Topic: Are we not abusing decentralization? - page 10. (Read 1962 times)

People preferring decentralization are alow the ones who do not want any other entity to have control on their assets and there have been many cases where reputated exchanges and ICOs have fallen prey to attacks so people are preffering decentralization. And as you said in your statement about how man's greed has caused him to exploit his freedoms and rights in any situation, I 100% agree it to be true but we cannot help there are people who always try finding a way to take unfair advantage of any thing which is meant for the betterment of the society, they exploit it for their own benefits and that can't be helped it is the very nature of man itself.

Have you heard a bank case that was robbed by a hacker? In my country many case about that. As you know, the bank has a centralized system that you may exert. Theft or robbery is not affected by the system which used, this is a security problem and I believe cryptocurrency assets are not very easy to steal, although it depends on the carefulness of the user himself. If the cryptocurrency assets that you have want to remain safe, you can take a path that cannot be stolen by hackers, such as using hardware wallets and I have never heard a hacker steal a cryptocurrency in a hardware wallet, I think it's a solution that you can use.

Cryptocurrency is no longer an exception, people find ways to scam the one next to him through different ways possible. When it comes to decentralization, scammers find it easy to get scammed. Here the true scammers were the one who fall on greed. Scammers target us, but we need to be clear about the market what can happen and what can't. In most of the cases, the multiplying of bitcoin is the much used term by scammers. People never think it is impossible, but they just rely and loss. Once after losing they begin to get back the loss from the others as they've got scammed. This is have scammers get spread throughout the cryptocurrency network.

Exactly. Before Bitcoin was known to the world, it was a perfectly decentralized cryptocurrency. Now that it has experienced mainstream adoption back in 2017, it's been manipulated by centralized exchanges and whales. Also, there has been certain regulations which limits (sort of) the growth and adoption of Bitcoin and other cryptocurrencies worldwide. Too many regulations will cause the growth of Blockchain technology to stale, IMO.

Not to mention, Bitcoin has been forked several times with the purpose of making money or destroy Bitcoin's reputation. Because of this, I would say that we've been abusing decentralization. Satoshi wanted Bitcoin to become a decentralized cryptocurrency free from middleman or third parties. But the huge dominance of centralized exchanges and mining firms (like Bitmain) will make the vision of true decentralization just a dream.

Nonetheless, I hope that decentralization will win in the long run by eliminating the bad actors from crypto land (Roger Ver, Craig Wright, Bitmain, etc). Just my opinion

Everything has it's pros and cons, we can't keep only pros. I think decentralization is abused on different way, not like you say. In abusing of decentralization I mean abusing of bitcoin's use. To my mind it wasn't meant for wide use so there were no regulations. Now it's abused, used by a lot of people, bitcoin isn't as decentralized as it was at first, price is manipulated easily.
There are some regulations on crypto industry and I think that's bad, we don't need it. Let's take care of our wallet and leave freedom too.

Yep I believe we have abused decentralization. When a certain group has divided their idea, the solution is to fork and not to find a way to compromise what is to be compromised so they divide the community as well. It doesn't seem like we become decentralized in such a way but we seem to be bound to fail when all are divided but this again will fall to the discussion of greed and money. A forked coin was again forked, you can just do it forever I wouldn't wish to live by the time its the son of Roger ver that will fork another forked coin.

People gets scammed when using FIAT currency too. You can't blame crypto currencies only. Those who are getting scammed should be blamed too for being irresponsible. It was their fault partially that they got scammed. If they remained alert or did take proper precautions, then there would have been high chance that they could have avoided getting scammed.

What I really meant is that a decentralized cryptocurrency is easier to be forked at will than a centralized one. Of course, you do have a point with the Byzantine Generals Problem, but the open source and decentralized nature of Bitcoin makes it inevitable for forks to happen. Even with opposing sides, Bitcoin is still the original Blockchain we've come to know since 2009. Nodes, miners, and the community have been well-unified compared to other cryptocurrencies like Bitcoin Cash and Bitcoin SV.

While I'm not comfortable with many Bitcoin forks, I believe that it's good to experience this as it will benefit the development of Blockchain technology. With different features, algorithms, and scalability solutions (LN, increase of block size, etc), Blockchain technology can be improved in many ways that were never thought possible. Things aside, I agree with you in some points where we don't need to regulate the currency/network or a leader for Bitcoin to work as intended. After all, Satoshi intended to remove third parties or middleman by creating a system that's trustless.

So far, many crypto projects have deviated from the "trustless" part and have been focusing on leaders and central control (like Bitcoin Cash, Bitcoin SV, etc). But in the end, only one Blockchain will prevail by remaining as decentralized as possible for the world. And Bitcoin fits the bill nicely. Just my opinion

this is sometimes where some people mis interpret and start to think the only way to innovate and have a strong project is to use forks to push out the weak idea's and then keep only the strong idea's as a single project under one teams control.

to insinuate that what you say means that bitcoin needs one lead team IS centralising.

the whole concept and revolution of 2009's invention is that different people do not NEED to split off when an idea is promoted.. instead the true "honest node" consensus is that changes to rules simply do no occur unless there is diverse agreement that the change is beneficial to the majority on the network.. without splitting up the network.

research byzantine generals.

so those trying to insinuate the only way to upgrade a network is to fork away opposers is literally abusing the bitcoins prime purpose of consensus.

