[aero-]

I think the notion that BTC or Ethereum are actually decentralized digital currencies is the biggest farce of the last 5 years. A small concentration of miners (mostly based in china) control the vast majority transactions and will continue to so based on the increased difficulity that only large economies of scale will profit from. Middlemen(brokers and exchanges) charge fees just like banks do to transact and store. The transaction fees on the chains are equivalent to that of just sending a bank wire, and your wallet is no more secure than a bank account (can still be hacked) and not FDIC insured. Where is the benefit now?

[kharak]

Concentration seems to be unavoidable. A direct consequence of the power law respectively Matthew principle. I haven't researched the alternative PoS (prof of stake) concept too deeply, but I'd wager it'll end the same way.

This isn't a technological problem, but a fundamental principle of our reality. Still, the ability to fork and just restart the chain from a previous point, with new miners, gives the collective some choice on a fundamental level, should the concentration ever become a problem.

[rglullis]

The concentration, though undesired, is accidental and not coordinated. That's the difference.