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Topic: Gary Gensler: "Bitcoin is not that decentralized" (Read 1202 times)

legendary
Activity: 4410
Merit: 4766
Gensler is just upset & embarrassed that he had to approve to spot etfs, basically either approve or get sued. He must be in either politicians or bankers pockets because he is well versed on Bitcoin after teaching classes at MIT years ago. The good thing is we don’t have to care what he thinks any more.

gensler knows what bitcoin is
gensler quote of this topic was about BTC the currency not Bitcoin the network
genslers is not actually against bitcoin, he is just not utopian fluffy animal meme dreamspace promotion about it
i feel gensler is just doing the same risk mitigating talks any/all assets get.
plus yes he has to toe the political party-line of Mrs Warren who is on the chair board of many commissions that decide on SEC matters.  so he has to tread carefully and not show favouritism to a particular asset class

and we should all be happy to admit the good and bad so we can all have risk mitigation awareness and not lulled to sleep with cartoon memes of snake oil promotions of greed and tricks to snare people into riskier positions
EG
we should all use genslers words to re-energise #not-your-keys-not-your-coin tag line. rather then say 'everything is awesome now heres 6million memes you can get if you deposit into a CEX, now go to sleep"
legendary
Activity: 3304
Merit: 1617
#1 VIP Crypto Casino
Gensler is just upset & embarrassed that he had to approve to spot etfs, basically either approve or get sued. He must be in either politicians or bankers pockets because he is well versed on Bitcoin after teaching classes at MIT years ago. The good thing is we don’t have to care what he thinks any more.
legendary
Activity: 2898
Merit: 1823
Except that you're spreading disinformation, lies, and gaslighting everyone to manipulate and convince them that big blocks is the correct path to scaling the network.

when your mentor and his cultish clan cried to mods


Ser, you're the only person here saying that someone "cried to the mods". No one cried to the mods or to those two BITCOIN CORE DEVELOPERS who gave you both negative trust-ratings. Plus there's another person who said you promised to pay him to "enter a dialogue with you" in the forum? WHICH you didn't pay, and you got a negative trust-rating for it. Is that our fault? No ser, the lies, the FUD, the disinformation, and the gaslighting will always be noticed, and they did notice.
legendary
Activity: 4410
Merit: 4766
Except that you're spreading disinformation, lies, and gaslighting everyone to manipulate and convince them that big blocks is the correct path to scaling the network.

when your mentor and his cultish clan cried to mods years ago and then told you a sob story when he recruited you. you are now just going in circles making yourself look silly, by ignoring code, ignoring blockdata, ignoring statistics, ignoring logic, math, economics, to only care and consider the cry appeals.. as your backing for the opinion you quote from your mentor about how you see bitcoins future going

if you dont want to look stupid or be called stupid or question your own mind of if you are actually stupid or not, how about stop acting like you are and actually do some research independently for once to break your cycle

now stop crying that your mentor has a record that he cried to a moderator years ago about me calling him an idiot and later me calling you an idiot. and simply stop acting like one and finally learn about bitcoin

i use blockdata, code, maths, logic, common sense, economics to back up what i say.. you can only quote cries and moderation appeals.. grow up, take some time to learn bitcoin not how to play victim

by the way
the "big blocker" narrative you speak of is a STUPID extreme LEAPING stupid version of proposal came up by your mentors cultish tribe

scaling bitcoin is more subtle than the narrative your mentor taught you.. but you just want to go with the cult narrative to avoid ANY actual discussion of true scaling
its your mentor that has supplied you with gas.. and you can escape the gas chamber he locked you into

..
now dont press reply with more cries.. instead take the time to actually learn about bitcoin past and future proposals..
legendary
Activity: 2898
Merit: 1823

windfury, you are soo boring that you cant even realise how much of a copycat you are
find a new script


Boring and a copy cat? For merely telling the whole truth about you and your mentors Mike Hearn and Roger Ver? To which you are currently denying that you're supporting their ideas during the blockchain debate. Hahaha!

I truly hope you didn't sell your Bitcoin for BCash, franksandbeans. Because that obviously would be the worst financial decision ANYONE could have made.

i never even touched any fork of bitcoin nor do i advertise or promote other networks pretending to be bitcoin...


Except that you're spreading disinformation, lies, and gaslighting everyone to manipulate and convince them that big blocks is the correct path to scaling the network. That's playing 4D Chess to make people support Rogercoin and Craigcoin without directly telling them, no?

