When cryptocurrency is mentioned, the first thing that mostly rings in our head is price not utility. Yet the latter was ALL what many were hanging their faith on. As the case may be, humans do change their mind.
A herd mentality has been triggered in this ecosystem, which is tempering big on the future of decentralization. We can't ignore that DEXs are building slowly while CEXs keep pulling something up by the day. This all boils back to where it all began; Bitcoin.
Bitcoinhas been cloned and decentralization is currently at a cross finger. Am I saying decentralization is not working? No, but when phrasing ‘as it ought to' it is a yes. When backdating to bitcoin's inception, the whitepaper isn't fulfilling itself as promised. It was to be a truly decentralized peer to peer transaction both in Network and ecosystem use.
Ok, the big players are here and they are old timers. Wall Street famous like Blackrock has already cloned a reasonable portion of these assets courtesy of its ETF strategy. How many of the regulars can afford a single Bitcoin.
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Ok, maybe the idea was not to afford it but rather use it for transaction purposes; so how many of us are satisfied with its current transaction fees? It may be worth your entire transaction amount at times.
Also something to debate about because here, transactions are attributed only to monetaries whereas even a text is seen as a transaction. This in the process brought in a set of mentality investors who were all out for green candles.
There are many things we can point at that have been a flawed scenario that has made decentralization go on slow motion but in this context I will be focusing on ‘cost of operation’.
Bitcoin is the pioneer coin in the crypto space and I feel Satoshi, although has played a huge part in shaping global transactions, never thought of what ‘proof of work’ will later resolve to.
Yes, it has resolved to structures and structures equals cost. From here, there is a loophole for the old timers to move in. When words like ‘how much’ come in, you can't win over Wall Street. We all know they print the money.
This is why they have been able to take control over web2 aiming to make sure little is heard about the next phase; web3. As we speak, AI is still at their disposable. They own all the systems and all the readymade or perhaps ‘freely given’ data on the Internet.
How can a small environment compare with companies like OpenAi, Google, meta or X in terms of data?
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This is not an easy fight to pick up, these companies are driving in billions of dollars and if you see and understand the future of AI you can admit these people are setting up flywheels for the near future. Not bad in terms of the needed effort and strategy but assumed bad in terms of ‘who is in charge’.
When you introduce high cost into a system, expect cloning. Proof of Work has been a flaw that has tempered with the future of decentralization. It would have been worth applauding only if it kept supporting the involvement of every user.
Can you mine Bitcoin with PC nowadays, the infrastructures and energy needed to run the consensus is out of local hands.
It is way too expensive for individuals to mine and old time players have taken advantage of this. As we speak, major BTC mining centers in the US are controlled by Blackrock.
To conclude, let me add, you should get where I am going and it seems it is already too late to start this train all over again. Bitcoin has become a store of value rather than a means of peer to peer decentralized network.
Adding to that, it is difficult to ignore its influence and even if there were to be a replica, in the long run cost will still set in and the help of those who know how to play the cost game very well will be needed. What has happened to the Ethereum network, how about the introduction of stablecoins? Same direction, like it or not, money is speaking louder than promises.
Posted Using INLEO