Topic: [2018-03-06] Blockchain Needs Centralization, Says Chinese SEC Official (Read 138 times)
March 07, 2018, 10:49:16 PM
Well even if he thought that block chain should be embarrassed fully and in decentralised manner, he wont be able to speak such thing in public . But in general this is positive news.
March 07, 2018, 09:36:35 PM
Chinese government want to centralized blockchain maybe because they fear that they will loose control of the people's money through cryptocurrency and they might fear that the banking industry would come to an extinct.So before it will happen they have to take control of the blockchain technology and be a prisoner again of their own system.
March 07, 2018, 09:35:05 PM
Well if private entities are going to develop their own blockchain-powered systems, then they have no need for complete decentralization. Maybe this is what he was referring to?
It goes against the point of using "public" cryptocurrencies though, so the most successful cryptos will always be decentralized. Nice try though, I guess.
It goes against the point of using "public" cryptocurrencies though, so the most successful cryptos will always be decentralized. Nice try though, I guess.
March 07, 2018, 09:30:57 PM
Read this.
Blockchain Needs Centralization, Says Chinese SEC Official
Now let's translate.
We do not want the community to have control of their own currency
It's as simple as that, I reckon. They will also try to use fear and doubt to make you believe that you need them to regulate the cryptospace, so that you would be safe from scams and hacks, when it is they who want to scam you out of your freedom.
Down with them. They can regulate all they want, but not to the point of sacrificing decentralization and the ability of a community to reach consensus by itself.
Blockchain Needs Centralization, Says Chinese SEC Official
Now let's translate.
We do not want the community to have control of their own currency
It's as simple as that, I reckon. They will also try to use fear and doubt to make you believe that you need them to regulate the cryptospace, so that you would be safe from scams and hacks, when it is they who want to scam you out of your freedom.
Down with them. They can regulate all they want, but not to the point of sacrificing decentralization and the ability of a community to reach consensus by itself.
March 07, 2018, 08:40:41 PM
An official from one of China's financial regulators argued at the "Two Sessions" conference in Beijing on Sunday that blockchains are better if not completely decentralized.
Acting as a policy advisor at the Chinese People's Political Consultative Conference this week, Zhang Ye, head of the technology unit at China's Securities Regulatory Commission, encouraged the public sector in China to embrace advanced technologies such as artificial intelligence and blockchain technology in public services.
However, at the same time, he cautioned that, while he believes in the potential of blockchain, to fully achieve its benefits will rely on using a centralized infrastructure.
https://www.coindesk.com/blockchain-needs-some-centralization-says-chinese-sec-official/
Acting as a policy advisor at the Chinese People's Political Consultative Conference this week, Zhang Ye, head of the technology unit at China's Securities Regulatory Commission, encouraged the public sector in China to embrace advanced technologies such as artificial intelligence and blockchain technology in public services.
However, at the same time, he cautioned that, while he believes in the potential of blockchain, to fully achieve its benefits will rely on using a centralized infrastructure.
https://www.coindesk.com/blockchain-needs-some-centralization-says-chinese-sec-official/
Of course they would want to regulate blockchain technology because it is only through it that the government of China will have control over all others who use the same. To me, it appears to be an implication that Zhang Ye admits to the need for the breakthrough of the blockchain technology in this day and age. There is no denial that he is for the said technology, but there should be no mistake that it is Bitcoin that pioneered the use of such. Hence, the two--Bitcoin and blockchain technology--cannot just be taken distinctly from each other. Give credit where credit is due, as they say. Needless to say, I see they want to utilize blockchain on its own irrespective of its association with Bitcoin.
March 07, 2018, 03:10:21 PM
Centralization will only defeat the intended purpose of the blockchain. Powerful people may start bullying the newbies in blockchain thereby taking us all the way back to the banking system.
March 06, 2018, 09:07:37 PM
Centralized is the current system we do have. Human error and other factors has placed the importance of 'Decentralized' in the utmost category.
March 06, 2018, 09:44:16 AM
An official from one of China's financial regulators argued at the "Two Sessions" conference in Beijing on Sunday that blockchains are better if not completely decentralized.
Acting as a policy advisor at the Chinese People's Political Consultative Conference this week, Zhang Ye, head of the technology unit at China's Securities Regulatory Commission, encouraged the public sector in China to embrace advanced technologies such as artificial intelligence and blockchain technology in public services.
However, at the same time, he cautioned that, while he believes in the potential of blockchain, to fully achieve its benefits will rely on using a centralized infrastructure.
https://www.coindesk.com/blockchain-needs-some-centralization-says-chinese-sec-official/
Acting as a policy advisor at the Chinese People's Political Consultative Conference this week, Zhang Ye, head of the technology unit at China's Securities Regulatory Commission, encouraged the public sector in China to embrace advanced technologies such as artificial intelligence and blockchain technology in public services.
However, at the same time, he cautioned that, while he believes in the potential of blockchain, to fully achieve its benefits will rely on using a centralized infrastructure.
https://www.coindesk.com/blockchain-needs-some-centralization-says-chinese-sec-official/
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