Bitcoin, the only thing that stands on its lane. - page 2.

Who is John Galt?

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Quote from: Jegileman on September 05, 2023, 06:02:24 AM

This is something I also hope for too but I can’t see it coming soon. As long as new projects keeps imitating decentralisation when they’re not, do you think we can see a new project as decentralised as bitcoin coming soon?

The level of Bitcoin decentralization that has been achieved is largely based on the fact that there are already many miners that require huge computing power to find the hash. This is what Satoshi Nakamoto predicted in the White Paper. Initially, bitcoin was much more vulnerable.

Therefore, I will not undertake to predict whether some other decentralized project will appear in the near future. After all, even if it has already appeared and is starting to work, in order to reach the level of Bitcoin decentralization, it will need to become quite popular. And at the initial stage, even a promising project can be compromised.

YUriy1991

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If we notice Bitcoin trading performance has been marked with a lot of volatility lately. Chinese traders are in the system. Now many of these companies have been alerted to inadequate financial market infrastructure and basic oversight of existing exchanges for digital currencies. Yes. at least we should probably stick to a safer investment portfolio because All confirmed Bitcoin transactions are included in the blockchain so that the Bitcoin wallet can calculate the total of our most important balance (Privacy).

Jegileman

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Quote from: Who is John Galt? on September 05, 2023, 05:37:17 AM

Quote from: Jegileman on September 05, 2023, 05:18:47 AM

Simply remember that Bitcoin is the only decentralised cryptocurrency and that’s it.

If bitcoin could do this, what should prevent some other coins from doing the same sooner or later? The fact that, as experience has shown, many coins were created for completely different purposes, and only for advertising purposes they talked about decentralization, while they themselves made every effort to maintain centralized control, does not mean that the success of bitcoin in the field of decentralization can not be repeated at all.

Decentralized solutions can be useful to us for a variety of purposes, and one bitcoin cannot solve all problems at all, so I would like to hope that other truly decentralized projects will still appear.

This is something I also hope for too but I can’t see it coming soon. As long as new projects keeps imitating decentralisation when they’re not, do you think we can see a new project as decentralised as bitcoin coming soon?

Who is John Galt?

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Quote from: Jegileman on September 05, 2023, 05:18:47 AM

Simply remember that Bitcoin is the only decentralised cryptocurrency and that’s it.

If bitcoin could do this, what should prevent some other coins from doing the same sooner or later? The fact that, as experience has shown, many coins were created for completely different purposes, and only for advertising purposes they talked about decentralization, while they themselves made every effort to maintain centralized control, does not mean that the success of bitcoin in the field of decentralization can not be repeated at all.

Decentralized solutions can be useful to us for a variety of purposes, and one bitcoin cannot solve all problems at all, so I would like to hope that other truly decentralized projects will still appear.

Jegileman

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There is no coin that can be as decentralised as bitcoin when discussing centralization and decentralisation. The only decentralised cryptocurrency currently in use is bitcoin, and it will continue to be the only one for many years to come.

Using the word decentralised does not imply that a company, projects, or exchange is entirely decentralised; rather, it is a marketing term used to draw customers to them. If you grasp it, you won't always fall for their enticing statements because it is only a marketing strategy.

Advertising a project is acceptable, but not at the expense of lying, but who is to say they won't lie in marketing to attract more customers? Without a doubt, no one, and the pattern will remain unchanged. Simply remember that Bitcoin is the only decentralised cryptocurrency and that’s it.

Abu-Naim

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Quote from: Outhue on September 03, 2023, 04:12:55 AM

Bitcoin protects it's investors, there is never a hack on bitcoin blockchain, but because many projects are ready to deceive the masses in the name of DeFI and Decentralization that's why some people believe them.

We all want decentralization on crypto space to be more than just Bitcoin only, but the truth is I believe there won't be another.

Some people lack adequate perspectives regarding the distinction between decentralization and centralization, which leads them to believe other projects that claim to be decentralized. How can a new project produced by a multi-person team be decentralized? It is not possible since we have a conflict of interest that could lead to problems within the team.

What exactly is the distinction between exchanges that require KYC and those that enable trading without it?
Do they become decentralized just by not requiring KYC?
Is it wise to invest our money in them?

o_e_l_e_o

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Quote from: Who is John Galt? on September 04, 2023, 04:27:33 AM

Blockchain rollbacks and suspensions, say, don't look like something that should happen on a truly decentralized blockchain.

Absolutely. And the second most popular crypto in the world - Ethereum - has done exactly that. When the wrong person acquired some ETH, a small group of individual reorganized the entire chain to reverse that from happening. That's the whole reason there is a fork called Ethereum Classic. It was started by a group of people protesting against the complete centralization of Ethereum.

And let's never forget that Binance wanted to do the same thing on Bitcoin to reverse one of the many times they were hacked. Of course the community told them to GTFO.