It's there in your trust-rating, everyone should read it. You're full of FUD ser.
hero member
Activity: 1792
Merit: 534
Leading Crypto Sports Betting & Casino Platform
]

Well, Gary is now a government official. So that means he's forced to spread negativism of Bitcoin. Else, he would risk losing his position as head of the SEC.

I think this is not right, if the government really hates bitcoin then why did they order him to approve bitcoin ETFs? I think what he said is just his personal opinion and no one forced him to say those things. Since even bitcoin investors have that mindset, I see many people complaining that using centralized platforms or institutions holding too much bitcoin will make bitcoin more centralized. So I think it's just that everyone's views and thoughts about bitcoin are different.
member
Activity: 182
Merit: 47
Gary Gensler taught a class at MIT on blockchain. He knows very well what he is talking about.

He was saying that the way most holders of cryptocurrency use it it's not decentralized--it's a brokerage account in an "oracle database" in his words. And he's absolutely right.

Well, Gary is now a government official. So that means he's forced to spread negativism of Bitcoin.


Forced? By whom? Why?

From the standpoint of the SEC, Bitcoin is just another investment instrument just like all of the others, and consumers should be protected from fraud, which helps markets function and raises the price of instruments like Bitcoin.

There's no conspiracy. The illuminati is not out to get Bitcoin. Anybody in the US can buy Bitcoin anytime they want. They have Super Bowl commercials about it. People are inventing government intervention out of thin air. Not only is there no government intervention, there's not even a valid reason why there would be intervention and tons of evidence to the contrary e.g. that the ETF was just approved by (checks notes) the same government that is supposedly secretly against Bitcoin.

Look, I get it: it's not as much fun to invest in something if it doesn't have a "catch" associated with it. Lots of people click on those ads that read, "CLICK HERE TO READ WHAT THE POWER COMPANIES DON'T WANT YOU TO SEE". I guess those things work, right?

But the fact is that every bit of earthly evidence points to the fact that in the US and most of the world, Bitcoin is legal and nobody is interested in making it illegal, and in fact access to Bitcoin is actually expanding.

If that diminishes the thrill for people who think otherwise, well, I guess that's what engineers like me do. Sorry.

legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
Gary Gensler taught a class at MIT on blockchain. He knows very well what he is talking about.

He was saying that the way most holders of cryptocurrency use it it's not decentralized--it's a brokerage account in an "oracle database" in his words. And he's absolutely right.

Well, Gary is now a government official. So that means he's forced to spread negativism of Bitcoin. Else, he would risk losing his position as head of the SEC. I know most people keep their BTC in the hands of centralized institutions. But there's nothing we can do about it. Especially when BTC is decentralized and open to anyone.

Thank God, network consensus lies on nodes and miners than those with a large economic stake in it. Otherwise, BTC would've been under the control of governments and corporations alike. ETH is in big trouble after doing the switch to PoS. I sure hope Bitcoin stays PoW forever for complete decentralization + censorship-resistance. We're living in uncertain times, so expect the unexpected. Who knows how Bitcoin will fare in the long run? Smiley
copper member
Activity: 69
Merit: 0
Your input would be greatly appreciated. Thank you. Smiley

I've seen a lot this misconception about Bitcoin decentralization. Actually I've just answered in another topic about this.
Gary Gensler doesn't understand that the decentralization of bitcoin is about the full nodes and the miners involved, not about the number of wallets containing big funds (and frankly, those are still plenty too).
And allow me to be a bit mean: maybe he confused it with Ethereum.

True, but since there is a hard limit of maximum coin supply of Bitcoin subject to halving rewards for miners, Gary Gensler is not totally wrong here. Though I think he is an enemy of defi and permissionless cryptos in general.
copper member
Activity: 20
Merit: 0
Gary Gensler taught a class at MIT on blockchain. He knows very well what he is talking about.

He was saying that the way most holders of cryptocurrency use it it's not decentralized--it's a brokerage account in an "oracle database" in his words. And he's absolutely right.

