polynya on Farcaster

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https://bitcoin.org

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polynya pfp

Today, a majority of BTC is traded and custodied on CEXs. With the advent of ETFs, in the long term BTC will effectively be controlled by a few regulated CEXs. Might as well cancel PoW and go PoA - it'll actually be more decentralized than 2 mining pools & a handful of profit-maxi centralized mining corporations.

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kumavis pfp

I can see ETFs centralizing BTC holdings in CEXs but how does that centralize mining power? I could see this being more of an issue with PoS bc CEXs would have incentive to stake holdings

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Quez pfp

wouldn’t we be back at square one, except with BTC as the currency in use?

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MoneyMagician pfp

U left twitter huh?

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tonywtf pfp

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Mathemagician pfp

Buy ETH we solved that!

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Sjonnie pfp

Yes, will most likely play out that way. Effectively being PoA.

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I agree, BTC is a dying dinosaur. ETH is the digital oil. The only way BTC survives is by shifting to a PoA and incorporate a layer 1. It's hilarious that BTC doesn't even have a platform, no utility but people pray to it. Utility and adaptability always move forward.

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J Milles 🎩 pfp

I feel like this is the actual long term security play for Bitcoin. Whether they want it or not.

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Sad King Billy pfp

nation states will realise having their own mining company is in their national interest.

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Benido pfp

Kill the chain, live on ETH/ CEXs, raffle the block rewards until 2100.

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NotFloris 🫂 pfp

But they said it was ‘a peer-to-peer electronic cash system’! Surely the lightning notwork will save Bitcoin.

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