Quote from: The Cryptovator on September 04, 2023, 03:30:57 PM

The only true decentralization is Bitcoin, all others aren't truly decentralized

There are a handful of projects out there that are truly decentralized, such as Bisq and JoinMarket, and one or two other coins, such as Monero.

The Cryptovator

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The only true decentralization is Bitcoin, all others aren't truly decentralized Anyway. You may call them semi-decentralized, not truly decentralized. Because almost everything is controlled by a team. I am not sure about the Coinbase platform since I haven't used it. But Binance p2p won't be decentralized, I don't know where they claim it. To be honest it's become hard to think of crypto without centralization. If you hold Bitcoin on a non-custodial wallet then you may claim it's fully decentralized. Though Bitcoin is truly decentralized, we can't control it unless we store our own non-custodial wallet.

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Quote from: tech30338 on September 04, 2023, 01:20:58 AM

Could be the reason for the fail of other defi projects are less testing's, and security setups for the developers? finding bugs and other exploit are the developers responsibility, releasing projects early without proper testing and looking for bugs, is one way of telling these hackers that take the money its okay, a rush project is like a trash, i mean im sure there are security features that can be implement for security.

It is possible since developers are in haste in implementing their applications. They rush to get profit while they do not fully test the functionality of the code for the glitches or exploits. It is also possible that the vulnerabilities are intentionally left there so that they can milk the system by hacking it themselves in disguise as other people doing it.

I used to say wow about DeFi a long time ago but now for me, it is a haven for hackers, and avoided it as much as I can. I would rather have a centralized service that is way more secure and has insurance than dive into a DeFi thing that can be hacked anytime and any losses are unrecoverable since there is no one to take the blame.

I never leave any funds on any centralized exchanges since I am using them according to the reason they are made, to exchange so I do not have any issue using them.

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Quote from: ImThour on September 03, 2023, 09:54:10 AM

No way you think Coinbase is decenteralized just because it's now providing DeFi services. Coinbase allows you to connect your exchange account with your wallet and which makes it share the data of your DeFi wallet with Coinbase which completely removes any privacy or anonymity you had earlier. I prefer to use Metamask If I really want to go deep in DeFi or DApps. I would never use any wallet built by an exchange, similarly Binance has their own Trust Wallet. They named it Trust. That's a complete joke.

Coinbase, binance are centralized exchanges and they have been like this for a long time, regardless of the fact that binance offers peer to peer transaction you can see all the details of the buyer like their bank account details.

To register an account on binance you would be needed to present some identification details of users and this already has compromised your identity something decentralization Is against.

Doan9269

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Quote from: Outhue on September 02, 2023, 03:49:12 AM

I mean if Binance was decentralized right from day one, wouldn't this be cool? This is why I think decentralization is a complete joke in crypto today, any parties can just come out and they say they offer both.

It would have been the best decision if Binance went completely decentralized than we have them centralized today, but that shouldn't be an issue for now, we have the opportunity to go after any decentralized exchange and if any exchange that is centralized us claiming decentralized under new service introduced, we should not fall for such, they cannot be two at once, it's either they are custodial or non custodial, or maybe as some have assumed that bitcoin shouldn't be allowed on centralized exchages than a non custodial wallets.

Sim_card

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It is absurd to see that centralized exchanges like Binance deceives people to make them believe that they are decentralized just to claim that they are the best. People that lacks the understanding of what a decentralized exchange is,will fall for them. As long as KYC verification is needed and you don't have control over your keys,it shows that you are dealing with a centralized exchange. It is impossible for an exchange to be decentralized and have centralized features. It is because these exchanges knows that bitcoin is decentralized and people knows,that is why they are claiming that Binance is decentralized to make people believe that they can store their bitcoin in their exchange. Whatever is not an open source is centralized.

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Bitcoin surely is incomparable from all of those examples that you've mentioned. As for Binance, I can't vividly remember if they have advertised before as a new project that they're like a decentralized project that shall disrupt the current technologies and market for exchanges. But that's like the pattern that most of the projects does. They're going to use the descriptions that typically used by most projects telling people how decentralized they are but in nature, they're not. If people are all for the decentralization, Bitcoin is the number 1 candidate of it. However, with today's movement in the market, it's no longer about the tech, about the privacy but more with profitability for which they're taking a leap of faith with the alts and projects of their choice.

Who is John Galt?

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Quote from: o_e_l_e_o on September 04, 2023, 12:39:45 AM

I would ask what fake decentralized projects you have been dealing with already? Some DeFi scam or yield scam? Why? What's wrong with just buying bitcoin and ignoring these scamming shitcoins and their scamming platforms?

