Almost every single demand of the community and indeed many BTC 'requirements' to go 'mainstream' (and make everyone billionaires am I right?) requires some form of centralization or placement of power/trust in an individual/group. Business, assets, insurance, protection, backing, accountability, leadership, responsibility, the list goes on.
History repeating itself.
Topic: Are Profits More Important Than Decentralization? - page 3. (Read 2476 times)
Those who would give up essential Decentralization, to purchase a little temporary Profit, deserve neither Decentralization nor Profit.
Tagging this for a future post because I am very passionate about this particular subject.
I will say in short terms, yes it seems 95% of the people out there say to hell with decentralization and cryptos.....as long as they can get their money out of it.
Also I believe this belongs in the general section not here.
I will say in short terms, yes it seems 95% of the people out there say to hell with decentralization and cryptos.....as long as they can get their money out of it.
Also I believe this belongs in the general section not here.
Profits are nice, but decentralisation is essential.
Or at least as little centralisation as possible: Erik V makes a good point that coercive centralisation (when users are given no choice) is a very bad thing, but that market based centralisation (because users choose the best service/platform) is almost unavoidable.
Or at least as little centralisation as possible: Erik V makes a good point that coercive centralisation (when users are given no choice) is a very bad thing, but that market based centralisation (because users choose the best service/platform) is almost unavoidable.
One of the central tenets of cryptocurrency is the principle of decentralization. It seems, however, that more and more people are willing to trade the principle of decentralization for profits. Is it just me, or is the crypto culture shifting? Or are principles like decentralization that important to begin with?
I think people need to eat and keep shelter over their heads, so profit seeking is never going away. And yes, for many it's probably more important than decentralization because "people can't eat decentralization." But like with all things, there must be balance.
The principle of decentralization is still a theory, since no one has managed to create a decentralized coin. Bitcoin was close, but in truth, the person that controls bitcoin.org (this person also owns an alert key) is the central authority and controller of Bitcoin, since he can not only announce updates inside the client but also make them available on the official Bitcoin website. The Federal Reserve is much more decentralized by comparison.
If someone where able to invent a decentralized coin, I think it would have a good chance of eventually surpassing Bitcoin in market share.
I have to agree that even Bitcoin isn't fully decentralized. Even Erik Voorhees admits that in some ways, Bitcoin has an element of centralization (market-based centralization) https://bitcoinmagazine.com/19133/bitcoin-truly-decentralized-yes-important/
One of the central tenets of cryptocurrency is the principle of decentralization. It seems, however, that more and more people are willing to trade the principle of decentralization for profits. Is it just me, or is the crypto culture shifting? Or are principles like decentralization that important to begin with?
I think people need to eat and keep shelter over their heads, so profit seeking is never going away. And yes, for many it's probably more important than decentralization because "people can't eat decentralization." But like with all things, there must be balance.
The principle of decentralization is still a theory, since no one has managed to create a decentralized coin. Bitcoin was close, but in truth, the person that controls bitcoin.org (this person also owns an alert key) is the central authority and controller of Bitcoin, since he can not only announce updates inside the client but also make them available on the official Bitcoin website. The Federal Reserve is much more decentralized by comparison.
If someone where able to invent a decentralized coin, I think it would have a good chance of eventually surpassing Bitcoin in market share.
One of the central tenets of cryptocurrency is the principle of decentralization. It seems, however, that more and more people are willing to trade the principle of decentralization for profits. Is it just me, or is the crypto culture shifting? Or are principles like decentralization that important to begin with?
Indeed Crypto culture is shifting and I couldn't agree more with you.
It's seem like people don't really care anymore about their privacy and now using exchange that need ID & passport , same goes for low fees now people are using Debit cards which is the worst for what comes to fees (monthly or yearly or withraw on ATM) . Sooner or later govermeents will control 100% Cryptoo currencies and there is nothing we can do about it . because it's all about the "profit" and "money" right now .
One of the central tenets of cryptocurrency is the principle of decentralization. It seems, however, that more and more people are willing to trade the principle of decentralization for profits. Is it just me, or is the crypto culture shifting? Or are principles like decentralization that important to begin with?
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