Bitcoin isn't decentralized and isn't a democratic system : Just look at today's split issue
Hi Steemy people !
Today I would just like to share a question with you : Is Bitcoin a real democratic system ?
Bitcoin was created to empower people, to transfer power from banks to people .... and it works at the beginning. Miners were independent and not concentrated.
But, like life, power and concentration alway find a way ( and yes it was a Jurassic Park reference ).
10 pools of miners are owning 87% the hashrate network power... They hold Bitcoin's fate in their hand.
Even more serious, to avoid a Bitcoin split, 80% of miners must adopt BIP91. It means that 20 % of miners pools can make a Bitcoin split.
2 big miners pools could provoke a Bitcoin split .... 2.... and there are more than 15 million Bitcoin wallet today ( source : https://blockchain.info/charts/my-wallet-n-users ).
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If nobody bothers to mine Bitcoin except for 2 major plagers, how is that not democratic? Majority rules. That is how Bitcoin was designed.
True, Bitcoin was designed to give power back to people. the thing is how can an individual make a difference in front of those pools ?
Pools were created to mutualise mining power ... Are pools democratic ?
He can't unless he decides so, but that takes efforts and investment (mining equipment). Most people vote with their feet (i.e., don't act but do complain).
Welcome to steemit aunty. I loved your post, and you have done and achieved quite a lot. I am sure I at least will get to learn a lot from you.
@abou
What an awesome post. For building trust I believe so much on all the nuggets stated by you. I just pick one out of many:
Take responsibility – when something goes wrong and it’s your fault, take responsibility right away and focus on the next steps. It’s easier to trust someone who owns up to their mistakes.
I'm following you to receive more from you. @abou
Interesting
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