Thread by @lex_node

good thread from @adamscochran rebutting points from @angela_walch

that miners & other ecosystem players have *some* discretion does not make them TradFi-like intermediaries/fiduciaries

miners compete; one miner will gladly get paid to mine a tx censored by another miner

https://twitter.com/adamscochran/status/1420533103207063559

@adamscochran @angela_walch much of political FUD around blockchain also ignores the natural checks/balances that have arisen in the blockchain ecosystem

sure, core devs have power, but that power is checked by miners, investors, non-mining node runners, app (wallet) providers, DApp teams, etc.

likewise, miner power is checked by the power of core devs + those other constituencies

the resulting system is more robust & trust-minimized than any set of TradFi laws / contracts / regulatory watchdogs could have made it

I broke this logic down in great detail here, where I argued that sufficient decentralization for legal purposes can be tested and that it does not entail that ecosystem participants are individually powerless:

lex-node.medium.com/defining-decen…

it is also very worth reading the great work of @samczsun, showing how white-hat miner/dev coalitions could arise to flex their discretionary powers for good

Congress won't do a better job at ensuring security than @samczsun's team of white-hats

samczsun.com/escaping-the-d…

TLDR: 'there nothing new under the sun' no-coiners need to up their game;

great, you identified that blockchain does not eliminate all power

now deal with checks and balances among:

👾validation power
🤝consensus power
👽protocol/client power
💸economic power
😎user power