Today I saw a big man's profound interpretation of "decentralization". It makes sense and must be profound. I must talk about it again, deeply understand the big man's ideas, and always be "awake 🐒" in the tide. "Decentralization", this concept has been hyped in recent years and is the main idea of ​​the most popular Internet thinking. Baidu Encyclopedia explains that in a system with many nodes, each node has a high degree of autonomy. Nodes can have their own links to form new connection units. Any node may become a stage center, but it does not have a mandatory central control mode. The influence between nodes will form a nonlinear causal relationship through the network. This open, flat, and equal system phenomenon or structure is called decentralization. Bitcoin is a famous "decentralized" product. It is not issued by any monetary institution. It is only based on a specific algorithm and generated through a large amount of calculations. Many nodes in the entire P2P network confirm and record all transactions. This allows no one to manufacture and issue currency in large quantities. Each Every Bitcoin user can calculate and confirm every transaction. From this perspective, it is a perfect decentralized product, which is also the reason why Bitcoin has skyrocketed in recent years. However, in fact, after Bitcoin became famous in its early stages, it has become more and more "centralized". The method of obtaining Bitcoin is called "mining", which means that when a node sends a transaction message, the user who calculates the correct answer the fastest among all the users will get a certain value of Bitcoin. After a period of development, the acquisition of Bitcoin has become a game for a few "old miners". A new "miner" cannot compare with them in terms of economy or experience, which violates the definition of decentralization. Some nodes cannot be selected as the center, and only a few early nodes can become the center.

"Decentralization" is not a new concept, but it is just a different wording. Decades ago, "decentralization" was called "pure competitive market" and "center" was "monopoly".
#去中心化 #比特币

Followed!

📢Brothers, I discovered a national style meme filled with national elements $CHINAU Panda🐼‼
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🔥90%LP - Burned
🔥10% tokens - DEV Wallet Burned

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#CHINAU #MEME

DePIN leader IoTeX on-chain DEX mimo, izumi opened a mining pool! ! !
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The Federal Reserve has made many moves recently, and many friends don’t know much about the Federal Reserve. Let’s talk about the Federal Reserve today.

The Federal Reserve consists of the Federal Reserve in Washington and 12 Federal Reserve Banks distributed in various regions of the United States. The main monetary policies of the Federal Reserve are jointly formulated by the Federal Reserve Board members and the chairmen of the Federal Reserve Banks. This is to avoid excessive concentration of policy decision-making power in a few regions (such as Washington and New York).

The First Bank and the Second Bank of the United States were forced to close because they were not accepted by the public. One of the important reasons was that both banks were located in Philadelphia in the northeastern United States. Many people believed that they mainly served some wealthy businessmen in the northeast, not all Americans. The Federal Reserve learned this lesson seriously when it was established.

The headquarters of the 12 Federal Reserve Banks are located in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. Each Federal Reserve Bank has branches in its jurisdiction. For example, the Dallas Federal Reserve Bank is headquartered in Dallas, but it also has branches in Houston, San Antonio, and El Paso.

The figure below shows the headquarters of the 12 Federal Reserve Banks and the jurisdictions they manage. Since each Federal Reserve Bank manages a large region, these banks are often referred to as regional Federal Reserve Banks. Obviously, most Federal Reserve Banks are located in the northeastern region of the United States. This is mainly because when the Federal Reserve was established in 1913, the economic center of the United States was mainly concentrated in the northeast. The code name of each Federal Reserve Bank consists of an English letter and a number. For example, the Boston Federal Reserve Bank was the first Federal Reserve Bank to be established, and its code name is 1A. The second one to be established is the New York Federal Reserve Bank, and its code name is 2B, and so on. The Dallas Federal Reserve Bank was the 11th to be established, so its code name is 11K. On the $1 bill, the names and codes of different Federal Reserve Banks are printed, indicating which region these $1 bills flowed to the market from.

Federal Reserve bombshell
On August 23, local time, Federal Reserve Chairman Powell said at the Jackson Hole Global Central Bank Annual Meeting that it is time to adjust policy, and the timing and speed of interest rate cuts depend on the upcoming data, the changing outlook, and the balance of risks.
Powell said he is increasingly confident that inflation will return to the central bank's 2% target. He said that at present, the labor market rather than prices pose a greater threat to the economy.
"We do not seek or welcome further cooling of labor market conditions." Powell said.
On August 21, local time, the minutes of the July 2024 meeting released by the Federal Reserve showed that the vast majority of participants believed that if the data continued to be close to expectations, it might be appropriate to ease monetary policy at the next meeting.
On July 31, local time, the Federal Reserve's July interest rate resolution showed that the target range of the federal funds rate would continue to remain unchanged at 5.25%-5.5%. Fed Chairman Powell said at the press conference that if the inflation test is met, the reduction in the policy interest rate "will be discussed at the September meeting at the earliest."
Data released by the U.S. Bureau of Labor Statistics on August 14 showed that the U.S. CPI rose 2.9% year-on-year in July, the smallest year-on-year increase since March 2021, and the previous value was 3%#美联储货币纪要 #美联储何时降息？