In other words, the distribution of Bitcoin's supply is centralized. But not the network itself. I sure hope developers find a way to fix this in the long run. As long as Bitcoin preserves decentralization + censorship-resistance, there should be nothing to worry about. We must encourage people to take BTC off centralized exchanges and/or wallet providers. Only then, true equality will be achieved.
It seems Gary Gensler needs a lot to learn about crypto/Blockchain tech. Especially when he used to say PoS coins are "securities". Either he doesn't understand how decentralized protocols work or he is just pretending to harm the crypto industry. Even after the approval of Bitcoin spot ETFs, he advised investors to be wary of the risks of buying and holding BTC (reiterating it can be used for criminal activities). Hopefully, the SEC chairman is replaced by someone else who values the true power of Bitcoin/crypto. Maybe the best is yet to come?
It seems Gary Gensler needs a lot to learn about crypto/Blockchain tech. Especially when he used to say PoS coins are "securities". Either he doesn't understand how decentralized protocols work or he is just pretending to harm the crypto industry. Even after the approval of Bitcoin spot ETFs, he advised investors to be wary of the risks of buying and holding BTC (reiterating it can be used for criminal activities). Hopefully, the SEC chairman is replaced by someone else who values the true power of Bitcoin/crypto. Maybe the best is yet to come?
Gary Gensler taught a class at MIT on blockchain. He knows very well what he is talking about.
He was saying that the way most holders of cryptocurrency use it it's not decentralized--it's a brokerage account in an "oracle database" in his words. And he's absolutely right.