yes people can make as many altcoins as they like. if they want to make their own altcoin. no one is forced to stay. but in th same breathe no one should ever be forced to leave before an upgrade purely to fake a majority.

that means a certain team should not get to control bitcoin and be ultimate lead by forking off opposers, forcing people off bitcoin just so one group gets their way is not consensus nor is it being a honest node majority.

if a certain team proposes an idea. and there is no HONEST NODE majority.. then the upgrade does not occur no harm no foul.. obviously the idea was not good enough... end of story move on

the proposer should then listen to the community, figure out the objections and find a solution that a majority would settle for.

if your mindset is still foolishly thinking bitcoin needs a leader and forks are needed and control from a central group is needed then please research the byzantine generals issue and the things that bitcoin solved when it was invented in 2009,, before trying to rebutt to insinuate that bitcoin can only function centrally via forking out opposing views

regulations and single lead team reference clients goes against the whole point of bitcoin.

if you want scam safety. try getting politics of countries(not crypto) to actually build laws that make it easier for users to sue/charge a scammer.
you dont need to regulate the currency/network. you need to make legal recourse in a courtroom easier to access for victims, and then education about self awareness, due diligence to help prevention of scams/theft.
regulations dont do either. but consumer protections does

Agree. A cryptocurrency that cannot be forked at will, as well as, lacking permission-less characteristics, is not considered decentralized. It's normal to experience thousands of forks from a single project, as it's beneficial for the maturity of Blockchain technology. There can be as many copies from Bitcoin within the market, but only those that are solid in development and innovation will most likely prevail in the future. If you're considering investing into an altcoin or Bitcoin fork, you need to decide whenever it's worth spending your money on it or not. This is done by researching about a specific crypto project you're interested into.

Eventually, there will be only one Bitcoin with a few altcoins within the market. There will be no use for thousands of cryptocurrencies on the market which serve no real purpose in life. The main intention of most crypto projects is to profit but not to deliver real usability for the mainstream world. Which is why, only a select few cryptocurrencies will stand the test of time, while the rest becomes forgotten by people.

Nonetheless, I don't think that we're abusing decentralization since it's normal that people can do whatever they want with any crypto project. That's the beauty of Bitcoin and other cryptos where no single entity can control them. Anyone can copy, redistribute, and improve upon an existing crypto project for the benefit of Blockchain tech. Just my thoughts

But how bitcoin is going to regulated and who is going to do that since we never know who is satoshi nakamoto.If governments are making chances then they will just increase the tax amount and make moew burden to the investors and it is not going to make any changes with the current situation.

Decentralization means no third party involvement and we all just want the idea of it that's why we're here. And it's not "us" who abuse decentralization rather "them", who have greedy hearts who only want the best for them. And we can't do anything about it if they let that "greed" eat them.

I agree with your assertion that the decentralized structure of Cryptocurrency is being taken advantage of by some individuals.
For instance , some people now use it for money laundering, to sponsor terrorism, for drug trafficking and scamming activities.
This is all due to the fact that there's no way of linking this online activities to their offline addresses.
Talking about some kind of regulatory control over Cryptocurrency activities, I think it would be great and also will reduce the incidences of this criminal activities.
But the question is, how will the regulation control be implemented since what we have is not a centralized structure?

Yeah I think we should be fair with that, even if the financial system is centralized, there is still a lot of misuse, because the decentralization transaction is a transparance and decentralization can actually be used to reduce crime, depending on how they use it well or not,

Even if there are some disadvantages of Bitcoin being in decentralized structure, it can easily be seen that the advantages are more in comparison with the overall framework. Even though there were people who had benefited from these disadvantages and gained unfair gains in the last period, market players have matured and the frequency of such cases is decreasing.

- Blockchain enables you to spend your money without going through third-party.
- It enables you to own a currency that is not tied to debt nor  effected by inflation.
- It enables you be your own bank in a more secure way.
- It Censorship resistance.
- you fund is securely held in a decentralized way.

Blockchain or decentralized platform does not stop you from giving your money to crooks just as banks don't stop you from sending your money to crooks.

That's is correct, people got scammed or hacked only when they got exposed just like what you have said about exchangers. if a person sends his/her Bitcoins to an exchanger it is already at risk because if that market is being jeopardized expect that those Bitcoins that a person sends will be in danger too.

LOL, maybe he does not fully understand what he is saying because at first he is talking about decentralization and all in a sudden comes up with a centralized idea coming out of nowhere.

When Decentralization was introduced using blockchain technology with bitcoin, Ethereum and many other altcoins they provided freedom for everyone who started to use them with no involvement of a centralized organization and that gave some criminals specially hackers an opportunity to steal and rob others without getting caught to anyone and that is why wee see like it has been abused by people who are in both bitcoin and cryptocurreny markets which has become unavoidable

Please help me understand this post you made. What do you mean by we abusing decentralization ? Decentralization is just an environment that provide people in it with a peer-to-peer system and also an atmosphere where they can decide on how they trade or make transactions without any third party. This is called the financial freedom. You are just overthinking this, just accept nature of blockchain technology and everything will be made clear to you...

Decentralization is meant to be this way that people can fork any coin they'd like, you may find it abusing but its what makes it decentralized. Anonymity is another thing to abused though. You just have to figure which project you can classify as stupid than fairly good and decide whether to send money to it or not.