Topic: Bitcoin and Decentralization (Read 211 times)
On the other hand, if bitcoin and other crypto currencies were conceived as fully decentralized digital coins, now the situation is changing due to the fact that more and more states are trying to regulate it. Regulation by itself is necessary for the recognition of crypto currency as a legal tender. However, it establishes a profit tax on operations with crypto currency, which, in order to levy this tax, requires the identification of the individual, which negates the principle of anonymity. Just start to demand and exchanges, setting their own rules of identification. All this leads to the fact that the crypto currency is changing, and does not change for the better.
Bitcoin as a protocol is decentralized , but some aspects of bitcoin are semi-centralized such as mining. Never the less, it is more decentralized than fiat which makes it great.
If sidelining miners or Core can sincerely lead to more decentralized Bitcoin, why not? The tendency for any group to go rogue shouldn't be underestimated. There should be opossing group to put things back the way it should.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
Yes, ordinary users bitcoin have no influence on the network bitcoin. It is agreed that the miners control the entire network and make decisions as it is beneficial for the given moment.
If sidelining miners or Core can sincerely lead to more decentralized Bitcoin, why not? The tendency for any group to go rogue shouldn't be underestimated. There should be opossing group to put things back the way it should.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
Yes, ordinary users bitcoin have no influence on the network bitcoin. It is agreed that the miners control the entire network and make decisions as it is beneficial for the given moment.
PS: The Bitcoin Gold isn't going to change anything. It would be CPU/GPU centralization, Nvidia and AMD.
A clever strategy to prove anything can be centralized with the best workaround you can find.
The real question is: will they succeed in their endeavours?
It ain't about sidelining miners, it is about miners don't control the network, but just a part of it. Yeah, according to conspiracy theories, we can go to the extent of saying Jihan is backed by the Chinese government, centralized. As far as the nodes approve, pass it on and the transaction is getting confirmed, Bitcoin will stay decentralized.
Remember it's a distributed network without a central point of failure.
There was Ghash, closing on 51%, concerns raised, stopped. At this point in time, it would take double the expense of the whole network to pull off a 51% attack.
There would be miner centralization, cheap hydro electricity. As far as they are abiding by the consensus, nothing much can be done about it.
PS: The Bitcoin Gold isn't going to change anything. It would be CPU/GPU centralization, Nvidia and AMD.
Remember it's a distributed network without a central point of failure.
There was Ghash, closing on 51%, concerns raised, stopped. At this point in time, it would take double the expense of the whole network to pull off a 51% attack.
There would be miner centralization, cheap hydro electricity. As far as they are abiding by the consensus, nothing much can be done about it.
PS: The Bitcoin Gold isn't going to change anything. It would be CPU/GPU centralization, Nvidia and AMD.
If sidelining miners or Core can sincerely lead to more decentralized Bitcoin, why not? The tendency for any group to go rogue shouldn't be underestimated. There should be opossing group to put things back the way it should.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
wow! this is so intelligent.... short of words... thanks.I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
to buttress what you have said, change is the only constant thing, so bitcoin should be ready to withstand all the improvements coming to it in the near future. If you call something decentralized, let it be what you call it, not wolves in sheep's clothing.
N:b i have nothing against bitcoin.
If sidelining miners or Core can sincerely lead to more decentralized Bitcoin, why not? The tendency for any group to go rogue shouldn't be underestimated. There should be opossing group to put things back the way it should.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
I don't understand how miners could refuse the input of professionals and ordinary Bitcoin users. Guess this behaviors mean that those who controls majority of the bitcoin should make decisions for the rest. They are trying to recreate the sad situation where Corporations control the governments and the World.
From the genesis of block chain technology which birth the rise of bitcoin, we were convinced that crypto-currency is the await savior from torment's from financial institutions, because we were informed it was decentralized, that one one controls your funds, that might be true literally, but reality is we just moved into another centralized form of handling finances, this is my opinion. The wrath of miners over time had made me realize and made me have a rethink on the decentralization, because we ran from government's control into miner's control. There was a time miner's refused to confirm transaction and it took transactions days to get confirm. This might not be a worthy reason to say bitcoin is not decentralized, but i crave for more people's opinion! Because i heard that the upcoming bitcoin fork is aimed at sidelining miners.
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