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HomeTop NFT CollectionCrypto Isn't Decentralized and Has Undergone 'Recentralization'

Crypto Isn’t Decentralized and Has Undergone ‘Recentralization’

  • One critic says that the crypto world relies on central entities and low-wage workers.
  • The market has a “colonialist mindset” that focuses on raising flags and making money.
  • Crypto aims to be decentralized, but the market is already “decentralized”.

Cryptography may not be a decentralized and equal investment opportunity that people think so, according to some critics.

The vast world of cryptocurrencies — digital currencies, non-fungible tokens, internet organizations, Play-to-Earn video games, Metaverse, Web3 — Some what researcher Catherine Flick calls the “colonialist mindset” is that she relies on a central entity and low-wage workers.

“These people are like sailing across the ocean to get there first, raise a flag and make money,” said the Department of Computer Science and Informatics at Demont Fort University. Flick, a researcher, said. “But at the expense of those who work, those who are unlikely to make the same kind of profit, are likely to be exploited, or do not understand what they are doing.”

Like some artists behind a collection of digital tokens called NFTs, she said workers are paid less than a fair distribution of profits. A Wired articles The artist behind the hit Bored Ape Yacht Club collection, which once exhibited 10,000 works of art, said her rewards were “absolutely not ideal.”

Having completed research on topics such as video game ethics and innovation, Flick is one of many critics who have recently emerged to warn investors not to get caught up in hype. Dan Olson, a crypto critic and YouTube personality. NFT video Cryptocurrencies are called “bigger idiots” and their ideal is “Deeply destructive To the structure of our society. ”

Flick refers to an obvious cut. One of the key beliefs in cryptography is that it is “decentralized” because it is not controlled by a single individual, business, or government. But “I’ve seen many of the theoretically decentralized things recentralized,” she said.

for example, YugaraboThe team behind the Bored Ape Yacht Club has acquired the very popular NFT collections Crypto Punks and Meebits from Larva Labs. In short, the group currently owns two of the most valuable NFT projects on the market.

In response to this news, crypto critic Molly White, who runs a satirical Twitter account called “web3 is working,” said, “One of the most expensive and most popular NFT collections. It’s not as “distributed” as a company! “

I also pointed to the flick NFT exchange, Another example of centralization, where buyers and sellers can trade digital collectibles. She said it should be easy for people to sell NFTs themselves if the market is really diversified. “Society doesn’t work that way,” Flick added.

“Centralization needs to be easy for people to use, see what’s on sale, and have a good user interface to be incomprehensible. They don’t want it. To understand. They probably don’t care most of the time, “she said. “Like the classic: you don’t need to know how your car works to drive it.”

In recent years, cryptography has become mainstream. The

Market capitalization

Bitcoin and other tokens withdrew after surpassing $ 3 trillion in 2021, but NFT sales surged to over $ 40 billion.

But flicks have a bleak outlook on wild interests. Be careful with your investment. It will inevitably collapse.

“The winner will be the one who entered early and probably not you, and the loser will be the one who was left with the bag.”

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