Death of Crypto? Will Facebook Libra's move to peg CBDC kill the crypto space? | Cryptotapas - https://www.cryptotapas.com/bitcoin-dead-libra-coin-cbdc/
@Wetrix Just to clarify: Bitcoin is now mined by 5 large pools with 70% hashing power concentrated in China. The only reason no single pool takes >51% is a mutual agreement between them because when GHash.io did that a few years ago everyone freaked out. To be honest, I don't see any practical difference between this an SWIFT etc.
@kravietz oh your 100% right. Bitcoin is already centralized. 99% of it is owned by whales and miners.
The reason they don't go over 50% is cause I don't remember the details but there's basically a dump switch that makes it crash if it does.
It was supposed to prevent centralization but, like u said people just formed agreements. 🍃
@kravietz when libra finally comes out it'll kill most crypto for obvious reasons.
1. Ease of use
2. Accepted everywhere
3. Backed by USD
4. Mass adoption
I wonder if even bitcoin will survive. If it does it'll be worth next to nothing.
If your investing in crypto I would watch the libra / Shitbook events closely and sell before it comes out.
🙃🐃🙃
@Wetrix Bitcoin will absolutely survive because its usage profile is orthogonal to Libra. The latter is indented as a currency for micropayments, while the only purposes of BTC are speculation and money laundering :) Other cryptocurrencies that have high volatility are quite useless for micropayments either, but stablecoins like DAI are really cool in practical use and I've been adding support for it on WebCookies.org
@Wetrix Well, not literally a crash but it *allows* the pool controlling 51% to reverse transactions and cheat https://en.wikipedia.org/wiki/Double-spending#51%_attack