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Blockchain: the wave of the future
(lemmy.world)
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this post was submitted on 02 Feb 2024
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My point wasn't for or against any particular chain. It was just pointing out that crypto isn't really immutable when applied to real use cases, and is only as decentralized and democratic as power brokers in the space want it to be.
I'm pointing out that the DAO hack transactions are not muted on ETC, they still exist as transactions in a validated block on that chain. Whether its state of mutability exists in binary or on a spectrum, ETC is shown to be immutable using your criteria, further showing that it's not as simple as "crypto isn't really immutable". Different chains, even directly originating from the same project, have different characteristics with respect to mutability. It's not to say that ETH is worse and/or better than ETC, or that either of them are good, it's just what's been observed as a matter of record, contrary to your depiction
My point is that in a mass-adoption scenario where blockchains are controlled by large entities, they will absolutely use these characteristics to their advantage, and because of how crypto is structured it will be much more oppressive and favored towards existing powers than more traditional methods that allow for greater flexibility and a more diverse set of use cases. That's why some of the biggest holders of crypto are the same corporations that caused the '08 subprime loan crash.
Agreed, but consider this: centralisation in this context is intended to refer to the distribution of power and control toward any authority or party, including entrenchment of VC. It's definitely a valid point for something like Solana, less so for Ethereum I feel. At a certain point, the sum of involved interests are simply too disparate to be utilised together toward some nefarious end. Of course, robust on-chain community governance is critical for anything that wants to push beyond the microcap experiment stage that Ethereum was in during 2016.