this post was submitted on 04 Dec 2023
1757 points (98.4% liked)
Microblog Memes
5801 readers
2342 users here now
A place to share screenshots of Microblog posts, whether from Mastodon, tumblr, ~~Twitter~~ X, KBin, Threads or elsewhere.
Created as an evolution of White People Twitter and other tweet-capture subreddits.
Rules:
- Please put at least one word relevant to the post in the post title.
- Be nice.
- No advertising, brand promotion or guerilla marketing.
- Posters are encouraged to link to the toot or tweet etc in the description of posts.
Related communities:
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Bitcoin doesn't even do the job of decentralization very well either. The blockchain is controlled by the wealthy miners with warehouses full of asic miners. Monero is a better cryptocurrency for that reason.
I thought Monero was just for buying drugs
Would you want to buy drugs with a centralized currency?
https://monerica.com/
Miners do not control the blockchain though.They just offer to verify transactions and maintain the blockchain. They have no control over the price, the algorithm, the supply etc. not saying Monero is not a good choice too.
still, 90% of the Bitcoin is concentrated in the top 1%
That does not make it bad though. Bitcoin is not able to solve all monetary issues nor was it designed to. No monetary system right now solves that issue. This is like saying an EV is bad as it still can speed and kill people without recognizing all the other benefits over gas cars.
Unfortunately that's the issue. Only a small amount of miners are the ones making a significant dent in mining. Consumer hardware cannot compete with the corporations with large asic mining warehouses, especially ones run by governments and large corporations. This leads to further centralization due to the high barrier of entry and makes the blockchain susceptible to manipulation and things like a 51 percent attack.