Bitcoin Idea is about: Kill the MiddleMan. Guess what? There are new ones: - page 2.

audaciousbeing

hero member

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Quote from: Mandoy on July 08, 2017, 09:33:10 AM

Bitcoins idea is not about killing the middle man but rather it is made to decentralized our financial resources. Decentralization means going away from banks which controls our money, interest and uses our money to earn income while not giving us the proper share. Bitcoin on the other hand enables us to monitor and have control over our asset and it is us who will enjoy the benefits or increase of value of our asset which is bitcoin. It is decentralized in a way that we make our own banks, we became our own banks. Middleman issue is very far from the main reason why bitcoin is made and thus we must not debate on it further.

I think I agree with you on this simply because the middle men we have now are not forced on us and at the same time we can choose to stay without them compared to the banks which you will be forced to open an account then they can control your money and you yourself but here, I can choose not to use exchange sites. I can choose not to use wallets in which nobody can stop me from doing. I think this is what Satoshi had in mind not to eradicate middlemen but rather wind down their influences.

Barcode_

staff

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Join the world-leading crypto sportsbook NOW!

Trusted and reputable sites that are acting as a middleman and providing their service is good for the community, without their service, there would be a lot of scammers scamming away people bitcoins especially the new users that just come aboard to the crypto-currency scene, since bitcoin payment is irreversible, I would rather pay a small fees to sites providing a middleman service to guarantee I won't get scam by some scammers out there.

hv_

legendary

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Clean Code and Scale

Quote from: hatshepsut93 on July 08, 2017, 09:25:05 AM

Even though satoshi was against middleman in payments, it doesn't mean that they are all bad or useless. This forum has many middleman in form of escrows to protect users from scams in ICO's, trading, jobs. With Bitcoin you can be 100% sure that when you send transaction, it will be received on the other end, meaning that Bitcoin is trustless, but there's no system that can in the same way enforce delivery from the other side of a bargain. This is why there are so many scams and why middleman are important. The biggest difference and advantage of Bitcoin is that middleman are optional, and it's entirely up to user to use them or not, unlike in fiat payment systems.

I assume it was all about competition....

lizardbtc

full member

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For that to happen it requires time. There is a decentralized exchange like bitsquare (tho buyer need to have some amount of BTC to be able to buy). But as you said most exchanges are centralized - thats because it is easy for them to do and easy for the governments to look through details from the exchanges. Exchanges offer fast and easy way to get bitcoin, you can't do anything about them same goes for online wallet providers such as blockchain.info.

We can't influence much on the miner factories as that is how the network is run, it is kinda hard to change the protocol right now.If segwit gets activated we will still depend on some sort of centralized places.

Mandoy

sr. member

Activity: 644

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Aurox

Bitcoins idea is not about killing the middle man but rather it is made to decentralized our financial resources. Decentralization means going away from banks which controls our money, interest and uses our money to earn income while not giving us the proper share. Bitcoin on the other hand enables us to monitor and have control over our asset and it is us who will enjoy the benefits or increase of value of our asset which is bitcoin. It is decentralized in a way that we make our own banks, we became our own banks. Middleman issue is very far from the main reason why bitcoin is made and thus we must not debate on it further.

gentlemand

legendary

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Welt Am Draht

It's pretty simple. Humans aren't programmed to do the things bitcoin wants to award them. They want someone else to do the hard work and go running to.

It's the human factor that'll wreck bitcoin as ever.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

existence of centralized exchanges and how they work does not go against the nature of bitcoin and does not change anything about it being a peer to peer network without middle men.

(centralized) exchanged are good places to do high speed trading. decentralized exchanges does not (and i think can not) offer this.

hatshepsut93

legendary

Activity: 3038

Merit: 2162

Even though satoshi was against middleman in payments, it doesn't mean that they are all bad or useless. This forum has many middleman in form of escrows to protect users from scams in ICO's, trading, jobs. With Bitcoin you can be 100% sure that when you send transaction, it will be received on the other end, meaning that Bitcoin is trustless, but there's no system that can in the same way enforce delivery from the other side of a bargain. This is why there are so many scams and why middleman are important. The biggest difference and advantage of Bitcoin is that middleman are optional, and it's entirely up to user to use them or not, unlike in fiat payment systems.

hv_

legendary

Activity: 2534

Merit: 1055

Clean Code and Scale

Due to Satoshi, Bitcoin is a peer to peer network. Removing mainly central banks and ord banks, payment processors, clearers...

Things are good and it works if you deal on the streets.

Most dont, we invented new middle men

1 Exchanges
2 Market Makers, Bots (doing arbitrage, narrow the spread, source liquidity)
3 Miner Factories
4 Wallets

These above we all have in use and we all have to pay somehow these middle men with bitcoin (4 are mostly free yet), but best we would get rid of them inventing / allowing competition like

1 > decentralized exchanges
2 > more bots
3 > more chip makers
4 > more userfriendly wallets

Think about
5 code business, services like Blockstream, Bloq, nChain,....

?

Anything more? It's your money, your bitcoin. Get your finance straight and enable competition!

Topic: Bitcoin Idea is about: Kill the MiddleMan. Guess what? There are new ones: - page 2. (Read 1078 times)