The other day ,it was discovered that a politician in my country has been laundering funds using bitcoin because of the anonymous structure of the blockchain.
Regulation is very good but how possible is that since the blockchain is Decentralized and there will be no way of gaining control in order to regulate it's activities.
Topic: Are we not abusing decentralization? - page 7. (Read 1942 times)
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.
Some people taking advantage of being decentralization of Bitcoin, some are using bitcoin for their scam or fraud doings, some are also on their Ponzi Schemes. But, there's also huge abuse for decentralization now, that is the Exchange Traded Funds (ETF), but there's also a good side of ETF, it can help Bitcoin to be more famous, but it has also a bad effect on being decentralization of Bitcoin. Read more about ETF here: https://blockonomi.com/bitcoin-etf/ 
For me we are not abusing the decentralization technology rather we are maximizing the benefits and advantage it may bring to us and until now massive development are being introduced to public. In due time decentralized technology will play a major rule in more advance technology.
Thats true, is that a function of decentralization itself, giving anyone the freedom to use it for any purpose. decentralization provides absolute freedom for all people to carry out their personal transactions, we don't abuse it dude
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.
I don't think that it is on everybody's fault for you to blame if somebody losses a money in cryptocurrency. We have decentralized exchanges and wallets, but this thing is in our fault when we lose money. It's because we are the controller of our private keys on our wallet and on our exchange.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.
Anonimity is the best thing why people are thriving in cryptocurrency. They are anonymous in terms of buying and selling coins, they are gambling anonymously without letters for them to enter a casino. But the thing that is of a concern to all of us are the hackers. Have you ever heard of a hacked exchange? Those people abuse is hard to stop since we need to fight fire with fire. 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.
That is what is actually happening right now. We simply cannot be following all our whims and ideals. That cannot be possible. Either we will be regulated or we would be going down the road of anarchy and disorder where everything might be considered allowed. That is not a good way to live in this world. That is the very reason why governments exist and why there are certain laws and policies everywhere. People cannot simply be left on their own totally free. Cryptocurrency will have to be regulated. That is gradually taking place right now.
Why it said that because of the decentralization people scammed? No its not. People got scammed because of their own neglects to their wallets where their crypto currencies stores. Because for me, because of the decentralization wherein anonymity integrates makes our crypto currencies in a much secure state.
It is true that people are not scammed because of decentralization.
Decentralization is not made so that people can have their financial freedom, they spend whatever they want as long as they have the money and as long as they are not doing illegal in their country. The problem is that there are people that are using or taking advantage of these to earn money out of people that are also wanting to earn a profit, in other words, they are scamming other people. And then they are blaming Bitcoin, which is not even Bitcoin's plan since it is just crypto but the plan of the individual or group so they can get money out of other people.
No one would got scammed if people will only be wise and knowledgeable but the problem is also the people because they already knew that a project is a scam but they still insist to continue . idk the exact reason on why they are doing it and yes if they already got scammed they will only blamed bitcoin . this why bitcoin will get a bad reputation .
@op this serve's as an aswer to your question . yes people do really abuse the decentralize power of cryptos as much as fiats . soon as the adoption grows , the abusers also grow's . so watch out
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.
That is what is actually happening right now. We simply cannot be following all our whims and ideals. That cannot be possible. Either we will be regulated or we would be going down the road of anarchy and disorder where everything might be considered allowed. That is not a good way to live in this world. That is the very reason why governments exist and why there are certain laws and policies everywhere. People cannot simply be left on their own totally free. Cryptocurrency will have to be regulated. That is gradually taking place right now.
It is true that people are not scammed because of decentralization.
Decentralization is not made so that people can have their financial freedom, they spend whatever they want as long as they have the money and as long as they are not doing illegal in their country. The problem is that there are people that are using or taking advantage of these to earn money out of people that are also wanting to earn a profit, in other words, they are scamming other people. And then they are blaming Bitcoin, which is not even Bitcoin's plan since it is just crypto but the plan of the individual or group so they can get money out of other people.