I remember watching some of those MIT OpenCourseWare:

Introduction for 15.S12 Blockchain and Money, Fall 2018
Professor Gary Gensler
https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/

https://www.youtube.com/playlist?list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn



legendary
Activity: 4410
Merit: 4766
and no ordinals junk does not look like a normal tx.. there are obvious signs its different and code can be made to recognise that.
STAMPCHAIN, not Ordinals (Ordinals can sorta be recognized but they can switch to a worse protocol at any time). Please read the proposed protocol. They are creating fake public keys to store data on them. There are no "obvious signs" which public key is true and which is fake. This is actually not a new method, it was used to store data before OP_RETURN was introduced, and it was the reason for OP_RETURN introduction for these protocols not cluttering the UTXO set. Why? Because you can't tell which things are "arbitrary data".

Please understand: as bad as Ordinals and BRC-20 are, Stampchain and the 2013/14 pre-OP_RETURN token protocols are MUCH worse for scaling and would lead to much more centralization risks.

(hardening up the soft opcodes(now hundreds) that allow data to pass unchecked). require network readiness if someone wants to use an opcode with new format conditions.. (network security) and checking every byte meets a rule(data security)
- Hardening opcodes, if I interpret correctly what you mean, would imo make future softforks impossible.
- Require network readiness would make creative usage of contracts depend on "Core approval". You would actually increase Core's power, not reduce it. This would lead to a never ending war about details and so creative usage of Bitcoin Script (I don't include Ordinals in that, but things like LN) would be discouraged. You may like that but I don't.
- "checking every byte meets a rule": Actually you even propose to "worse" scaling if you want "every byte" to be checked for a "rule" or "purpose", because that would increase resource usage of validating full nodes. And: How to check for that purpose? For example, if you want each public key to be check if it really corresponds to an existing address, you would forbid to create new addresses, to create a lock-in and a privacy nightmare.

d5000 for someone like you thats been around long enough to have had the time to learn enough, you yet again show you dont know enough, by contradicting yourself and by then saying obsurd notions

first of all i have been talking about the funky junk being able to be added if segwit activated since core proposed segwit back in 2016.. creating new soft(open/un-format required)opcodes that were treated as valid without checking data after opcode.. since 2016..
so no its not about taproot.. i never mentioned EVER taproot starting it all, taproot is just the prime example/demo/effect/result of the previous exploit softening has caused since 2017, where years later taproot is the result/example.. not cause

secondly. stampchain. is not complicated. its just multisig of EG 1of2 where it needs one signer key and the other key is junk data
(funny part is i think it was me that gave them the idea in early ordinals days, to use multisig instead of witness metadata/op_returns)

op_return and stampchain does not create 4mb of memes..
op return is limited to 80 bytes and stamps have 20byte thus leaner then the meme junk
and the great thing about code. code can create rules.. as thats the beauty of it
code to limit arbitrary data to keep bitcoin clean for its main intended purpose.. a purpose you seem to have forgot
(and no dont reply that you think bitcoin should be free to become a junk data library/comic book store of images)

i think you really dont understand why bitcoin was such a great solution to digital money concepts of the early years..
i know you want arbitrary junk data as it makes bitcoin annoying and helps you to promote other networks people should use to get away from the annoyances.. but how about you stop promoting other networks and start to think of what is best for bitcoin.. via fixes to the annoyances. rather then wanting the annoyances to continue just to promote user exits as the only solution you could find

hardening the rules again actually means core devs cant just supplant new stuff which then by default require people to rush into using core as sole reference updated code to stay fairly 'fully' again after they change things.. thus keeping them on power
it stops core from being so lax. instead hardening the rules would require core to be scrutinised more pre feature operation, to then have the community then see there is nothing that could go wrong before core do anything.. as it should be

and it then also requires core to hope what they make meets the standards/benefits the community see as a good thing/to see its merits..
meaning core have to actually explain things and show things rather then throw things in and see what sticks

which another brand could then also publish its own proposals and community can check its merits too and there wont be a REKT campaign fear of 'dont use software as its trojan.." of sily fear campaigns. but instead actual fair adoption due to the activation not happening pre majority thus safe to start allowing different nodes onto the network with different feature offering/proposals with no threat level of any brand instantly changing stuff

as for your willingness to not want core to have network readiness as you think it will hinder cores innovativeness/creativity .. well maybe that will kick them up the ass to motivate them to actually make something network benefit worthy, rather than things sponsorship worth

but i do gotta laugh how you dont want nodes checking everything but then try to refer to nodes not checking everything as "full"
pure comedy
member
Activity: 182
Merit: 47
In other words, the distribution of Bitcoin's supply is centralized. But not the network itself. I sure hope developers find a way to fix this in the long run. As long as Bitcoin preserves decentralization + censorship-resistance, there should be nothing to worry about. We must encourage people to take BTC off centralized exchanges and/or wallet providers. Only then, true equality will be achieved.

