He still has no more power than you or me to change the protocol. That’s decentralization.
Can anyone explain to me how #bitcoin #btc is decentralized if nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m owns 1% of all bitcoin and 14,000 wallets own 60% of ALL bitcoin. What if we replaced the word 'whale' with 'oligarch'? Not sure how having so few people owning so much of btc makes it less susceptible to manipulation. This is s concern. Maybe I'm wrong?
Discussion
Absolutely! Maybe I'm more concerned with manipulation vs decentralization. Maybe I'll just keep posting cute fam pics 😏
It’s a good question to ask. No shame in it at all. Price manipulation is certainly a risk. If he decided to sell all of microstrategy’s coins tomorrow the price would drop significantly.
But manipulate what exactly? What manipulation are you afraid of sats =sats again his proportion of the network has 0 effect on yours.
Price in any other currency you denominate bitcoin in can be manipulated by any whale. Yes, 1 btc = 1 btc, but for many the value of bitcoin against their native currency is still important.