I haven't dealt with any yet. I prefer to first understand what might have to be dealt with, which is why I ask these questions. Because indeed many claim to be called decentralized, and then it turns out that they are much more centralized than it might seem from the outside. Blockchain rollbacks and suspensions, say, don't look like something that should happen on a truly decentralized blockchain.

But ignoring should also be meaningful. Even if it turns out that there are no other sufficiently decentralized projects at all, I want to understand how to see it so that the decision is supported by knowledge, and not just a repetition of someone else's experience.

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Quote from: hugeblack on September 02, 2023, 07:18:20 AM

-snip-
They always try to promote Decentralization= "no KYC" which is not true.

Well, that's it.
They should know that Non-KYC is a non-guaranteed proposition if they examine the business concept, and decentralization is not only about privacy.

Unfortunately users of centralized services on average behave compulsively and assume all services with these offers are truly decentralized.

tech30338

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Defend Bitcoin and its PoW: bitcoincleanup.com

Could be the reason for the fail of other defi projects are less testing's, and security setups for the developers? finding bugs and other exploit are the developers responsibility, releasing projects early without proper testing and looking for bugs, is one way of telling these hackers that take the money its okay, a rush project is like a trash, i mean im sure there are security features that can be implement for security.

o_e_l_e_o

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Quote from: Who is John Galt? on September 03, 2023, 09:47:34 AM

How to check?

Truly decentralized services are easy to identify. Instead of using the service via a centralized website like any centralized exchange, you run the service locally and connect directly to other users. Bitcoin, Bisq, and JoinMarket are some great examples.

For seeing if something is centralized, the bottom line is this - is there a single point of failure? If the website or server went offline, could I still use the service? Is the code maintained by a single person or company, and if they changed the code to something malicious, could I do anything about it? Can some person, company, or entity, prevent me from using the service?

Quote from: Who is John Galt? on September 03, 2023, 09:47:34 AM

But how can a person who is not yet very well versed in all this understand whether he is dealing with a decentralized project or is it all disguised centralized projects?

I would ask what fake decentralized projects you have been dealing with already? Some DeFi scam or yield scam? Why? What's wrong with just buying bitcoin and ignoring these scamming shitcoins and their scamming platforms?

ImThour

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No way you think Coinbase is decenteralized just because it's now providing DeFi services. Coinbase allows you to connect your exchange account with your wallet and which makes it share the data of your DeFi wallet with Coinbase which completely removes any privacy or anonymity you had earlier. I prefer to use Metamask If I really want to go deep in DeFi or DApps. I would never use any wallet built by an exchange, similarly Binance has their own Trust Wallet. They named it Trust. That's a complete joke.

Who is John Galt?

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Quote from: o_e_l_e_o on September 02, 2023, 06:21:47 AM

I've been saying this for years OP:

Quote from: o_e_l_e_o on September 02, 2021, 02:43:28 AM

DEX is a buzzword that most people don't understand. People still call LocalBitcoins a DEX just because it is peer to peer despite being completely centralized, requiring you to deposit coins to their wallets, demanding KYC, and frequently locking accounts. The exchange IDEX has DEX in the name and market themselves as the "fastest and most secure DEX", and yet require KYC, have control over your account, have control over the smart contracts they run, have control over which coins they list, etc.

They'll market themselves as a DEX, people will lap it up and not understand the difference.

This space is full of buzzwords. ICO, NFTs, DeFi, decentralized, the list goes on. There are countless exchanges out there which call themselves DEXs, call themselves decentralized, call themselves peer to peer, when they are nothing of the sort. The same holds true for shitcoins. Lots of people don't bother to check if the claims are true, and even more people don't even understand the difference, falsely believing that things like Binance P2P are either peer to peer or decentralized, when they are neither of those things. Centralized exchanges use these buzzwords for cheap marketing because there is nothing stopping them and they know people will be attracted by those buzzwords, even though they are outright lies.

How to check? How to understand that some service is truly decentralized? With Bitcoin, it is clear that everyone can connect to the network and mine just like everyone else. And with other projects it is more difficult to understand. It is clear that if there is a website that offers a certain service through its own forms and databases, including the organization of p2p transactions, in fact it is still a centralized service. A decentralized project should probably work through some kind of smart contract. But how can a person who is not yet very well versed in all this understand whether he is dealing with a decentralized project or is it all disguised centralized projects?

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Quote from: Outhue on September 02, 2023, 03:49:12 AM

It's annoying and this is why Bitcoin is different, I think nothing can really be decentralized as Bitcoin again.

Bitcoin had an advantage when it was just starting out. Not many people took cryptocurrencies seriously, and hardly anyone knew it even existed. This meant that Bitcoin could grow on its own, without a central authority, using a system called "proof of work, and not having other coin in mind at that moment. No company created and launched Bitcoin unlike many altcoins, this why it will remain fully decentralized forever.

Topic: Bitcoin, the only thing that stands on its lane. - page 2. (Read 574 times)