Topic: Are we not abusing decentralization? - page 5. (Read 1962 times)
There is always an abuse to the use of everything we cant stop it everyone has a choice if one person choose to abuse a thing there is nothing you can do to stop that, its just either dont do the same or do the same for your own sake.
The fact that something is decentralized does not mean it won't be abused. In fact, in my own opinion, the decentralized power of crypto has contributed seriously to the abuse by many people. This is because when there is no center of authority that takes control and responsible for the problem then everyone will be looking for loopholes. today a lot of projects hide under the umbrella of this decentralized nature of the blockchain to steal investors money which brings more harm to the trust people have for cryptocurrency at large.
Agree. Because of the freedom decentralization provides, many people have abused it in many ways. As such, scammers and hackers have taken advantage of the situation to spread mistrust among everyday people. Still though, the same thing happens with centralization which leaves no excuse for anyone trying to associate decentralization with bad stuff. In the bright side, being decentralized gives you control over your money which means that you can take the necessary measures to further secure it.
The main issue is miseducation about how everything works in the decentralized land of crypto. Once people are knowledgeable of the situation, then they could easily avoid getting scammed by protecting their funds in a proper way.
Nonetheless, I believe that decentralization will take over centralization completely in the future as people realize its true benefits. Just my thoughts
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.
I think it's part of our nature to practice and abuse all the freedom and convenience that we have. That's also one of the problem with decentralization, big crimes can be committed and concealed thru decentralization. Nobody knows whether if huge illegal funds were transferred thru cryptocurrency since it is decentralized.
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 incidents of scamming has nothing to do with decentralization or any other principles put forward by Satoshi. Are you saying that there are no scams with the centralized fiat currencies? Humans are greedy. That's the way our mentality works. We are just one out of the millions of species out there and we have carved out 90% of the planet for ourselves. But what greed has to do with decentralization? Greedy people are everywhere, be it in the crypto domain, or in the banking domain. Or are you saying that the bankers are less greedy?
The fact that something is decentralized does not mean it won't be abused. In fact, in my own opinion, the decentralized power of crypto has contributed seriously to the abuse by many people. This is because when there is no center of authority that takes control and responsible for the problem then everyone will be looking for loopholes. today a lot of projects hide under the umbrella of this decentralized nature of the blockchain to steal investors money which brings more harm to the trust people have for cryptocurrency at large.
And that's the reason why only investors who have a big nerve and willing to take the risk will take the advantage of this system, we can't deny the fact that there's really people who loves to take an edge knowing that this system can give them benefits, it's a long journey and different insight betweenpeople who believes or doubts this process,.
We need to observed how we stand our positions, believe in your own understanding.
The fact that something is decentralized does not mean it won't be abused. In fact, in my own opinion, the decentralized power of crypto has contributed seriously to the abuse by many people. This is because when there is no center of authority that takes control and responsible for the problem then everyone will be looking for loopholes. today a lot of projects hide under the umbrella of this decentralized nature of the blockchain to steal investors money which brings more harm to the trust people have for cryptocurrency at large.
One of the benefits of centralization is protection from abuse and fraud, but it also can itself lead to abuse and fraud. The key is for investors to take the proper security countermeasures to deal with this new wild west.
So you mean decentralization is likely to fall on abusive acts? I don't think it's not a fair idea about the meaning of protection mate. And although you think we're protected with our fiat government's fraud people, but it's not guaranteed because we can't really control every person who would transact on those probable fraudulent persons which circulated around the globe. Abusive acts always occurred in so many ways, and even though it's a fiat or a digital type of money a centralized one will always be subjected to be victim of scammers. Decentralization is considered a brilliant currency diversion towards virtual or cashless society. Handling it in order to have safety depends on how a person generally make his funds more safer or rather make it 101% safe.
Some form of abuse is always to be expected in any kind of new technology unfortunately. Also adding the fact that bitcoin and most cryptocurrencies are pseudo-anonymous, the scams and hacks are definitely to be expected. For now, pretty much all we can do is to deal with it, until probably a better solution of handling private keys becomes invented. Something that could potentially easily convince the majority to hold their funds on their own wallets; in contrast to holding funds on exchanges and online wallets.
No matter how we deal with this problem it is and would always be there. That is the exact reason why most of the businesses such as exchanges are actually doing the KYC policy because if ever that this certain attacks happens and when that certain hacker sold their funds to exchanges then that could be the end of their business.
It is still very hard to identify if the funds that you are getting are actually obtain illegally.
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 incidents of scamming has nothing to do with decentralization or any other principles put forward by Satoshi. Are you saying that there are no scams with the centralized fiat currencies? Humans are greedy. That's the way our mentality works. We are just one out of the millions of species out there and we have carved out 90% of the planet for ourselves. But what greed has to do with decentralization? Greedy people are everywhere, be it in the crypto domain, or in the banking domain. Or are you saying that the bankers are less greedy?
One of the benefits of centralization is protection from abuse and fraud, but it also can itself lead to abuse and fraud. The key is for investors to take the proper security countermeasures to deal with this new wild west.
