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Title: Discussing the issues of centralization by capital and corporations in web3 Post by: 1igured0ut on May 15, 2023, 04:24:37 PM I was reading through The Dark Side of Web3 (https://www.amazon.com/dp/B0C57RPDJ5) this weekend which covers the inner kitchen of how venture capital, foundations, and established crypto corps concentrate the power & money in the hands of a few.
Centralization covered by the ideas of decentralization is likely the biggest threat to the space. The simplest examples are when the LUNA and FTX crashed, bringing bitcoin down to $15k. One can only imagine how hard the shit will hit the fan if it happens to Binance or USDT (and there are good reasons for it to come true). I was putting usability over principles for the past few years in crypto – now changing my priorities to the ideas described in bitcoin's whitepaper. What's your experience with using centralized services? Would be glad to learn more examples of what branches of the industry / apps are leaning toward centralization, and what threats it potentially invokes. 10 Title: Re: Discussing the issues of centralization by capital and corporations in web3 Post by: Apocollapse on May 16, 2023, 07:01:51 AM Centralization covered by the ideas of decentralization is likely the biggest threat to the space. The simplest examples are when the LUNA and FTX crashed, bringing bitcoin down to $15k. One can only imagine how hard the shit will hit the fan if it happens to Binance or USDT (and there are good reasons for it to come true). What you're talking about? mentioning Bitcoin was down to $15K because of centralization is completely misleading. It's because of volatility and macro-economy problem, nothing more.I was putting usability over principles for the past few years in crypto – now changing my priorities to the ideas described in bitcoin's whitepaper. What's your experience with using centralized services? Would be glad to learn more examples of what branches of the industry / apps are leaning toward centralization, and what threats it potentially invokes. LUNA crashed because of their network security are weak, a hacker successfully found the vulnerability. FTX crashed because of their centralized exchange collapse, FTX token price is only follow their CEX reputation. The same happen with Binance token, if their CEX collapse, it will follow FTX path. USDT is centralized and known not backed with 100% real fiat, there's a chance USDT would collapse. |