Crypto is getting centralised. This is bad news.
Crypto is getting centralised. This is bad news.

By MadMaxx | Psycho Crypto | 1 Apr 2020


Has anyone taken out the time to read the bitcoin white paper?

Well, I did. I was bored as hell, so I read the white paper. And I figured out that this new asset was created to not just be a peer to peer electronic version of money, but to be a DECENTRALISED peer to peer version of money.

But look around you today. WALL STREET is involved in crypto. WALL freaking STREET.

We have people with over 1000BTC moving prices like no man's business. We also have bloody institutions having a grip and hole over hashing power on the blockchain. 

Hardly anyone uses Bitcoin as what it really is. For most, it's just another way of making money.

The fact that you can short Bitcoin is bad news for the project.

Exchanges now use their massive trading volumes to influence happenings in the crypto world(Binance and Huobi and the STEEM saga), and equally some exchanges manipulate prices on their platforms to suit their schemes.

The fact that individuals even own exchanges should be scary to the term "decentralisation". No one should be the owner of something that controls that much money.

And even some of our decentralised buddies are selling out. Binance(more or less the gods of centralising decentralised things) has acquired Coinmarketcap, possibly the most ubiquitous name in crypto rankings.(Thank goodness for coingecko. Y'all better remain unfazed!')

The deal cost $400 million, a really enticing offer.

But even before then, Coinmarketcap was selling out advert space to shady betting offers.

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As if all this wasn't enough, Binance(yet again) has decided to go onto Bitcoin mining, offering up amazing discounts to new users of its mining pool. They hope to use their user base of over 1 million people to get a hold of hash rates. This is madness.

I can't add all the centralisation moves we have seen currently. Ripple moving billions of dollars into the market, or Binance acquiring WazirX. All this just goes on to show that nothing can truly be decentralised.

We'll just have to see how all this plays out 

Thanks for reading guys.


MadMaxx
MadMaxx

Shitcoin flipper. Derivatives and options trader. Bitcoin and Ethereum futures and inverse swap contracts. Professional trader. Never financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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