Post
Topic
Board Bitcoin Discussion
Re: What if Bitcoin Gets Centralized Through Massive Mergers
by
squatter
on 05/03/2020, 10:04:05 UTC
Bitcoin can't just be bought up like Steemit did, it's a completely decentralized protocol.

Nor can it be insta-mined like STEEM was. That's the root of this whole fork controversy -- Steemit Inc. printed at least 65 million STEEM for themselves. They were apparently transferred to Justin Sun when the Tron Foundation acquired Steemit. The community soft forked to freeze those funds, prompting Sun and at least two exchanges (Binance and Huobi) to launch an attempted takeover of the DPOS consensus.

CZ is trying to brush this under the rug, but Binance and Huobi (and obviously Poloniex) acted very questionably in all this.

Fortunately, this type of attack can never happen to Bitcoin. Custody over of bitcoins doesn't equate to voting rights in consensus changes.