0 sats \ 3 replies \ @OT OP 27 Jul \ parent \ on: RFK Speech Applause What!? bitcoin
They would own 20% of the supply
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0 sats \ 2 replies \ @jp305 27 Jul
Please explain to me how this is bad for decentralization given the current consensus mechanism.
In my understanding, all a whale could do is try to manipulate the price, down or up. Since there would be no economic reason to drive it down, what's the problem?
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0 sats \ 1 reply \ @OT OP 27 Jul
OK, let's say that a pro BTC gov holds 20% of the supply. The next president to come in is a dollar maximalist and they dump it. The price goes to zero.
It just becomes less attractive if most of the supply is in the hands of a bad actor.
BTW, doing the math on this its pretty much impossible or would take 20-30 years.
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0 sats \ 0 replies \ @jp305 28 Jul
Absolute nonsense 😂
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