A new research paper that claims Bitcoin (BTC)'s early success relied on “cooperation among a small group of altruistic founders” rather than true decentralization has ignited a debate in the community, with some questioning why it received such massive media attention despite being “not notable at all.”
The paper, written by researchers at seven universities in the US and Europe, said that although Bitcoin was “designed to rely on a decentralized, trustless network of anonymous agents,” this was far from the case in its early days.
The early period that was observed in the study was between Bitcoin’s launch in March 2009 and until the price first hit USD 1 in September 2011.
During this time, most bitcoin were mined by only 64 “agents,” the paper said, attributing this to “the rapid emergence of Pareto distributions in bitcoin income.”
According to the paper, this – in turn – led to “such extensive resource centralization that almost all contemporary bitcoin addresses can be...
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