Michael Saylor expressed, “Yesterday I was pleased to host a meeting between Elon Musk and the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency and accelerate sustainability initiatives worldwide.”
In response Charlie Lee expressed: “I see this as an overall good thing. It will help defeat the energy FUD. Yes, this is kind of like a mining cartel, but the difference between this and OPEC is that Bitcoin mining is permissionless. Anyone anywhere can mine Bitcoin without needing permission from this cartel.
Further stated, Humans will always tend towards centralization. It’s how we cope with chaos. But this is fine because Bitcoin is designed to stay decentralized. If anything bad (fees fixing, AML, censorship, etc.) comes out of this, Bitcoin’s immune system will fight and defeat it.
LTC community member was like: I’d want to understand more about how Bitcoin’s immune system can fight back against the side effects he mentioned. Overall all though, I see his point. I don’t think we’d be in this position to begin with if people didn’t praise/hate Elon.
Elon Musk has also tweeted: “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”
Onlooker opinions are like:
Corruption starts in closed door meetings. Fraudsters meeting for a centralized association. No thanks. Bitcoin does not need that.
Until Musk says he’s unhappy again with something and Council will have to obey. It’s wholly useless, as anyone can become a dominant player, and completely disregard everything these fruits agreed upon.
Anyone anywhere can mine Bitcoin without needing permission from this cartel.
Bitcoin will be centralized eventually. Apparently there is a hidden rule in the protocol. Miners can’t meet. Blocks will be rejected.
If participants of a network have to actively restrain their actions to make sure the system doesn’t centralizes – then it was never decentralized to begin with.
Unless they reach 51% where they censor the miners who do not participate with their cartel.
This just brings the flipping closer. Billionaires starting a cartel to “influence” BTC in the direction they think is best – just guarantees BTC dies sooner. ETH flipping – it is one thing but, once a 2nd chain flips, it BTC enters free fall! Saylor and Musk aren’t your