It seems Gary Gensler needs a lot to learn about crypto/Blockchain tech. Especially when he used to say PoS coins are "securities". Either he doesn't understand how decentralized protocols work or he is just pretending to harm the crypto industry. Even after the approval of Bitcoin spot ETFs, he advised investors to be wary of the risks of buying and holding BTC (reiterating it can be used for criminal activities). Hopefully, the SEC chairman is replaced by someone else who values the true power of Bitcoin/crypto. Maybe the best is yet to come? Cheesy

Gary Gensler taught a class at MIT on blockchain. He knows very well what he is talking about.

He was saying that the way most holders of cryptocurrency use it it's not decentralized--it's a brokerage account in an "oracle database" in his words. And he's absolutely right.





legendary
Activity: 3220
Merit: 1363
www.Crypto.Games: Multiple coins, multiple games
Who the heck is Gary Gensler? Is he Satoshi Nakamoto himself? Nope. This is why I find it silly when some people care about some random person's opinions instead of using their own heads properly.

Fact is that BTC itself is decentralised, but some stuff related to it like exchanges etc that require KYC are centralised. They are different.

In other words, the distribution of Bitcoin's supply is centralized. But not the network itself. I sure hope developers find a way to fix this in the long run. As long as Bitcoin preserves decentralization + censorship-resistance, there should be nothing to worry about. We must encourage people to take BTC off centralized exchanges and/or wallet providers. Only then, true equality will be achieved.

It seems Gary Gensler needs a lot to learn about crypto/Blockchain tech. Especially when he used to say PoS coins are "securities". Either he doesn't understand how decentralized protocols work or he is just pretending to harm the crypto industry. Even after the approval of Bitcoin spot ETFs, he advised investors to be wary of the risks of buying and holding BTC (reiterating it can be used for criminal activities). Hopefully, the SEC chairman is replaced by someone else who values the true power of Bitcoin/crypto. Maybe the best is yet to come? Cheesy
legendary
Activity: 3906
Merit: 6249
Decentralization Maximalist
Unfortunately, he is right. A few exchanges hold a big portion of total circulation. I have always said that, if a 10K Bitcoin sale changes the market by 10% or more, what will happen if Binance or some other whales decide to sell 50K Bitcoin in one day?
Apart from centralization on big exchanges, the high potential volatility emerging from relatively low volume is true currently mainly because of the Bitcoin which is circulating, 95-99% (estimation without any source, but I don't think it's incorrect Wink ) are to be traded for currencies instead of being traded for goods and services. There is no "rooting" of the Bitcoin price in the real economy. People don't know how much it "has to be worth".

If we had more currency usage, then big sale transactions (but also big buy transactions, to some extent) would not matter that much anymore as we'd see a steady circulation "rooted" in the real-world economy. And for these usecases there's Lightning and (hopefully soon) sidechains. Each time a merchant (e.g. Bitrefill) is guaranteeing a price for 15 or 30 minutes Bitcoin is "backed" in some way by the merchant for this timeframe. Several years ago I started a thread about expanding that concept of "backing" Bitcoin by goods/services, but it did not receive much attention. Other ideas would be adding Siacoin-style contracts for trading hosting space for BTC, I guess with LN such a marketplace should be feasible. It doesn't matter which good or service is involved, with the exception of DeFi, i.e. services inside the "Bitcoin/crypto circlejerk".



we should be looking for fixes and proposals that diminish the power core have over the protocol we dont need them acting as politicians
instead bring it back to the full consensus system of needing majority network readiness before new features activate so that a majority of the network can be ready to fully validate and archive FULLY and secure the network
You seem to refer to the Taproot introduction here. But Taproot is not the culprit of the Ordinals spam. See next part. Nor would I agree that Core has that much power like you say. If Taproot was more controversial (e.g. like Segwit) alternative proposals would have been discussed.

and no ordinals junk does not look like a normal tx.. there are obvious signs its different and code can be made to recognise that.
STAMPCHAIN, not Ordinals (Ordinals can sorta be recognized but they can switch to a worse protocol at any time). Please read the proposed protocol. They are creating fake public keys to store data on them. There are no "obvious signs" which public key is true and which is fake. This is actually not a new method, it was used to store data before OP_RETURN was introduced, and it was the reason for OP_RETURN introduction for these protocols not cluttering the UTXO set. Why? Because you can't tell which things are "arbitrary data".

