Why Altcoins Continue To Centralise
As a bitcoiner who runs a node, I know the importance of participating in the network and making sure you have a private port broadcasting to the network. Bitcoin has made serious considerations when it comes to decentralisation and allowing an ordinary person like me to run a node with very little hardware.
The decision proved to be the right one as the network continues to grow from strength to strength. As a blockchain gets older, and the database gets larger it starts to show its frailties. These younger blockchains have not yet reached enough users and transactions to expose this, or hold enough value for it to matter, but it will eventually show.
In the case of Ethereum one of the older chains, we are already seeing the cracks start to emerge. The ETH blockchain is close to 3TB and shows no signs of slowing down, the larger it gets, the less chance of running a node.
Now most ETH nodes are pretty much data centers and cloud providers anyway providing a distinct central point of failure.
Infura more like inferior
This week we saw Meta Mask unable to connect with the network for both Ukrainian and Venezuelan users. but how can that be, I thought ETH was decentralised and permissionless, well news for you, if you're not running a node you're using someone else's connection to the network.
A connection that can be censored and throttled and even see you ported to broadcast to a dead chain.
Infura hosts Ethereum nodes and operates blockchain infrastructure on behalf of companies such as ConsenSys and the ETH Foundation.
They say the problem was accidental and has been resolved.
It came about, Infura says, due to accidentally reconfiguring settings "more broadly than they needed to be" to comply with "new sanctions directives."
Again, I thought you claimed to be decentralised, why would geopolitical issues and sanctions affect you?
It just goes to show that ETH is perfect for survivance technology and great for throttling people, a network perfect to launch CBDCs and sucker unsuspecting people into the network.
Major red flag
ETH is a cuck for Western Governments and a SIMP for WEF. You can tell by where they've already censored their service and so called banking the unbanked.
If that is the case why is Infura banning users in the regions are Iran, North Korea, Cuba, Syria, and the Crimea, Donetsk, and Luhansk regions of Ukraine.
It's a complete joke, at this point if anyone is still holding ETH you're clearly not paying attention. You're funding censorship of other nations' citizens, you're larping about freedom when you're participating in a network that is well and truly part of the establishment.
And if someone is going to tell me oh theres this chain or that chain, bullshit, they're all the same. Ripple is also part of WEFs partnership while they've been a strong advocate for pos blockchains which are easily captured if not already compromised.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
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Didn't know Ukrainian and Venezuelan users couldn't access Metamask in the last few days. Another of those news that shocked me. Ethereum has always fought for decentralization, but I still don't understand how true that is, since it has very high costs, so not everyone can afford ethereum.
They've never fought for decentralisation, it was all astroturfing, they've just been a tech company with a blockchain all a long, same like their competition like SQLana and the rest.
Hive is looking better and better.
Our only worry is the witnesses being compromised, and they can be quickly replaced if the whales agree they need to be.
Dear @chekohler , Are you a programmer with advanced computer skills to create blockchains?
Are the individuals who can create blockchains making cryptocurrencies?
I still don't know the relationship between cryptocurrency and blockchain and how they make a profi
No I am not a coder, just a hobbiest who wants to learn how things work, people who create blockchains make money buy getting you to by their token, you give them stable coins or bitcoin and they give you their coin and they take your money and you hope you can sell that coin for more in the future, its a gamble the only winner is the people who make the tokens
Dear @chekohler, Are the people who made the blockchain making the cryptocurrency? As more people join the blockchain, the value of the blockchain increases, so does the value of the cryptocurrency created by the blockchain increase?
After all, can I get more profit if I buy a cryptocurrency created by a blockchain with a lot of subscribers?
Sorry for many questions!😅
No that is not always the case, you can have a blockchain without a token, if you have a look at the liquid network which is a blockchain and bitcoin side chain, it doesn't have a token.
As for more users making a token more valuable, that is also not a given, it's about how much money the users are willing to put into the system, and how much conviction they have to hold the token
Dear @chekohler, I don't know about liquid network and side chain
!😅 So, I can't understand meaning of your words!
Do you mean that blockchain users get profits after investing in blockchain?
No I don't see that most people who participate in a blockchain will make profit only a select few will