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Cryptoflation
(lemmy.world)
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this post was submitted on 04 Dec 2023
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Miners do not control the blockchain though.They just offer to verify transactions and maintain the blockchain. They have no control over the price, the algorithm, the supply etc. not saying Monero is not a good choice too.
still, 90% of the Bitcoin is concentrated in the top 1%
That does not make it bad though. Bitcoin is not able to solve all monetary issues nor was it designed to. No monetary system right now solves that issue. This is like saying an EV is bad as it still can speed and kill people without recognizing all the other benefits over gas cars.
Unfortunately that's the issue. Only a small amount of miners are the ones making a significant dent in mining. Consumer hardware cannot compete with the corporations with large asic mining warehouses, especially ones run by governments and large corporations. This leads to further centralization due to the high barrier of entry and makes the blockchain susceptible to manipulation and things like a 51 percent attack.