Topic: Are we moving towards Centralized Private Blockchains? - page 3. (Read 1589 times)
At some point in the future there will be private blockchains for companies and governments. But it is not the best thing we should have. Blockchain should be decentralized. Otherwise it will be no different than current banking solutions.
I guess my point here is that, we will still have the same system. Same banks, governments but the backend if you will, will change. Instead of this slow system which banks use, it will be private centralized Blockchain. And we, the individuals will still live in the same corrupt, centralized, controlled system instead of a free society with as little corruption as possible.
I know that in my particular country, all the politics will be shining happy if this would became true, because they will be able to put there hand into the jar with honey comma and if we are having decentralised system then they are not able to steal.
Gold backed the dollar before 1971. Now it`s backed by promises. 
Your words are true, and Now the rest of the currencies are built on dollar promises.Since the commercial use is now the US currency, all the price is achieved compared to the dollar.
You can swap it for goods and services directly without the urge to use the dollar as an intermediary that means it does not depend on a dollar.
Speculators tend to stabilize prices more than unexpected investments, so centralized blockchains "stablecoins" as a way to get relatively coins and thus reduce the risk of encryption.
The dollar was backed by gold before 1971.Now it`s backed by promises.
There`s nothing wrong with banks and companies developing their own private blockchains.They have the right to do so.The good thing is that all the crypto users will have choice between public and private blockchain based services.This will create competition and competition will improve the quality of online services.
There`s nothing wrong with banks and companies developing their own private blockchains.They have the right to do so.The good thing is that all the crypto users will have choice between public and private blockchain based services.This will create competition and competition will improve the quality of online services.
The dollar is backed by gold, the gold is the bareback of it. What is behind Bitcoin?
What inherent value does Bitcoin have?
We don't know how created it, maybe it's a government funded project
It's just speculation, the technology hasn't been tested yet.
Dollar is not backed by gold. Gold is not backed by anything, it has speculative value driven by supply and demand, just like everything else, just like Bitcoin.
Does is matter who created it as long as it's working? It's open source and in 9 years no one found any backdoors.
Bitcoin has been tested for 9 years already, it was and always is under attack, yet it continues to function like a clock.
But here's the kicker that I have been thinking about since we talked: He believes the private/public sectors will adopt the Blockchain, the governments, businesses to further improve their systems.
This is what currently happening, and also a lot of public blockchains like Ethereum or EOS or IOTA are moving towards more and more centralization in order to get more performance, because at this moment centralized systems are still way more efficient than public, decentralized ledgers like Bitcoin. But Lightning Network is an extremely promising game-changer that will give a huge edge to public blockchains.
Today I had an interesting encounter with one of the economists I know. We discussed what Cryptocurrency and Blockchain were and the value behind them.
Here are some key points he brought up:
The dollar is backed by gold, the gold is the bareback of it. What is behind Bitcoin?
What inherent value does Bitcoin have?
We don't know how created it, maybe it's a government funded project
It's just speculation, the technology hasn't been tested yet.
My answers:
At one point, I think I lost because we value Bitcoin in Dollars. So, it's "backed" by dollar technically, even when we use Bitcoin to pay for something, it's calculated in $.
Bitcoin's core values are the following: Open source, censorship resistant, decentralized, peer-to-peer and verification of rules (everyone can be part and run a full node).
We don't know it, and it also can be some guy in his basement for all we know. It's core values prove that this is not government funded project, it can't be. How could they benefit? One of the interesting theories is that they released this untested technology to the masses and let them develop it further to then adopt it if it works.
Yes it is speculation, but internet was a speculation as well back in the days. I heard that when they sent out the first bits of information, the whole internet crashed. The technology needs time to adopt, and since there are so many programmers and IT experts around the world, we will see adoption of this technology even faster than ever before.
But here's the kicker that I have been thinking about since we talked: He believes the private/public sectors will adopt the Blockchain, the governments, businesses to further improve their systems. But it will NOT be an open Blockchain, rather a Centralized Private Blockchain. It will just be Database replaced with the word Blockchain, same principles. Non-censorship resistant and not open source.
I want to know what you guys' thoughts are on this. How would you counter these arguments? Let me know because this last thing has been bugging me the whole day!
Here are some key points he brought up:
The dollar is backed by gold, the gold is the bareback of it. What is behind Bitcoin?
What inherent value does Bitcoin have?
We don't know how created it, maybe it's a government funded project
It's just speculation, the technology hasn't been tested yet.
My answers:
At one point, I think I lost because we value Bitcoin in Dollars. So, it's "backed" by dollar technically, even when we use Bitcoin to pay for something, it's calculated in $.
Bitcoin's core values are the following: Open source, censorship resistant, decentralized, peer-to-peer and verification of rules (everyone can be part and run a full node).
We don't know it, and it also can be some guy in his basement for all we know. It's core values prove that this is not government funded project, it can't be. How could they benefit? One of the interesting theories is that they released this untested technology to the masses and let them develop it further to then adopt it if it works.
Yes it is speculation, but internet was a speculation as well back in the days. I heard that when they sent out the first bits of information, the whole internet crashed. The technology needs time to adopt, and since there are so many programmers and IT experts around the world, we will see adoption of this technology even faster than ever before.
But here's the kicker that I have been thinking about since we talked: He believes the private/public sectors will adopt the Blockchain, the governments, businesses to further improve their systems. But it will NOT be an open Blockchain, rather a Centralized Private Blockchain. It will just be Database replaced with the word Blockchain, same principles. Non-censorship resistant and not open source.
I want to know what you guys' thoughts are on this. How would you counter these arguments? Let me know because this last thing has been bugging me the whole day!
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