Are we not abusing decentralization? - page 11.

Abiky

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Quote from: Reid on February 07, 2019, 06:33:43 PM

How can you be robbed in a decentralized way?
It cannot be done.
All of it are just foolishness, stupidity and lack of knowledge which all are just the same. Grin

Exchanges now are centralized, they are being hacked because of that.

Another is phishing which could be prevented if you did the right thing?

Scams? What kind?
All of this could be prevented if you are doing the right steps.

Exactly. Most scams or loss of funds are largely because of misuse among everyday people. They are not aware of how to properly secure their cryptocurrencies against hacks or theft by never leaving their coins in an exchange and doing several other practices. Because centralized exchanges have the most liquidity on the market, they are widely used worldwide. This brings a single point of failure, where centralized exchanges become honeypots for hackers. For people that are newcomers into cryptocurrencies, they could easily lose their coins by leaving them on an exchange.

However, all of this could be avoided by taking the necessary precautions to secure your coins. It's not decentralization's fault, but rather the lack of education among average people within the mainstream world. If everyone were to follow the right guidelines in securing their coins, then it'll become nearly impossible to get robbed. Decentralization brings unmatched security, but the greatest flaw of it is the user himself.

Nonetheless, I believe that there needs to be regulation in order to put an end to scams once and for all. Just my thoughts Grin

magneto

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

The fact that people are getting scammed has nothing to do with bitcoin's decentralisation. Scams will happen regardless of what currency is being used.

I don't understand why you think decentralisation is being abused. The irreversibility of bitcoin can also be seen in various other transaction methods, not just bitcoin, and I don't think scammers using bitcoin can count as "abuse of decentralisation". Decentralisation is what makes bitcoin have potential in the first place, and taking away from that makes no sense.

I do think though that regulation in bitcoin businesses, in particular exchanges, should be welcomed. Although, the fact that most of these regulations do absolutely nothing in terms of regulating the security, reserves, and customer service of businesses, but rather focuses on draconian KYC/AML measures means that they are pretty much useless at this stage.

Fredomago

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Quote from: Altero on February 07, 2019, 06:49:11 PM

It is not the regularization that could stop scammers to continue their evil works but it is our self who are giving them a chance to scam us. They can't be existed if we all are taking much care of our wallets but due to our own mentality which wanting easy money, instant profit( which is impossible), and huge gains without doing anything will simply makes us easily to scam. We better change that cause there is no easy money, we must have to work it hard in order to achieve of what we want to happen in our life.

More and more scammers are showing up due to this lack of securities,more crypto followers are just aiming for quick money and forget about observing how things are doing from the current situation, we can't change that but we can do avoid it to keep happening, by starting to change your idealism to this industry and begin to manage things in the right ways.

South Park

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

This was going to happen no matter what, not only for the reasons you specify but for others as well, people are used to be protected by banks that they do not really take the time to secure their digital information, but now that we are our own banks securing our information is up to us and now people are finding out that it is way harder than what they thought, so we need a change in the habits of people towards their digital data, something that is not easy as anyone that has tried to eliminate a bad habit knows.

bots1

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I think many people don't understand how decentralization works, even now we have to believe in smart contracts that don't have any guarantees. Decentralization is actually only owned by bitcoin because the decision to renew technology in Bitcoin requires consensus with a joint decision. When there is a cryptocurrency that is only controlled by the development team, I think they are not part of decentralization.

Lpim01

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We are not abusing it, instead we use its benefits and enjoy the thing it was. I may in good of being decentralized market as nobody have taking control of the flows. Due to anonymity of individuals have brought something disadvantage to us leading into scam and some other illegal activities just like frauds and money laundering. I may afraid that this cause a huge problem in the community and may regularization will stop it.

VitKoyn

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

Everything has its own drawbacks because there are no perfect systems, and there will always be people that will abuse it for their own benefits, in this case hackers and scammers are abusing the decentralized nature of Bitcoin so they can be almost impossible to be traced but there will be no activities like this if people will not let it happen. The reason why people are being victimized by this is because there are people that are not knowledgeable enough on how they can secure their Bitcoins, while some are being scammed or hacked because they are careless on where to put their Bitcoins, thinking that 3rd party wallet providers are safe to store their Bitcoins in long term. And even with good regulations this kinds of illegal activities will still exist.

Tylev

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

Certain regulation of cryptocurrency by the states is inevitable in order for the cryptocurrency to be legalized in each country. However, such regulation should not affect the fundamentals of the functioning of a decentralized cryptocurrency, because the meaning of its existence will then be lost. The state can only establish the order and conditions of circulation of the decentralized cryptocurrency inside the country. In this part of the anonymity and confidentiality of the person may be lost. However, the state should not interfere with the principle of decentralization of cryptocurrency. It has the right to release its own centralized cryptocurrency and manage it.