Regulation is sound look like centralization. Crypto-market shouldn't be regulated by any specific person, government or any other third party. But one thing, regulation would be appropriate for crowdfunding. Crowdfunding and existing market is totally different. So it would be better of world concentrate on crowdfunding instead of regulate total crypto market.
Regulation will prevent freedom and bitcoin has been created for enjoy financial freedom. So intention of creating bitcoin will be valueless. So just say, crowdfunding should be regulated.
Regulation will prevent freedom and bitcoin has been created for enjoy financial freedom. So intention of creating bitcoin will be valueless. So just say, crowdfunding should be regulated.
Agree. I believe that regulation is "anti-ethical" for the whole cryptocurrency space. After all, Satoshi invented Bitcoin to be free from middleman in the first place. Considering that today people still rely on centralized exchanges and custodians to acquire or sell cryptocurrencies, the vision of decentralization is far from becoming a reality.
Now, the term "decentralization" is used more for hype than something serious for the Blockchain Industry. We've seen how crypto platforms like Ripple and Stellar claim to be "decentralized" when theoretically they're centralized. On the other hand, supposed decentralized exchanges like CryptoBridge are now requiring US citizens to verify their IDs via a KYC process. Which is why, I believe that at some point decentralization has been abused resulting in its demise within the future. Just my thoughts
Decentralization is a one great attributes of cryptocurrency in general but it's such a shame scammers has capitalized of that and turned it to there advantage there by unleashing mayhem.
But I think with sto security token offering replacing initial coin offering this would be that form of regulations we need
Although we use STO security tokens, it is difficult to ensure that everything is kept safe. To block stolen tokens, we need to verify the authenticity of this before taking measures to block them before any transaction. But I think with sto security token offering replacing initial coin offering this would be that form of regulations we need
decentralisation can not be said to be abused in the context in which it is being used. it is in reality to give credence to total autonomy of the financial sector one has. in reality decentralisation gives you power to control your resources and also still keep your identity with other benefits
Decentralization is a system in which delegation of commands from a centralized server becomes fragmented on many computers, with the aim of transparency and mutual control between one user and another user.Decentralization facilitates the control of goods stocks, expenses, price lists, etc. That creates efficiency and suppresses unclear expenditures so that products are made very competitive.
I believe we are not abusing decentralization but the scammers and exploiters are. And this is no news, even on fiat currency which is centralized, scammers are everywhere so it is normal to see this kind of event in an anon world. I am not against regulation but I am much in love with the freedom of managing my own financing account. This way I do not have to pay 3rd party to take care of my savings. To those who were scammed, it is their own fault, they do not do their research and I am sure they already learned from their mistakes.
decentralisation can not be said to be abused in the context in which it is being used. it is in reality to give credence to total autonomy of the financial sector one has. in reality decentralisation gives you power to control your resources and also still keep your identity with other benefits
Indeed, because basically decentralization is used for people who want to get freedom. and each user uses it properly. they get freedom without control. thats what the purpose, so we can't mention that it's abuse the system..
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 blockchain technology behind Bitcoin, Satoshi Nakamoto, took into account the greed of man, that's why it is a speculative market, of all the history that has been made since 2009, with the market that has its phases of accumulation and distribution.
The market can be studied from the speculative point of view and from the point of view of investors, applying the theories of Wyckoff, Jesse Livermore, some investors like Tom Williams, can apply Warren Buffet's advice to this market.
But the regulation point is not very good, because everything that has been raised could decrease, since nobody likes to control their money, either by government or banking orders, that a third party imposes on them how much money they can move or withdraw. , or even demand the origin of their funds.
decentralisation can not be said to be abused in the context in which it is being used. it is in reality to give credence to total autonomy of the financial sector one has. in reality decentralisation gives you power to control your resources and also still keep your identity with other benefits
Indeed, because basically decentralization is used for people who want to get freedom. and each user uses it properly. they get freedom without control. thats what the purpose, so we can't mention that it's abuse the system..
People are not getting scammed due to decentralization, but due to lack of regulation and their ignorance.
However, naive people are daily scammed with fiat/credit cards, so why would crypto be different?
However, naive people are daily scammed with fiat/credit cards, so why would crypto be different?
I got your point . your saying that scams are already happening on the case of fiats even though they are not decentralized . same as on cryptos , scams/hacking and other illegal crimes are also happening but thats not because of the decentralization . its just people are not open minded and they instantly blame cryptos , which makes crypto even more bader in the eyes of other people .
People are not getting scammed due to decentralization, but due to lack of regulation and their ignorance.
However, naive people are daily scammed with fiat/credit cards, so why would crypto be different?
However, naive people are daily scammed with fiat/credit cards, so why would crypto be different?
Any regulation won’t stop what you listed in the post or maybe by regulation you mean some general rules not made by government but by the general crypto consensus. It has been said many time that we all should be careful of how we flaunt our assets. Rules won’t safeguard you if you are not careful yourself.
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