" It’s obvious if you look at major cryptos: a small number of people hold a large amount of the crypto wealth, and a few mining pools control the majority of the mining activity ... "
That's not the point. The point is that systems, better or worse, don't change distribution. They're all Zipfy. Bitcoin is as Zipfy as the USD or the Chinese yuan.
They're all subject to the math underlying human behavior. If it doesn't look Zipfy, it's not real.
I agree with them but the "makes the rich richer part" is a poor argument against something. It just means "investments promote some sort of growth that scales". That is not a bad thing in itself. If accepted as bad the exact same argument could be used against education and to argue why we should shut down the Ivy League now. Alongside other shortsighted behaviors.
That "Crypto" amounts to gratuitous waste to do things worse with no attendant applications is more important. It has always long been a cult of the golden saw proposing it as a solution for everything.
Author here. I agree that a lot of things make the rich richer, including our current financial system. However, I decided to mention this point since often times crypto's promise is to build a more equitable financial system, help developing countries and so on.
disagree with most of this. the point of 'decentralization' is about removing intermediaries and any central authority while keeping the ledger immutable. there is no one for the FBI or anyone else to go bully with an illegal warrant to try to confiscate my Bitcoin.