949miner

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why do you have the idea that we are abusing decentralization? Decentralization is the tech version of democracy where we are in charge of our decisions we take in the financial ecosystem. Cryptocurrency (Bitcoin) introduced the world to an environment where people don't have restrictions in terms of sending or making transactions. Decentralization eliminated the third party system which restricted people with regard to the amount of funds they can send within a given period. This system was financial slavery. People are just appreciating the financial freedom decentralization gives them and not abusing it. You only get scammed when you make yourself vulnerable by not making enough research about a project before buying into it.

Kelvinikke

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Hello everyone, maybe i was not clear enough with my submission earlier but basically what i want to put across is that cryptocurrencies have actually been introduced to bring financial freedom to almost everybody. But the problem is that many people are using cryptocurrencies to do a whole lot of bad things which is tarnishing the image of cryptocurrencies and also making the global legalization of cryptocurrencies very difficult. I believe lack of adequate knowledge, greed are some of the reasons why some people fall for these scams and i believe also that it is our sole responsiblity as crypto enthusiasts to find the best solution that would help curb all these bad nuts in the cryptospace. thanks for sharing your thoughts guys. i really love reading them all!

Altero

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It is not the regularization that could stop scammers to continue their evil works but it is our self who are giving them a chance to scam us. They can't be existed if we all are taking much care of our wallets but due to our own mentality which wanting easy money, instant profit( which is impossible), and huge gains without doing anything will simply makes us easily to scam. We better change that cause there is no easy money, we must have to work it hard in order to achieve of what we want to happen in our life.

Reid

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

How can you be robbed in a decentralized way?
It cannot be done.
All of it are just foolishness, stupidity and lack of knowledge which all are just the same. Grin

Exchanges now are centralized, they are being hacked because of that.

Another is phishing which could be prevented if you did the right thing?

Scams? What kind?
All of this could be prevented if you are doing the right steps.

BurgerCash

jr. member

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

You can't explore new territories without suffering a few consequences here and there. Decentralization is the territory of 100% personal responsibility - so if you're careless enough to give your private key to strangers your neighbours won't be forced to bail you off.
If you don't like it - you can leave crypto. It's not fun, I agree, but it's a price that has to be paid.

Eildosa

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Unfortunately, this is the other side of the coin. Where there is no regulation sooner or later there are scammers. What can I say, if they are even in centralized systems. We knew what we were doing and we should protect yourself the from fraud. If you want regulation and are not able to cope with scams, then you have chosen the wrong direction.

basty03

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Decentralization is one thing I love in crypto but sadly many scammer person are abuse this kind of platform. But I think in any kind of platform abuser is still there even there some regulation. That's we need to be vigilant and always careful to what we do in crypto.

aioc

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

Because of what is happening now, I am more inclined to think that we now need regulation, we cannot go on like this for the whole year or no project however good as it may seems to succeed, I thought rating sites can help us but we are all wrong, we need some form of restrictions now.

deisik

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Quote from: davis196 on February 04, 2019, 01:44:24 AM

Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

Decentralization isn't a guarantee against small scams.It's a guarantee that the big operating "center" won't (in one way or another) steal your coins and scam you.We can't stop human greed.This is what actually drives the crypto prices up and forces the crypto adoption

I'm not sure about greed here

And I'm not sure about the rising crypto prices forcing adoption either. We saw prices rising for over two years (since September 2015 through December 2017, to be exact), and how much did that "enforce" adoption really? If you ask me (and not just me), this led only to higher levels of speculation and outright profiteering

Indeed, there was a lot of buzz and noise about crypto but did it actually contribute to real use of cryptocurrencies (like a medium of exchange, for example). I suspect that not much. Otherwise, we should now be in a totally different position but we are as we essentially were 2015, if not further from mass adoption than back then

metalglowd

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Quote from: Kelvinikke on February 03, 2019, 01:46:13 AM

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

unfortunately things like this must also happen unexpectedly, before no one would think that the price of bitcoin would be so high, people are easily fooled by things that can bring profit easily, then this weakness is used by certain people. And i think the regulation also still can't give any solution about this matter.

xuan87

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Not all of us are abusing decentralization, but it's such a shame some of the people used it for bad things, it had caused a lot of damaged reputation for crypto, the dream of Satoshi was to make the transactions become easier,but some people used the features for their greed and because of this many people often got negative thought for crypto

Viceroy

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We should be careful here. Following a dream of one person is very similar to political regimes when
people were told lies and convinced it's all for better while that one or a small group of ones had all the profit.

Topic: Are we not abusing decentralization? - page 11. (Read 1962 times)