At the end of the day, both the USD and bitcoin, have major defects. You just need to pick your poison. With the USD, you must trust the banks and the U.S. Government. With bitcoin, you must trust your Chinese miners.*
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Very hard for me to believe this is accurate. Knowing how business works in China (where most of the miners are concentrated), if mining capacity is not concentrated, they've formed a cartel.https://twitter.com/bitaps_com/status/1085642389291761664 …
Last 24 hours distribution. The mining distribution is almost such that the miner's share is no more than 10%, and, accordingly, 6 network confirmations provide complete protection against a double spend attack. #bitcoin
#decentralized pic.twitter.com/L56IlaSCgo
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*I'm not as knowledgeable as I'd like to be about Bitcoin, but it's my understanding that overconcentration of mining allows for double spend which destroys trust (and thus convertability of the currency), but does allow a miner to modify an already created ledger.
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At least the miners have pushed the block complexity up so high that it is not even remotely cost-effective to try mining on commodity GPUs, so it might just be possible to get ahold of a top-end 20XX Nvidia card without sacrificing your firstborn child.
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That's probably a bad thing fort bitcoin though right? Wouldn't it be stronger if it were truly distributed across millions of hodlers instead of concentrated amongst a few giant companies (irrespective of whether they are based in the PRC).
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