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unyttigfjelltol | 5 years ago
Worse than that. But there is a dimension hinted at in the article that makes this not a good asset either. That is, the fact that a dozen or two large syndicates have deployed specific specialized hardware located in Iceland, Iran, Venezuela, and China etc., is not a reasonable guaranty of the future security of compute and network power in the system. Simply having computer power now linked in a global Internet does not bestow real world power. The U.S., E.U., have strong currencies backed by real world strength. Bitcoin on the other hand is a commercial ledger for drug, fraud, gambling, extortion, and money laundering transactions. It's the modern day Barbary Pirates, or take your pick of any other geographically-centralized pirate community. As pirates learn, when they achieve a sufficient notariety, entity-decentralization ceases to be a true protection.
It's been 10 years, Bitcoin still is as useless as it was in 2010, but it steadily is gaining notoriety.
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