Decentralization is not made so that people can have their financial freedom, they spend whatever they want as long as they have the money and as long as they are not doing illegal in their country. The problem is that there are people that are using or taking advantage of these to earn money out of people that are also wanting to earn a profit, in other words, they are scamming other people. And then they are blaming Bitcoin, which is not even Bitcoin's plan since it is just crypto but the plan of the individual or group so they can get money out of other people.
Completely agree with you mate. I believe that Decentralization is misused among people within the mainstream world. It brings a whole new level of freedom and liberty, but at the same time some risks which are hard to take by any average person. While scammers exist both in the centralized and decentralized realms, they appear to have a much easier life within the decentralized world. This is largely because, of the open nature of it in contrast to centralized systems.
As such, people easily fall for scams widely, because in crypto land it's still the wild west. There's no centralized, governing authority responsible of regulating such systems. But, with due diligence and proper responsibility, one could avoid falling for scams and hacks altogether. It all comes down to a specific individual whenever he/she uses decentralized systems in a correct manner or all the way around it.
Therefore, decentralization has its benefits, but it comes with a cost which one needs to have in mind before making use of it. Just my thoughts
Why it said that because of the decentralization people scammed? No its not. People got scammed because of their own neglects to their wallets where their crypto currencies stores. Because for me, because of the decentralization wherein anonymity integrates makes our crypto currencies in a much secure state.
It is true that people are not scammed because of decentralization.
Decentralization is not made so that people can have their financial freedom, they spend whatever they want as long as they have the money and as long as they are not doing illegal in their country. The problem is that there are people that are using or taking advantage of these to earn money out of people that are also wanting to earn a profit, in other words, they are scamming other people. And then they are blaming Bitcoin, which is not even Bitcoin's plan since it is just crypto but the plan of the individual or group so they can get money out of other people.
Even though a decentralzed system may not work ideally, it has a potential to work in a better manner when compared to a centralized system. It may take years to complete the restoration work of the decentralized system and to perfect it. It is very unlikely that we will have a problem if we observe our precautionary measures during this period.
Good point. Decentralization is often a term which is relatively new, and not as perfect as the traditional centralization many people have been accustomed to for a long time. It takes time for people to adapt to this new system where the middleman or third party is removed from the scenario. While it's true that the risks associated with decentralized systems are higher than those from centralized systems, it's still the best way to achieve liberty and freedom. People just need to be responsible in every way to prevent many undesired situations from occuring.
It's not about abusing decentralization, but rather having a misconception about it. With proper education, it's believe that people would make better use of decentralized cryptocurrencies like Bitcoin and Ethereum to make the world a better place. Hence, with decentralization comes great responsibility that one needs to have in mind since there's no central governing authority. Just my opinion
Even though a decentralzed system may not work ideally, it has a potential to work in a better manner when compared to a centralized system. It may take years to complete the restoration work of the decentralized system and to perfect it. It is very unlikely that we will have a problem if we observe our precautionary measures during this period.
For me we are not abusing the decentralization technology rather we are maximizing the benefits and advantage it may bring to us and until now massive development are being introduced to public. In due time decentralized technology will play a major rule in more advance technology.
For us decentralization is one way to overcome the problems that are often related to policies relating to the center, especially servers that are often hacked so that it is easy to misuse.Decentralization is more supportive for jobs connected to the internet because servers are on many computers, making it difficult to be corrupted or manipulated.
decentralization will not run perfectly until any time, human beings have their own interests and even include committing crimes, and that is where all things are created centrally with the aim of being a monitor and balancer. But in reality it does not become more fair. Crypto provides many things to be stronger in building a system that actually returns to an economy based on human resources and real transparency. The government must indeed be involved because they are only reliable regulatory determinants even though there are some impacts that are not in line with the initial expectations.
