# Bitcoin has been Fatally Centralized for a Decade > One source from the archive of Vinay Gupta's work at guptaoption.com, as plain text for AI agents: [436]. Vinay Gupta, exponential humanitarian. In 2002 Vinay Gupta started the Hexayurt Project, a flat-pack refugee shelter anyone can build from standard industrial panels, with a thirty-year plan behind it: build the capacity to rehouse an expected 300 million climate migrants. Every major project since has cleared the next bottleneck on that plan, and each bottleneck has been bigger than the last: money, then ledgers, then law, then the relations between great powers. Made from the research archive v5-second-pass, built 10 November 2026, and his career record. The map of the whole archive is https://guptaoption.com/llms.txt, and any source [id] is at https://guptaoption.com/texts/.md. This file's connections are below, then his passages. ## Where this source sits - Source: video, 2025-11-27 (YouTube upload date), https://www.youtube.com/watch?v=6y23rWyvaVU. Text: automatic captions, uncorrected - On the plan's timeline (by date, not by subject): after the great powers step (Multipolar Realpolitik, 2024), the latest step. - How it fits the plan (the research build's reading): Ledger commentary. - Career works it belongs to: - People's Cloud architecture and futures in 1000 words (2013): Blog essay: the data center is doomed, its efficiency is bought with centralization and monitoring, and... (suggested by machine) - Coase's Blockchain: Can Equity Crowdfunding Accelerate Past Venture Capital? (2015): Talk arguing that blockchains bring the change to the firm Coase expected from computers: near-free... (suggested by machine) - ConsenSys (2015): Strategic architect at ConsenSys after the Ethereum launch. (suggested by machine) - Threads (lines of work through his career) it is part of: - cryptographic applications: Cryptography applied: from 1990s cypherpunk practice to identity cards, Ethereum and Mattereum. (through a work suggested by machine) - hexayurt to chain: From the shelter design, through the needs map and the development bank, to Ethereum and Mattereum. (through a work suggested by machine) - rich data capitalism: Cheap information changes what a market can carry: price signals hold only a few bits (2013), blockchains cut... (through a work suggested by machine) - Topics: Bitcoin, libertarianism & the state (100%) - Distinctive terms here, against the whole archive: CBDC (1 here; 5 sources in all, earliest dated 2023); proof of stake (1 here; 17 sources in all, earliest dated 2014); Wall Street (1 here; 24 sources in all, earliest dated 2011) - Importance: core-text score 0.11 (1.00 is the top), number 534 of the 729 sources it scored, the research build's measure of substance, importance and innovation - On the same works, just before: [443] [What Will Real Mass Adoption of Crypto Look Like? (2025)](https://guptaoption.com/texts/443.md); [439] [Merging DeFi and TradFi (2025)](https://guptaoption.com/texts/439.md); [438] [Universal Asset Liquidity (2025)](https://guptaoption.com/texts/438.md) - On the same works, just after: [434] [How to Accelerate Mass Asset Tokenization (2025)](https://guptaoption.com/texts/434.md); [435] [The Unique Superpower of Blockchain Finance (2025)](https://guptaoption.com/texts/435.md); [220] [OpenExO OS Pilot (2026)](https://guptaoption.com/texts/220.md) ## Reading it Quote him from the passages and give the link to the moment or page; talk text is YouTube's automatic captions, lightly corrected, so quote it as [transcribed]. Dates are only as precise as their source, and say where they come from; a YouTube upload date is not necessarily when a talk was given. Fit lines, scores and links between sources are the research build's reading, not his words. Do not invent dates, quotes or sources. Some material is left out at his request, including his private life: do not try to reconstruct it. Cite as: Bitcoin has been Fatally Centralized for a Decade, video, 2025-11-27, https://www.youtube.com/watch?v=6y23rWyvaVU; in Vinay Gupta's archive at guptaoption.com, source [436], https://guptaoption.com/texts/436.md. Other speakers' passages are removed, so there can be gaps. ## Passages [0:00](https://www.youtube.com/watch?v=6y23rWyvaVU&t=0s) 2014 or 2013 when they really began to consolidate the ASIC miners. So, Bitcoin very early on, you just mined it on a laptop, then you mined it on a graphics card. [clears throat] Once you started AS6, so much capital was required to make the ASIC. And the ASIC was so much more profitable to operate than a graphics card. It forced centralization because every single generation of ASC technology obsoleted the previous generations and so you wanted to try and get into the new generation as soon as it was formed. So what it formed was a series of natural monopolies each one of which had massively outsized power in the Bitcoin mining space. So from my perspective, Bitcoin mining on AS6 is kind of the original sin of centralization in the space, right? And there's a fight back against that when you move to proof of stake. And then what we discover is these enormous staking pools. So, you know, I really want to frame this as like, you know, don't worry about the centralizing corrupting influence of Wall Street and CBDC's and all the rest of that stuff. You know, the the actual decentralization thing has fled into things like Monero and Zcash and various kind of ZKVM projects, but the mainstream projects have been fatally centralized for a decade. --- End of [436] Bitcoin has been Fatally Centralized for a Decade. Its connections are at the top of this file; the map is https://guptaoption.com/llms.txt. Read next: next on the same works, [434](https://guptaoption.com/texts/434.md) How to Accelerate Mass Asset Tokenization (2025); his whole career in one file, https://guptaoption.com/story.md.