@jwildeboer Great point!

#Decentralisation can refer to different things on different levels.

If you are not consciously limiting yourself to implementation details, #decentralization might be more about shares of infrastructure ownership than about technological aspects.

@floppy When a decentralised infrastructure mainly serves a small minority of oligopolists (big exchanges and holders), the result isn't a decentralised distribution of power. Agreed?

@jwildeboer Totally!

(To avoid misunderstanding, the "if you" in my previous post was meant as "if someone".)

@rysiek @jwildeboer >the same phenomenon happens across all markets

could it be because of what all people are like? one wonders if tech can "solve" something that is characteristic of being human.

@fluffy @jwildeboer the point is: no, it cannot.

And people creating tech should recognize it.

@rysiek @jwildeboer i think a lot of westerners are radicalized into pro-equality positions. even if all objective reality denies it in their face they will still want all men to be equal

@jwildeboer Cryptos in their current state are just a ponzi scheme anyways.
Then again, so are fiat currencies...

@jwildeboer good question if the holders of most of the BTC capital are the same people who own most of the hash rate - because that is the real power over the system.

@jwildeboer tfw a rogue totalitarian nation state can launch a 51% attack on your primary retirement plan.

@jwildeboer I initially liked the idea behind Bitcoin. It's nice that the ledger is fully public, but it has two fundamental problems:

1) It doesn't scale well. In order to limit the distribution, it *must* become less and less energy efficient as it's increasingly adopted.

2) Any time money is involved, it brings out the shitty side of humanity.

I don't see a solution to either of these problems, but who knows?

@jlamothe @jwildeboer Only true currency is my time for your time. Everything else is ponzi scheme. And I didn't even start with intellectual property and lincenses, copyright,... Just disgusting things... There should never be, "my time is more valuable then yours"...

@madrox @jlamothe @jwildeboer but some people's time are worth more than others. That's the whole idea behind specialization and expertise. I hire other people because they can do a task in less time than I can.

@Danbert8 @jlamothe @jwildeboer I don't have it all figured out. But I know this that we are in this world only for a limited time. And only this time is of value to me. If my family, friend or neighbor needs my help, I go help him/her without any expectations(if I have the time ;) ). I go to work because I have to, not because I want to. But that is just me ;) .

@jwildeboer 2% of 50 mill is 1 million.
Fed board = 12.

I'd say that's pretty decentralised. 😉

@jwildeboer you are confusing decentralization with equality. There never was and never will be equality. Decentralization is already here.

@jwildeboer@social.wildeboer.net very much decentralized lol. Crypto.com had some issues yesterday, after a hacking attack. How many do you think shit their pants after all users were force logged out.

Although the problem of "decentralization" is something that is amiss with fedi as well, since a lot of servers are hosted on VPSes on the likes of hetzner, Linode, Digital Ocean and whatever

@jwildeboer I’m interested to know how many of these accounts have lost the keys to their wallets, and aren’t moving funds around

@uoya @jwildeboer I also wonder how much of this donut is just dead, never to be used again.

@jwildeboer crypto offers equal chances, not equal results. Billions of people could have mined Bitcoin in 2010, but they decided not to do it. As Jesus Chrust said to Thomas: "You believed when You saw me. Blessed (in our case wealth) are those who believed before others".

When it comes to NFT, every NFT is a separate universe, they don't interfere with each other, so it does not matter who owns them. Most of them are useless anyway.

@jwildeboer so what's the chart look like with real money, for comparison?

(i'm guessing it'll look even worse but then we might want to consider the rate at which each is worsening)

@jwildeboer this is misleading:

1) how many of the "poor" accouns are just temporary/bot wallets created for testing/programs?
2) how many "rich" wallets have tons of bitcoin from the time it was worthless and have lost the keys?
3) how does it compare to fiat?
4) it does not matter - hash power is the real power - you can safely use the remaining few percent of BTC because it is decentralised.
[5) *Most* NFTs are shit IMO]

@jwildeboer @dallin I can't seem to find the Chainalysis study that was based on, but I'm 99% sure it's based on an address distribution. Which says nothing about stakeholder distribution.

By that account all euros are also in the hands of maybe 200 companies, because no one keeps their own euros, but their bank keeps them. It's the same here. Coinbase has about a million Bitcoin, but it also has tens of millions of users. Bitstamp, Kraken, Binance,... just the same

@stevenroose @dallin@librem.one nobody ever claimed the Euro is decentralised.

@jwildeboer @dallin Fair enough. But by that account, at least the use of the term "owned" in the comic is kinda disengenuous because no one would deny you "own" the money in your bank account.

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