Are we not abusing decentralization? - page 12.

davis196

hero member

Activity: 3150

Merit: 937

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.

coinwizard_

jr. member

Activity: 336

Merit: 5

Most Advanced Crypto Exchange on the Blockchain

There will always be criminals in anything to do with financial gain. Even charity boxes in stores get stolen in front of CCTV cameras. Decentralisation is the dream, and despite what these scammers do we will decentralise the economies for the good of the people

Wildwest

sr. member

Activity: 1701

Merit: 308

maybe yes but not all, and in my opinion it is perfectly natural because in any technology, whether centralized or decentralized, there must be a lot of abuse too. It could be that if this happens then bitcoin will be destroyed by its own decentralization system because people already don't believe it

sehoon

full member

Activity: 840

Merit: 101

No, we are not. Because ever since we started doing things that are related to cryptocurrency, it is already decentralized. And for me, because it is decentralized it gives us an advantage in order for us to become more secure.

tenakha

hero member

Activity: 1470

Merit: 509

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.

For decentralization other systems should work as it. So Bitcoin cannot gain value on its own, we make it valuable and we evaluate it with central money. There are also decentralized exchanges that are useful today, but when you use them, nevertheless, the end point is "central money". So, we need to keep it on its own network to keep it decentralized.

Shenzou

sr. member

Activity: 1400

Merit: 283

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.

Well unfortunately nothing is perfect and with every system that has been created by man there will be people who abuse it, i mean it is true that people may have their crypto stolen but at least we know who stole it, not the actual person but the address that the money was transferd to, meaning that address could be blacklisted and the stolen money will never be spent, just like what happend with the Japanese exchange, and to be honost people get their crypto stolen due to the fact that they lack sense of security.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: ABCbits on February 03, 2019, 11:21:48 AM

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

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.

Then what is the point of "decentralization" if regulation exist? We might as well use existing system/technology.

Regulations are not born equal

It is one thing to regulate Bitcoin directly (like forcing you to report every transaction you make) and a different thing to regulate only some areas which Bitcoin inevitably touches, for example, taxation of profits obtained via cryptocurrency operations. And even within these areas the level of regulation can be markedly different. For example, you may have to pay taxes only on your Bitcoin stash if you kept it for less than a year, so if you sell it after that period of time, your income would be tax exempt and you may not have to report it at all

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

Most of victim of decentralization are people who don't truly understand about decentralization, risks of decentralization or simply believe anything they hear or read.

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

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.

Then what is the point of "decentralization" if regulation exist? We might as well use existing system/technology.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

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

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.

I don't think scamming has anything to do with decentralization. In fact, it's much easier for a centralized entity to scam its users. Anonymity makes is problematic to identify the scammers, but decentralization doesn't have anything to do with it.
As for regulations, a lot of countries have already imposed some. Crypto exchanges often have to keep record of transactions, identify their customers, report to the authorities, prevent suspicious activity etc. I think it is justified when we are talking about big amounts of money (thousands of dollars, at least), but not when people want to spend a couple of hundreds and must make all those photos to pass the KYC procedure.

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

unfortunately you, like many others, has fallen for the common misunderstanding that the government regulations are a solution to everything such as scammers and it can eliminate them but if you actually check out what all the regulations already in place have been all about you can see that their focus is only on things such as money laundering, illegal activities like dark market, terrorism funding, and most important of all tax evasion. they do not even focus on busting the scammers .
so no, in this case decentralization is the problem.

izanagi narukami

legendary

Activity: 2030

Merit: 1028

When we are on internet, everything is on the risk.
Why ?
Because it's hackable no matter how secure you are ! As it's proven by some exchange hacked incident.
They said that SHA 256 become their security and it's take a long long time to crack down but the fact said otherwise !

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

I don't think we are 'abusing' decentralization and anonymity, it's just that there are some gullible people who fall into such traps that often leads to scams and empty wallets. Bitcoin might have been used as a medium for money laundering and other illegal stuff, but it still fulfills its purpose to become a tool to help people get financial freedom. In any society you'll go, for as long as there is this thing called 'money' and 'currency,' expect that there'd be people exploiting some loopholes and abusing the system just so they can get the money out of other people's hands.

ETHICKNINE

jr. member

Activity: 86

Merit: 1

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 say that we are abusing the decentralization and that is because there are some greedy people among us who just seek profits for them and nothing good for the world of bitcoin or crypto which has become common but there is a majority of individuals who wants to see a world runs in a decentralized manner to give the proper freedom that we deserve so Satoshi's intention wont waste in vain with bitcoin and that can be guaranteed

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

Scams happen in every field and crypto is one among them. I sometimes wonder if Satoshi would have thought about the possible scams that could happen in the future.
Satoshi was a genius and he could surely have prevented these scams or at least would have figured out a way to tackle these challenges.
I believe the only way we can face these scams is to be smart ourselves. Only if we our self take step to prevent falling in scams then there is a chance we don't end up loosing our money.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: KingScorpio on February 03, 2019, 04:44:55 AM

jes.

the definition of shitcoin and not is based on coinmarketcap and its owners. they hold the whole power.

thats my point of few,

Who says shitcoins were determined by their price/marketcap on coinmarketcap though? People call shit projects shitcoins. Not projects that has a low price/marketcap.

Also, there's literally more than a dozen marketcap sites we have right now. You don't specifically have to follow coinmarketcap(not including the others): https://coinsources.io/bitcoin/#trading_tools

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

Decentralization is one of the main feature that attracted people to Bitcoin and cryptocurrencies after so long period of centralized financial industry dominantion. I think this is still functioning well and I don't really understand what you mean by saying that decentralized system is being abused.
Anyway I agree that regulation could be positive for Bitcoin and lead to further progress. As well I don't think that regulation would also mean centralization as many users are afraid.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

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

It's not quite clear what you mean by abusing decentralization, care to explain?

Basically, you start with claiming one thing (as per thread title) and then turn to a quite different one, making it look like it is decentralization which is to blame for people being "scammed and robbed in broad day light". Not a good way to start your thread here if you ask me. Regarding anonymity, it is not what Satoshi himself was talking about. He didn't even consider Bitcoin an anonymous cryptocurrency in and of itself. So share with us what your point here actually is

cizatext

member

Activity: 952

Merit: 41

In every innovations there is already challenges just like what we are having today and people being scam here and there, but the fact still remains that all the scam activities is mostly carried out using centralized method e.g the introduction of scam project and this is mostly done using the bounty means and creation of new projects without any working products but this is outside Santoshi original dream of having a decentralized platforms using the blockchain.

goaldigger

sr. member

Activity: 2422

Merit: 357

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.

Men abused decentralized crypto systems by making scammed ICO projects who has nothing to offer but getting peoples money. But think about those things this decentralization system offers? There are greater opportunity on crypto investments. We just cannot get away from negative things to positive aspects in life. Its always balanced.

meanwords

full member

Activity: 1624

Merit: 163

Everything has its own pros and cons. Yes, we are using a decentralized technology but I think it's normal to happen even though it's bad. We really can't avoid regulations especially in these times when scams are everywhere. The Government would take some serious actions some day.

Topic: Are we not abusing decentralization? - page 12. (Read 1962 times)