That’s oversimplifying things quite a lot. And is also not accurate.
Well, the decentralization of Bitcoin only lasted so long. Now it is in the hand of a few large “mining” corporations who can afford the hardware and have access to cheap electricity.
RedditIsDeddit@lemmy.world 3 weeks ago
untakenusername@sh.itjust.works 3 weeks ago
As long as those companies have to compete with each other for mining, there is some decentralization. Ofc it could be a ton more, some currencies like Monero use different hash functions that cant have custom chips made for them, making it easier for traditional CPUs to mine it, so large companies cant control vast amounts of the hash rate.
grrgyle@slrpnk.net 3 weeks ago
As soon as you could exchange it for real money it just became another tool of capital to move in secret.
grrgyle@slrpnk.net 3 weeks ago
I believe any good thing you can say about crypto will eventually be coopted and controlled by capital.
The same is true for all “disruptive” technology unless it’s built specifically to be hostile to monied interests, like the fediverse - and even then, you have to continue defending it against incursions.