Topic: Are we not abusing decentralization? - page 4. (Read 1962 times)

Freedom is important than abusing. Because freedom is a universal value that everyone loves but abusing depends on individual values.

It's depends on users how they use decentralisation and where they use it. Some of people are abusing decentralisation on the wrong way such as scam, cheating etc. Basically it's depends on us how we use or abuse decentralisation. Everybody know what happen with cryptocurrency in last year. Not only everyone but also few people's are abusing decentralisation.

I would second that. There were instances when I was denied the rewards after my refusal to undergo last-minute KYC. Rather than using it to remove the scammers, nowadays KYC is widely used to cheat bounty hunters of their hard-earned rewards.

Yes, we are! Because crypto will not be accepted widely without regulation! Without mass adoption, the crypto market's aim will not be fulfilled too! Therefore, Centralized exchange has a higher volume than decentralized, so, we are doing KYC to buy ICO coins, we demand the project team's live AMA or kyc! So, by doing all of these things, we already break the decentralized nature of crypto. But I don't think it is ruing the Satoshi's vision. Because these things are needed to bring more people to the crypto! 

These regulations are not hampering the decentralisation aspect of Bitcoin. No one owns or control bitcoin and that is enough for decentralization. We are living in a highly controlled financial system which will doom eventually. Bitcoin gives us financial freedom and in future more people will understand this.

Added to that, there are many bulk holders and they pretty much drive the price as well. This also defy the decentralisation aspect. The low volume and extra regulations are not healthy for crypto space. But this is likely to change in future with more adoption both at personal and business levels.

Some of the people are abusing the decentralization that the other cryptocurrency are offering but for the majority of the user of crypto, I can say that we are not abusing the decentralization, we are really grateful of the decentralization because it helped us in a lot of ways and i hope that crypto will be consistent in improving and giving us a lot of advantages.

Most of us dont abuse the decentralization of bitcoin but there are some who uses its feature to steal peoples money and use for money laundering.They are taking advantage of bitcoins anonymous transaction and decentralization they are feeding and leeching peoples money

I can say, its not really abused, rather it was being taken an advantage by criminals. Being scammed isnt something that'll happen without any wrong or mistaken decisions and actions done by the scammed person's edge. Decentralization has been used how its being designed by Satoshi from the start up until now. Sadly, in every investment platforms or any other platforms that involves money, criminals always find something where they can take advantage of.

You have to accept these things. Because everyone has to be careful and wise about investing matters. If you choose an honest and real project, you will have zero percent scam fear, but if you choose a random project without a proper team or vision then you will be affected by the scam, so, it's all about you! Regulations can protect users from the hacker or scammers. But do you think if a strong regulation come in the crypto industry, Satosh't vision will be fulfilled? Don't you think regulations would kill the total crypto's decentralized nature?

No we are not. This is just right. Satoshi wants decentralization so we are doing it now. People who get scammed are the people who are not careful about what they are doing. They should research before investing in such ICO or something. It doesn't affect our relationship with the decentralization.

Exactly. Decentralization has not been abused itself, but rather tampered with. Since there's no central authority to regulate the entire Blockchain network, it's sort of the wild-west where anyone can do as they please. Which is why, the openness of cryptocurrencies brings a lot of bad actors into play. Knowing the risks of decentralization, should make you precautious when dealing with crypto transactions.

As a responsible person, it's your duty to secure your funds as much as possible against hacks or theft. There's really no way around it. The same way centralized systems experience hacks and many other undesired situations, the same way happens with decentralized cryptocurrencies like Bitcoin and Ethereum. The only difference is that the responsibility lies within yourself (in a decentralized system), instead of a third-party or middleman (centralized).

In terms of achieving full decentralization on blockchain networks, it seems to be practically impossible. One way or the other, consensus algorithms have a certain level of centralization within them. In the case of PoW, there’s centralization of power among mining pools, while in PoS, the rich become richer.

Nonetheless, it's hoped that Bitcoin and other major cryptocurrencies become as decentralized as possible to prevent censorship or single points of failure from malicious actors. Just my thoughts

Blockchain is a decentralized platform and helps everyone to use and own it. But for Cryptocurrency hierarchy gradually disappears, you can own Altcoin, but your rights depend on the number of Altcoins you own.

There is no such thing as abuse of decentralization, if in the first place bitcoin was made with decentralization. If there is anyone who abuses power here, I think it is the people who requires unannounced KYC in order to receive the bounties. Decentralization in cryptocurrency is just normal.

The question is who will make the regulation and who will implement?its easy to say each idea but what will be the implications?
But i am very awaiting for the regulations because this is the only way for bitcoin to grow further and with the help of government intervention,lets make things appropriate and accept the reality that we wont win against government

You guys all make a good point cause we can't definitely blame Satoshi and his invention for the greed of using it by some people. However, don't created Bitcoin just because to end the exploitation of the common people by the central banks but to give the masses the financial freedom and some kind of regulations board is what we need to tackle the abusive way of using the blockchain I don't see anything bad in it but we must make sure the regulation won't also take the advantage of the process either.

Yeah we can't blame satoshi but still that doesn't change the fact that these selfish, greedy people are using this feature to their advantage. That's why i think we should be too tight when it comes to having regulations applied since we can't control people abusing it. Yeah we can't avoid such abuses even with certain regulations but it's still better than doing nothing at all.

Scammers and fraudsters are present everywhere, as greed is embedded as a basic character in the human behavior. Decentralization has nothing to do with it. Satoshi invented Bitcoin as a tool to end the exploitation of the common people by the central banks. If someone is using it for criminal activity, then we can't blame Satoshi and his invention for it.

Decentralization is not being abused if you ask me it is rather the security that is being tempered with and those who fall prey to all those schemes are newbies who fail to read more about how to safely interact and make transactions in this community. Decentralization however has not been fully achieved on most blockchain networks and that is exactly why i love the Proof-of-Stake consensus protocol being used on any blockchain network.

Decentralization is bringing enormous value to the world, but we also have to see it in proper context and understand its limits. We need to understand the advantages and disadvantages of decentralization, and also be mindful that it is not proper in all things and organizations. There are regulations for a reason.