This could happen for sure, so what? Bitcoin may go, but a new coin will rise and be better.
If Bitcoin was to become centralized, it's not like the entire cryptocurrency space and the ideas behind it would suddenly disappear.
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That is true but it would be a huge blow to the entire movement that I am not sure we could recover from. Having 42 billion $ just like that become centralized would be a very effective way to steer back the rebellious sheeps into the pen.
It would be for sure, but I think quite a big part of that $42 billion already has nothing to do with the movement, but with people wanting "easy & quick profits".
The new coin will rise over time like Bitcoin did and the sheep will join again.
This is of course if bitcoin will be centralized. And even if bitcoin was to be centralized, it'd still be a deflationary currency.
I don't necessarily care about the speculators, they knew the risks. I am worried about the entrepreneurs and visionaries that will lose their confidence and ambition if this thing is lost.
If it happens, it happens.
Just means it wasn't good enough.