Will We Ever Truly See Decentralization?
This is a question that is worthy of consideration.
Crypto promised to be the decentralizing force that allowed the world to break away from the banks and create an entirely new monetary system. This was something espoused from the Bitcoin White Paper which discussed the idea of peer-to-peer money.
The challenge here was the fact that Bitcoin had some flaws. To start, it does not operate as a valid medium of exchange. As a trading asset, Bitcoin excels. Price stability is nowhere to be found.
Then we have the network. Proof-of-work was a breakthrough in that it provided decentralized consensus. We really had not seen that before.
Unfortunately, this is failing since we see mining operations growing in size. No longer can people use a PC for this purpose. Expensive hardware drawing large sums of energy are required.
In other words, with 40% of mining in the US, the largest chunk of this is done by publicly traded mining companies. These stocks are held by the likes of Blackrock.
Hence we seem to be back where we started.
