Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Bitcoin was interesting when it was an experiment, when it ran. Its crawling now, crawling toward instability.
http://www.coindesk.com/is-bitcoin-for-the-masses-or-against-the-state/
Even the cheap rags are onto us.
http://www.coindesk.com/is-bitcoin-for-the-masses-or-against-the-state/
Even the cheap rags are onto us.
"One could even go so far as to claim the current banking system is more decentralized than bitcoin at this point. The Federal Reserve is composed of 12 banks across the country which then lend money to the nearly 7,000 banks in the country, not to mention the thousands of credit unions as well.
On the other hand, bitcoin (although still in its infancy) is currently managed primarily by four large mining pools, all out of China. While these pools are networks of many individual miners, there is uneasiness about this predisposition."
#1 BTC = Global, not a single country.
#2 BTC = Public Ledger and distributed, Unlike banks that don't even trust one another's books.
#3 BTC and its participants can migrate to a better horizon solution at a moments notice. Unlike bank that don't have a trusted backup that they would ever agree on due to political situations and commitments.
The list goes on. It is unfortunate to see this disingenuous type of approach to sell sensationalism while masquerading as journalistic reporting.
#1 majority hashpower is in China. Chinese mines can be controlled or shut down by the People's Bank or the government.
If you are referring to the "manufacturing of asic hardware" than consider that the "hashpower" you refer to is soon (as in the next month or so) to be made obsolete by sources outside china.
If you are referring to pool and network computation share of the pie than what you see are the results of pool participants that can easily direct their hardware at other locations if the need arises. That hash-power is migratory.
The changing landscape of the infrastructure that supports bitcoin is constantly evolving and to think the old rules apply is short sighted understanding.