{"id":159425,"date":"2021-05-21T20:30:12","date_gmt":"2021-05-21T15:00:12","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=159425"},"modified":"2021-05-21T21:35:09","modified_gmt":"2021-05-21T16:05:09","slug":"musks-bitcoin-centralization-claim-why-this-is-not-really-a-key-factor","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/musks-bitcoin-centralization-claim-why-this-is-not-really-a-key-factor\/","title":{"rendered":"Musk&#8217;s Bitcoin centralization claim: Why this is &#8216;not really a key factor&#8217;"},"content":{"rendered":"<p>It&#8217;s been a while since Tesla&#8217;s Bitcoin payments suspension announcement, with the company citing BTC&#8217;s high carbon footprint and related ESG concerns at the time. But, did things just escalate from there? In fact, Elon Musk and BTC&#8217;s relationship seems to have taken a <a href=\"http:\/\/ambcrypto.com\/xrp-bitcoin-cardano-price-analysis-19-may\/\">dip<\/a> since then, along with the crypto-asset&#8217;s price.<\/p>\n<figure id=\"attachment_159678\" aria-describedby=\"caption-attachment-159678\" style=\"width: 1701px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343.jpg\"><img decoding=\"async\" class=\"wp-image-159678 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343.jpg\" alt=\"\" width=\"1701\" height=\"539\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343.jpg 1701w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343-300x95.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343-1024x324.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343-768x243.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/PA-34343-1536x487.jpg 1536w\" sizes=\"(max-width: 1701px) 100vw, 1701px\" \/><\/a><figcaption id=\"caption-attachment-159678\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/coinstats.app\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener\">Coinstats<\/a><\/figcaption><\/figure>\n<p>The CEO of Tesla was in the news recently after he criticized Bitcoin&#8217;s highly <a href=\"https:\/\/fortune.com\/2021\/04\/20\/bitcoin-mining-coal-china-environment-pollution\/amp\/\">centralized<\/a> nature, a criticism that once again hurt the sentiments of many in the community.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies. <\/p>\n<p>A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound \u201cdecentralized\u201d to you?<a href=\"https:\/\/t.co\/Oom8yzGRNQ\">https:\/\/t.co\/Oom8yzGRNQ<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1393993975019749382?ref_src=twsrc%5Etfw\">May 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Alas, strategic investor Lyn Alden didn&#8217;t seem too affected by it, with Alden counterposing Musk&#8217;s decentralization claims during a recent <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9yc3MuYXJ0MTkuY29tL3RoZS1pbnZlc3RvcnMtcG9kY2FzdA\/episode\/Z2lkOi8vYXJ0MTktZXBpc29kZS1sb2NhdG9yL1YwL2J1VDNxSjNpNTlONnlBWEdiNjNjUTZibEFqRDlQSzE3bU43R3dURE9vZWc\">discussion<\/a> on The Investor\u2019s Podcast Network with Jeff Booth.<\/p>\n<p>While speaking to the host, the Founder of Lyn Alden Investment Strategy opined,<\/p>\n<blockquote><p>&#8220;BTC has been designed in a way that the nodes have the power. The\u00a0partial centralization hash rate is not really a key factor.&#8221;<\/p><\/blockquote>\n<p>She also posed two questions that seemed to answer Musk&#8217;s aforementioned concerns. She queried,<\/p>\n<blockquote><p>&#8221;\u00a0Is there a central development team that can override miners and nodes? No.<\/p>\n<p>Is there a possibility for miners to push changes? No.&#8221;<\/p><\/blockquote>\n<p>Ergo, it&#8217;s no surprise that the BTC community remains adamant about keeping nodes simple, mainly so that everyone can participate in the consensus.<\/p>\n<p>Having said that, Alden also addressed China&#8217;s role in the mining system as well. &#8220;Miners, of course, have a large role but just because one country has the majority of hash rates, it doesn&#8217;t really give them the control,&#8221; she added.<\/p>\n<div class=\"mceTemp\"><\/div>\n<p>Another highly-cited concern with respect to Bitcoin has been its volatility. According to Jeff Booth, the author of The Price of Tomorrow, however,<\/p>\n<blockquote><p>&#8220;The strongest counter to periods of medium to high Bitcoin volatility is its non-discretionary asymptotic monetary policy.&#8221;<\/p><\/blockquote>\n<p>Booth went on to add,<\/p>\n<blockquote><p>&#8220;There are at least two dimensions that make Bitcoin a unique value proposition: First, it has a built-in asymptotic supply curve with a forever limit of 21 million Bitcoin. Second, it has an exponential demand curve largely derived from global decentralized interest and underbanked communities.&#8221;<\/p><\/blockquote>\n<figure id=\"attachment_159448\" aria-describedby=\"caption-attachment-159448\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-20-at-5.10.39-PM.png\"><img decoding=\"async\" class=\"wp-image-159448 size-large\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-20-at-5.10.39-PM-1024x771.png\" alt=\"\" width=\"740\" height=\"557\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-20-at-5.10.39-PM-1024x771.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-20-at-5.10.39-PM-300x226.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-20-at-5.10.39-PM-768x578.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screen-Shot-2021-05-20-at-5.10.39-PM.png 1367w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-159448\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.nasdaq.com\/articles\/the-best-way-to-understand-bitcoin-volatility-2021-05-19\">Nasdaq<\/a><\/figcaption><\/figure>\n<p>Here, it&#8217;s worth noting that over Bitcoin\u2019s relatively short lifetime, its volatility has by and large trended downwards, with an ever upward trending market cap and volume.<\/p>\n<p>Finally, Alden also shed some light on Ethereum&#8217;s bull rally, when compared to that of BTC&#8217;s.<\/p>\n<p>Even though many proponents are optimistic about ETH, Lyn Alden isn&#8217;t one of them. She remained critical of the world&#8217;s largest altcoin, with the same underlined by her recently published\u00a0newsletter.<\/p>\n<p>Having preferred Bitcoin over ETH as an investment, she quoted the main reason being &#8220;decentralization.&#8221;<\/p>\n<blockquote><p>&#8220;I view ETH more of equity where people are betting on the development team. Basically, make the system they envisioned rather than a decentralized native for of money which is what Bitcoin is. It is more of a structurally sound protocol where you can seperate fundamentals from price action.&#8221;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been a while since Tesla&#8217;s Bitcoin payments suspension announcement, with the company citing BTC&#8217;s high carbon footprint and related ESG concerns at the time. But, did things just escalate from there? In fact, Elon Musk and BTC&#8217;s relationship seems to have taken a dip since then, along with the crypto-asset&#8217;s price. The CEO of<a href=\"https:\/\/ambcrypto.com\/musks-bitcoin-centralization-claim-why-this-is-not-really-a-key-factor\/\">Continue reading <span class=\"sr-only\">&#8220;Musk&#8217;s Bitcoin centralization claim: Why this is &#8216;not really a key factor&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":68,"featured_media":100533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,32,66,3,4,20],"tags":[],"class_list":["post-159425","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Musk&#039;s Bitcoin centralization claim: Why this is &#039;not really a key factor&#039; - 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