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I was recently at a digital currency conference, and one of the speakers brought up an interesting idea: bitcoin is more centralized than we think. As anyone who follows the bitcoin startup landscape knows, a few large players dominate bitcoin mining hashrate:
As a analyst following Bitcoin full-time for several months, I have been keeping up with developments in the cryptocurrency, attending Bitcoin meetups in Silicon Valley, and talking to Bitcoin startup founders. One key question that keeps coming up is — what is the intrinsic value of Bitcoin? Bitcoin proponents have made several arguments for it and I soon became an evangelist. The detachment of Silicon Valley from the rest of the world probably contributed to my conversion. But deep down, I have always had a nagging feeling that something was ‘off’. I could not find an argument that convinced me one-hundred-percent that Bitcoin had intrinsic value — until today.