TD₿: What is Crypto Decentralization and Why Bitcoin Stands Alone by Tone Vays
TL;DR Only Bitcoin has proven to be sufficiently decentralized to be both secure and censorship-resistant.
Hey Bitcoiners,
Wow — that was quite a weekend in the “crypto” universe.
We saw one of the most popular shitcoins, Solana, completely crash. We then watched their leadership team scramble to “restart” the network.
Gigi summarized it up well…👇
These network crashes are important because they help highlight the differences between Bitcoin and every other cryptocurrency.
Whereas network crashes and hacks are the norms for other cryptocurrencies, Bitcoin has not suffered either in its lifetime.
Not only that, but these debacles inevitably result in the leadership teams of these coins unilaterally attempting to save their network…proving they were never decentralized in the first place.
Tone Vays wrote a blog post a couple of years ago that delved into why Bitcoin is the only cryptocurrency sufficiently decentralized (09/17/2020).
Hopefully, investors are starting to wake up to the fact that there is no “spectrum of decentralization”. A cryptocurrency is either sufficiently decentralized, or it is not.
Only when things start to break down, as in the case with Solana, does the truth finally reveal itself.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“Centralized verification systems, run by biased humans, are the corruptible problem in any system Bitcoin's immutable decentralized PoW network is the FIRST network to remove this layer, possible ONLY because BTC on-chain data is incorruptible.” - Darin Feinstein, Founder and Chairman at Core Scientific
Meme of the Day
(h/t @iamthatothi)