Why do many westerners support cryptocurrencies because of decentralization, but private Chinese companies have the largest cryptocurrency holdings, and they don 't believe in decentralization?
Because most people in BTC or crypto does not even realise who these Chinese companies are, what is their role, let apart how they function and why they are in this game. To be fair, these companies are not exactly the easiest to decypher neither.
Most people in crypto are there for the money so it gets in line pretty well with why Chinese companies like Bitmain or Canaan are operating. Decentralisation and immutability are just money-making features really. The idealists are very few and they usually believe so hard into their things that they see any efforts as good for “the cause”. Meanwhile, the manufacturers in Beijing are piling up cash quietly. These different people live in parallel realities that intersect exactly where money is at. The rest is gossips and marketing sold as ideology.
This text was originally published in quora.