The main aim of the creation of Bitcoin was to create a monetary based token that could be transferred peer to peer through electronic means while being controlled by no one in particular. That was the mantra behind the creation of Bitcoin, right after the crssh of '08.
But look around us today. There are mining farms the size of actual industries belonging to one person. The bloody government of some countries have devoted actual money to mining bitcoin.
Exchanges like Binance and Huobi are buying every single business that stands in their way.
There are whales with 10000+ bitcoin that can move the market wherever they feel is right.
It seems to me like the whole aim of crypto has been defeated. There's no decentralisation here anymore.
So what can be done to fix it?
Nothing much right now, but here are some steps I feel Satoshi should have implemented.
- He should have built into Bitcoin's code the ability to prevent any one person from owning a certain amount of Bitcoin. Sure this might have been circumvented by the person holding it on multiple wallets, but the person won't be able to manipulate the market at once.
- He should have made the mining difficulty increase when too much hashing power is coming from just one place.
Also, the people who own crypto should have decided on owning it as a means of exchange and store of value, rather than owning it as something that brings more fiat. Crypto should be valued in crypto, not in fiat, if we wish to improve mass adoption.
Thanks for reading.