Please understand: as bad as Ordinals and BRC-20 are, Stampchain and the 2013/14 pre-OP_RETURN token protocols are MUCH worse for scaling and would lead to much more centralization risks.

(hardening up the soft opcodes(now hundreds) that allow data to pass unchecked). require network readiness if someone wants to use an opcode with new format conditions.. (network security) and checking every byte meets a rule(data security)
- Hardening opcodes, if I interpret correctly what you mean, would imo make future softforks impossible.
- Require network readiness would make creative usage of contracts depend on "Core approval". You would actually increase Core's power, not reduce it. This would lead to a never ending war about details and so creative usage of Bitcoin Script (I don't include Ordinals in that, but things like LN) would be discouraged. You may like that but I don't.
- "checking every byte meets a rule": Actually you even propose to "worse" scaling if you want "every byte" to be checked for a "rule" or "purpose", because that would increase resource usage of validating full nodes. And: How to check for that purpose? For example, if you want each public key to be check if it really corresponds to an existing address, you would forbid to create new addresses, to create a lock-in and a privacy nightmare.
hero member
Activity: 462
Merit: 767
Instant cryptocurrency exchange with own reserves!
In a recent interview with SEC chairman Gary Gensler, there was something that caught my attention. The chairman stated that "Bitcoin is not that decentralized". That's "partially due to the prominence of centralized crypto exchanges". You can read all about it here: https://www.cnbc.com/2024/02/14/cnbc-transcript-sec-chair-gary-gensler-speaks-with-cnbcs-squawk-box-today-.html

Unfortunately, he is right. A few exchanges hold a big portion of total circulation. I have always said that, if a 10K Bitcoin sale changes the market by 10% or more, what will happen if Binance or some other whales decide to sell 50K Bitcoin in one day? We have seen such things after the ETF approvals. Grayscale was dumping their Bitcoin and this is the reason we didn't see any effect of ETF approval. We started to see the difference, though, only after Grayscale stopped selling their holdings.

Unfortunately, crypto newbies prefers to use centralized exchanges because they can use those platforms whenever they want. They can sign in to their exchange account even if they lose their password. They can recover their password. They use those platforms because of the simplicity.
legendary
Activity: 4410
Merit: 4766

windfury, you are soo boring that you cant even realise how much of a copycat you are
find a new script


Boring and a copy cat? For merely telling the whole truth about you and your mentors Mike Hearn and Roger Ver? To which you are currently denying that you're supporting their ideas during the blockchain debate. Hahaha!

I truly hope you didn't sell your Bitcoin for BCash, franksandbeans. Because that obviously would be the worst financial decision ANYONE could have made.

i never even touched any fork of bitcoin nor do i advertise or promote other networks pretending to be bitcoin... yet you have with your mentors shoddy subnetwork he wants to migrate bitcoiners over to and where he wants to stop people buying daily goods on the actual bitcoin network,, which you then recite

you actually do have a mentor.
other people have independent minds to think for themselves and say many things
my opinions are my own. my insults to you are my own unique insults.
my words to you are my own
my thought on development are my own and differ to the ones you quote and different to the ones you also quote others of being

yet your words, insults and lame posts are just words heard by your mentor before you, thus your words are not original, nor are your insults

you should atleast try to be original and unique and independent.. that should be a minimum

pease learn the meaning of independence.. it will not only help you in life, but help you understand what decentralisation is
you just acting a slave to someone elses trusted character and characters(words) is an example of centralisation which you adore

you would rather have code weakened, softened and backdoored to allow one central group control to slide things in without network readiness.. to then require their political decision of needing them to close their exploits, which they refuse..
your acceptance of this policy will not benefit you or others in the long run

dont treat devs as immortal gods you should trust by default and allow them to do as they please without oversight or scrutiny. learn to scrutinise devs that have grabbed the powerhouse of being te "sole reference client"
we should use code to harden the rules to protect the network, not soften the rule to allow a central point of failure do things that caused congestion and bloat... and pretend they didnt know of the repercussions of their error, i was telling them since 2016

if you have more trust in core devs, than the actual code(due to you not reading code, thus blindly trust those that wrote it)
then you have much to learn and have had, but still have much time to learn from your mistakes
legendary
Activity: 2100
Merit: 1042
HODL
The large amount of bitcoins held at CEX like Binance or etfs like IBIT are not owned by one entity. They are their customers funds. So what you are saying doesn’t apply.

