This article reflects on Bitcoin's struggle with centralization, inspired by Co-Pierre Georg's insights. Despite Satoshi Nakamoto's vision of a decentralized peer-to-peer cash system, studies indicate significant centralization exists in the Bitcoin ecosystem, with a small number of exchanges controlling a large volume of transactions. Critics question the methodological validity of these findings, but the reality persists that Bitcoin's design faces adversity from human behavior, risking vulnerabilities such as 51% attacks, especially during market downturns.
The tension between Bitcoin's decentralized architecture and human nature's inclination toward centralization shows that achieving true decentralization in practice is profoundly challenging.
Satoshi Nakamoto's vision of 'one CPU, one vote' aimed for a decentralized network, yet current research shows that power is concentrated in the hands of few.
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