waxwing on Nostr: Voskuil's old take on this should always be borne in mind (with a little of my spin): ...
Voskuil's old take on this should always be borne in mind (with a little of my spin):
The strong natural tendency of bitcoin mining, in a vacuum, is towards centralization. However, since Bitcoin is a threat to the state, the natural tendency of the state is to attack Bitcoin's functioning, which is only really possible if there *is* centralization.
This leads to a possibility of a kind of oscillation, *perhaps* around an equilibrium: very centralized mining gets attacked, then it becomes more fragmented and decentralization, and then it loops.
It is not unreasonable to say that this already happened in China last decade.
The strong natural tendency of bitcoin mining, in a vacuum, is towards centralization. However, since Bitcoin is a threat to the state, the natural tendency of the state is to attack Bitcoin's functioning, which is only really possible if there *is* centralization.
This leads to a possibility of a kind of oscillation, *perhaps* around an equilibrium: very centralized mining gets attacked, then it becomes more fragmented and decentralization, and then it loops.
It is not unreasonable to say that this already happened in China last decade.
quoting nevent1q…7qw5Why are you bullish anon?
https://www.youtube.com/watch?v=bqaBPALIM6c