When it comes to decentralization I think the way the hash power is distributed is more important. I remember back in the early days there was over 51% of hashpower in a single pool. We don’t have that problem anymore. China has less hashpower than before and it’s more distributed throughout the planet.
But still, the CEX are holding the money anyway which means that they can runaway with it anytime they want and people won't have any kind of ability to chase them, remember Mt. Gox? I think that the reason that Gensler been saying this is because a lot of us are trading bitcoin, and most of the trades are happening in CEX. To me, decentralization is simple, it's that there's no head that leads the way, everyone's free to do what they need to do like an anarchy society.

It's true that CEX and ETFs hold the majority of BTC, but even if those centralized exchanges ran away and took everyone's bitcoin, that wouldn't make bitcoin centralized. They still don't have control over the entire bitcoin network, they can't print more bitcoins like other centralized assets...So bitcoin will never become a centralized asset even if they hold the majority of bitcoin. And what Gensler says doesn't mean what he says is always right, he's a nobody. It seems that he is still angry that he cannot stop the popularity of bitcoin, so he will continue to attack bitcoin until he is exhausted.
legendary
Activity: 2898
Merit: 1823

windfury, you are soo boring that you cant even realise how much of a copycat you are
find a new script


Boring and a copy cat? For merely telling the whole truth about you and your mentors Mike Hearn and Roger Ver? To which you are currently denying that you're supporting their ideas during the blockchain debate. Hahaha!

I truly hope you didn't sell your Bitcoin for BCash, franksandbeans. Because that obviously would be the worst financial decision ANYONE could have made.
sr. member
Activity: 1554
Merit: 334
The large amount of bitcoins held at CEX like Binance or etfs like IBIT are not owned by one entity. They are their customers funds. So what you are saying doesn’t apply.

When it comes to decentralization I think the way the hash power is distributed is more important. I remember back in the early days there was over 51% of hashpower in a single pool. We don’t have that problem anymore. China has less hashpower than before and it’s more distributed throughout the planet.
But still, the CEX are holding the money anyway which means that they can runaway with it anytime they want and people won't have any kind of ability to chase them, remember Mt. Gox? I think that the reason that Gensler been saying this is because a lot of us are trading bitcoin, and most of the trades are happening in CEX. To me, decentralization is simple, it's that there's no head that leads the way, everyone's free to do what they need to do like an anarchy society.
legendary
Activity: 4410
Merit: 4766
@franky1: I try to be very synthetic because otherwise this discussion will derail from topic completely. After this post I'll exclusively continue discussing about topics treating centralization dangers in Bitcoin.

yes this topic is about BITCOIN so dont use it to promote the shoddy sandbox test subnetwork you want people to migrate over to, to leave bitcoin with less users,, or else i will have to point out where you are going wrong with your recitement of the shoddy network promotion text you are repeating but unaware of the details of effects it has and can cause to the bitcoin network via pretending it too is bitcoin

..
as for bitcoin centralisation/decentralisation
(the network)
yes bitcoin has central points of failure and we should not be utopian dreaming that bitcoin is perfectly decentralised as that lulls people into sleeping and dreaming of silly words recite to them like an advert.. rather then scrutinising the risks

we should be looking for fixes and proposals that diminish the power core have over the protocol we dont need them acting as politicians
instead bring it back to the full consensus system of needing majority network readiness before new features activate so that a majority of the network can be ready to fully validate and archive FULLY and secure the network and data,(its called data/network security, and a good thing) unlike the current soft process that has junk thats not even seen as bad but is not helping the network, and allows dev politics to get involved, meaning we then need to trust, appease, bless and kiss the ring of devs.. (which was not the point of bitcoins invention)

and no ordinals junk does not look like a normal tx.. there are obvious signs its different and code can be made to recognise that.
(hardening up the soft opcodes(now hundreds) that allow data to pass unchecked). require network readiness if someone wants to use an opcode with new format conditions.. (network security) and checking every byte meets a rule(data security)

as for bitcoin centralisation/decentralisation
(the btc coin)
is what gensler is refering to.. which if you count up the UTXO's of the NON dust junk crap.
and the count up the users registered to CEX. from a userbase.. users proclaiming to be bitcoiners are higher % just CEX users

as for the coin totals
the amount of coin moved in the last 3 years. most of the coins within active age, belong to CEX custodians
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