Gold has severe flaws. Physical locality makes it less secure and far more transactionally local, and thus more vulnerable to politics and less sound, than we can now achieve with Bitcoin, with good key management and taking advantage of its trust-minimized global settlement.https://twitter.com/MrHodl/status/991676293052813312 …
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But Nick! Governments would never seize our gold right??!!? There's no historical precedent for them taking it or outlawing it's possession right!?! Trusted 3rd parties might be really friendly!!11!
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Of course not. All you have to do is trust, easy and simple.
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All you have to do is have confidence in the confidence men, easy and simple.
End of conversation
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Yes and that same argument will be valid for significant "hash rate centers" too.
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Taking even a large number of mining facilities offline doesn't confiscate the underlying value behind the network, though it may affect the cost to transact (fees, confirmation times). Mining is far more decentralized (and may actually decentralize further in the future)
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Really do hope it decentralizes further.
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BetterHash is a great development to this end. There's a GIF floating around of mining centralization over time but I can't find it right now.
End of conversation
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