Topic: Are we not abusing decentralization? - page 6. (Read 1962 times)

I do not think we know how to benefit from decentralization. On the contrary, we are trying to make it unnecessary with scam projects. Besides, I do not guess there is place to take advantage of today's decentralization.

People are being scammed everytime in any domain of activity so I don't understand why so many people worry about people getting scammed in cryptocurrency world. Scammers are everywhere and they are hungry to find a new method to steal more money from people. Cryptocurrencies have been a popular thing in lst years and they have taken advantage of that because they know this is a domain where they could make easy money. Can't do anything about it, it is what it is.

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

There is no abuse of decentralization, and only decentralization can benefit from the opportunities offered to us. As a result of the fact that the advantages it offers to us are seen by the general masses, more widespread decentralization will be benefited.

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.

For us maybe, but for some, it is not really.

The technology of Bitcoin is so great, the idea of Blockchain can be applied to a lot of things and these days it is being applied to a lot of new things. Though Bitcoin is not that welcomed to some places, for example, my place wherein Bitcoin is legalized. They are still thinking that Bitcoin is a scam and it might get people arrested. It is really funny and at the same time infuriating but I just let them think what they want, it is their loss.

That's certainly true, mate. Scammers are everywhere not only limited to decentralized systems. The only reason why they find decentralized systems to be an easier target than centralized ones, is simply because people are miseducated about them. Since the risk is attained to the user himself instead of the middleman (unlike in centralized systems), the attack surface increases if the user is not tech savvy at all. However, one could be rest assured that decentralized systems are as safe as you want them to be since you're in control.

As such, the best methods to overcoming scammers and hackers in a decentralized world, would be to follow the necessary practices to secure your crypto. Only then we could live a safe world where people are in control without having to worry about many undesired situations that are faced in traditionally centralized systems like Fiat. Just my thoughts

People are getting scammed every day even in centralized system. They receive weird calls, being informed about fake stories and asked for money for a lot of reasons.

We should start to be less naively,  otherwise the risk of being scammed is high, centralized or not.

Exactly. That's what the government wants us to think about decentralization. They want us to believe that the concept is flawed without any future, claiming that it's much easier for scammers and hackers to deceive people. However, that's a misconception about decentralization since the scenario is the same as centralized systems. With decentralization, we have the sole responsibility of protecting our funds without the need for a custodian.

This means, that all the risks are attained by the same person who holds the funds. On the other hand, a centralized system's risks are carried over to the custodian or middleman, leaving him/she/they in charge of the security of your assets. In the traditional financial system, we've seen how single points of failure have become a vulnerability for hackers to expose. The same way scammers trick people within centralized systems (via phishing, social engineering, etc), the same happens on decentralized systems.

At one extent, decentralization is being abused because of the liberty and freedom it provides against third parties. As a result, the hacker or scammer's life is much easier allowing him/her to perform a successful attack against any individual. However, if that individual is properly educated about how decentralization works, he/she can secure his/her assets from getting robbed at any point in time.

Nonetheless, it's hoped that people switch over towards decentralized systems, making centralization a thing of the past. Just my opinion

Decentralization is a system that works in a way without a centralized server so that all computer networks can access the system that is running, so it cannot be hacked, or engineered.
With such advantages there is nothing wrong with decentralization, if it becomes a problem, of course human factors are trying to find ways to be able to implement their evil plans, such as hacking or misusing system usage.

I don't think decentralization is to blame here. Greed and a lack of love or consideration of others is the issue.

Regardless of the innovation in technology, there are unloving people who will look to exploit others lack of understanding around it for their own personal benefit.

Mean while I must say, In some other words, when some people are worry about regulation and they actually lost their hope about regulation I only can say some centralized systems are being hack they are being scammed but there is no decentralization, we need to think positive about it so everything will be fine for us, just trust your investment.

  True, I really love the decentralized system of crypt currency because it is basic benefit of it, if we will use it decentralizing it will increase the worth and importance of it for us, we get the chance of making money, it changes the price and becomes more developed, progress being effective because of price and value change with decentralization of crypto currency.

If you think about it thoroughly the government does abuse us already more than what you think you know before with their centralized system that will tend us to follow because if not we will have nowhere to go. It's not bad to have a change slowly in the entire system, they may have seen cryptocurrency as a threat to them that's why they have to make a way to make people believe that it is a fraud but eventually people will follow the majority of the decisions.

Well change is always welcomed so far as its to reinforce and do away with many negatives going on currently, but many are in the the digital world due to the decentralization and anonymity  which when breached could affect cryptocurrency at large. And also  where will be the central focus.

In fiat currency it is called "yahoo yahoo and 419", while in Digital currency it is called "scam and hackers" so the problem of loosing fund is everywhere it is not the problem of centralization or decentralization, i strongly believe that with time there will be a better way of protecting our wallet and that will put a lasting end to the incessant problem of hacking and scamming.

Abuse of decentralization is happening around with the use of cryptocurrencies. This is purely on individuals mentality. Not everyone use it for crime or on illegal needs. Not only with bitcoin or other cryptocurrencies, with each and everything there is good and the bad. In my view the percentage of people using decentralization for the bad is very small compared to the rest of the users.

Satoahi had a great dream / idea of giving the world a decentralized way of doing virtually everything but then like every good thing on earth, there are always challenges and people who think of ways to turn good to bad. The crypto world is currently filled with people whose sole purppse is to scam and steal the hard earn money of those who desire a decentralized system fully supporting blockchain and cryptocurrency. But then we won't pull out of the great journey we have all started with satoshi, good will always prevail at the end no matter what. Decentralization has come to stay and stay it will. But then we should all be very careful out their in the crypto world especially with sensitive details which could lead to us loosing our funds. God help us all.

You are right.
Some bad people amongst us are taking advantage of the decentralized nature of blockchain to perpetrate fraud and scam others here.
I really wish there is a way of effectively regulating the cryptosphere ,so at to mitigate this incidences.

Your money, your decision. No one can control you to do whatever you want to do with it, of course theres always an abuse because of people's greed but always remember that "there will be no scammer if there is no people to scam" this thing can happen when all people are careful on their transactions.

Also, think that how every government's abuse us without any of our control because there is no decentralization.