Re-centralization

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Decjkf
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Joined: Sat Dec 14, 2024 3:44 am

Re-centralization

Post by Decjkf »

In his article on web3, Prof. Galloway cites interesting data that gives us an important perspective on the idea of ​​decentralization.

According to Chainanalysis data used by the Financial Times and israel girls whatsapp number No Mercy/No Malice (Prof. Galloway's blog), between February and November 2021, 9 percent of wallets storing NFTs held 80 percent of the market cap .

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It can be said that, due to the recent nature of the NFT model, it is normal that the distribution of wealth represented in this format is concentrated in the hands of a few specialists and that, with time and the education of society in general, this wealth is distributed organically.

Yes, we can say that. The problem is that this is an invalid argument if we consider the situation of Bitcoin , the first and most popular cryptocurrency. It has been more than a decade since Bitcoin appeared, even if its mass adoption did not occur until years later.

According to public data on BitInfoCharts, referenced by Galloway as well, in January 2022, the top 2 percent of wallets stored 95 percent of the world’s available Bitcoin supply . Without anything new to add, Galloway gives us a pearl of wisdom: “ If it were a country, Bitcoin would have the highest inequality rate in the world .”
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