, 7 tweets, 2 min read Read on Twitter
1/n Dear Bitcoiners. Next time someone tells you that the #XRP Ledger is more decentralised than #BTC, and you look at them dumbfounded, this is why. The fact this is even contemplated shows the issue. 3-4 mining pools control >51% of the authority
2/ if someone were able to persuade 3-4 key people that a re-org would be a good idea, then it could happen. In this case it is the damage to Binance’s (fine) reputation that would prevent them from doing it. But a malicious actor might not have that concern. With XRP there
3/ is literally no mechanism in the protocol to do a chain re-org. The concept of ‘longest chain wins’ just doesn’t exist on the XRP Ledger. Once a transaction is final (in a few seconds) that is it. It is final. If you wanted to introduce a change to the protocol to ‘unwind’
4/ some transactions in the past, you would need the majority of the nodes to agree this is a good idea. There are over 1,000 nodes worldwide run by diverse entities. Individuals, universities, corporations, etc. And they are not beholden to a power station to keep running
5/ so you can’t use ‘we’ll shut your power’ as leverage in same way. Moving a validator is as easy as moving any server or service online. You don’t need to have to move the massive mining hardware or power requirements as you do moving BTC hashpower
6/ With bitcoin, if it was economically prudent (or under duress) for 3-4 mining pools to ‘be bad’ the rest of the network have to just suck it up. They have no choice but to accept it or fork off. With XRP the ‘power’ is spread wider and the interests of those in control
7/ aligns closer with the rest of the users. Validators are not financially rewarded to protect the network. So you don’t have a conflict of ‘do I earn more’ vs ‘do I do what is best for rest of the users’.

Fin.
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