BTC.
100% spot on!!! The invisible elite control all aspects of the price, the fools (including me, but I luckily managed to get out a year ago after almost losing my marriage because of it) sacrifice their money, time, and sanity chasing the elusive price.