Why it said that because of the decentralization people scammed? No its not. People got scammed because of their own neglects to their wallets where their crypto currencies stores. Because for me, because of the decentralization wherein anonymity integrates makes our crypto currencies in a much secure state.
Most people have a misconception about decentralization these days. They believe that decentralization only means being scammed or robbed all the time. However, the truth is that it depends on the individual himself whenever he properly secures his crypto assets from such unfortunate events or all the way around it. The same way there's scams, hacks, and other unfortunate events on centralized Fiat currency, decentralization is no different from this.
While this is true, I believe that decentralization presents far more benefits than centralization. When you make use of decentralized cryptocurrencies like Bitcoin and Ethaxereum, you can feel confident that your balance is safe from third parties (with proper care of course). That's not possible with centralized Fiat currencies as they're subject to governments and third-party intervention. As it's said on the real world: "With great power, comes great responsibility".
Which means, that decentralization brings great power to the people, but great responsibility is needed to avoid many undesired situations. Hence, I don't believe that decentralization is being abused, but rather used in a wrong way. Just my thoughts
For me we are not abusing the decentralization technology rather we are maximizing the benefits and advantage it may bring to us and until now massive development are being introduced to public. In due time decentralized technology will play a major rule in more advance technology.
Sorry to OP, though isn't what you've state is much more of personal advantages? In another area, Isn't that some uses the decentralization in (morally) illegal ways. Though, we can't deny the improvement of the system but I think in some areas we are abusing the these "Decentralization". Though, I'm not quite sure about the "Decentralized" will play major "Role?", What role or "Rule" specifically? As far as I know, Some or most of the countries are not supporting the decentralize idea in a 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.
Because of these problems with hacking and fraud, the cryptocurrency is relatively slowly accepted by people for use and especially by states for legalization. Now, cryptocurrency, contrary to general opinion, is not a safe repository of value, especially for ordinary people who do not have and for various reasons will not have the necessary knowledge and capabilities to implement cryptocurrency security measures.Cryptocurrency in this regard still needs to be improved for a long time, to be simpler, but at the same time more reliable and affordable, otherwise it may remain for a handful of enthusiasts.
Why it said that because of the decentralization people scammed? No its not. People got scammed because of their own neglects to their wallets where their crypto currencies stores. Because for me, because of the decentralization wherein anonymity integrates makes our crypto currencies in a much secure state.
Most being scamed are scammed because they choose not to utilize the full concept of decentralization. Mosy people love storing funds in a centralized exchange at the end they ebd up being prone to hack. Once we all embrace the full potentials of decentralization it will be difficult to be susceptible to scam because we will have our funds within our control
For me we are not abusing the decentralization technology rather we are maximizing the benefits and advantage it may bring to us and until now massive development are being introduced to public. In due time decentralized technology will play a major rule in more advance technology.
Exactly. It's not about abusing decentralization, but more on exploring its benefits for our society. Bitcoin and other cryptocurrencies are highly experimental, and a new kind of money. Since we've been accustomed to centralized money for a long time, it's hard to get a hold of something that works in a different way. Being decentralized, means that there's no central authority in charge of regulating actions (whenever good or bad). It's up to you to do the right thing, by securing your coins and avoiding scams.
As centralized systems pose a risk to our personal and financial information, I believe that decentralization will take over within the future. But it will take time as people slowly discovers the benefits of it. Just my opinion
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 is difficult to get legalization for most countries against cryptocurrency, because there are still many pros and cons regarding cryptocurrency, for example cryptocurrency can be easily misused by people who are not responsible for committing crimes to avoid ownership records. but on the other hand most cryptocurrency users try to be able to give trust to the government that cryptocurrency is a technology that must be developed because it can facilitate people who use it to do all transactions from anywhere. but in reality the government is only aware of the existence of this modern technology and cannot fully legalize its existence because it is feared it can replace the existing currency.
Jump to: