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.
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.
Well, Gary is now a government official. So that means he's forced to spread negativism of Bitcoin. Else, he would risk losing his position as head of the SEC. I know most people keep their BTC in the hands of centralized institutions. But there's nothing we can do about it. Especially when BTC is decentralized and open to anyone.
Thank God, network consensus lies on nodes and miners than those with a large economic stake in it. Otherwise, BTC would've been under the control of governments and corporations alike. ETH is in big trouble after doing the switch to PoS. I sure hope Bitcoin stays PoW forever for complete decentralization + censorship-resistance. We're living in uncertain times, so expect the unexpected. Who knows how Bitcoin will fare in the long run?
