Quote from: Namiks on December 26, 2020, 10:03:36 PM

I truly believe it has failed. I got into bitcoin back in 2012, and back then it truly felt revolutionary; a group of genuine cypherpunks promoting the name of bitcoin and creating useful services on top of it in order to provide true decentralisation and the removal of banks. Now, here we are, with mining growing increasingly more centralised with ASICs and everyone celebrating the arrival of banks buying up all the limited supply, using centralised services (trading, wallets, etc.)

I really miss when this space was small, and there was a genuine feeling of community within it. I think we all knew this day would come, but perhaps slightly differently. I remember when even on here coins with a 1% premine would be laughed at and die on arrival, and here we are asking for huge centralised teams and a 40% premine can be shrugged off. I love crypto, I really do. I'll never truly leave this space, but I do feel bitcoin has failed to be what it was meant to be.

I don't agree with most of your statement. Despite the entry of banks and other wall street giants, Bitcoin has maintained its centralized character. And to claim that banks are buying up the supply is completely wrong. Vast majority of the Bitcoin supply is owned by individual investors and the coins are stored in personal wallets. The banks and other centralized institutions don't even own 10% of the supply as of now.

And regarding premined coins, you need to remember that many of these coins are not doing great. XRP had a 100% premine, and it is almost destroyed now. Many of the other coins with similar premine levels are also going to end up like XRP.