Topic: Decentralization ain't the solution to everything (Read 481 times)

While decentralization is NOT the solution to everything, it will certainly make an impact over our daily life. Fiat won't be going anywhere since it's backed by mainstream governments and banks alike. That's where decentralized cryptocurrencies like Bitcoin and Ethereum come into play. They bring financial freedom to those who need it the most. It's up the person to decide whenever he/she wants to use centralized money or all the other way around.

One thing for sure is that developers don't seem to understand that decentralization is not meant for everything. Projects often use the term "decentralization" in order to attract the masses. After all, it's a "catchy" phrase in the crypto/Blockchain space. Eventually, everyone will realize that some things are meant to be centralized. Games are meant to be hosted on centralized servers due to the large number of resources they consume. If placed on a decentralized blockchain network, they would face scalability issues. The same can be said about hosting websites on the Blockchain. At least, decentralization is emerging as a "force to reckon with".

As long as the whole world doesn't become centralized, there should be nothing to worry about. Just my thoughts

In a decentralized system, people has given more rights to be able to maximize the profit taking without having interrupted by the government or people in authorities. So this decentralized market is more beneficial for us. But i believe that people still need rules and policies from a centralized government because that will maintain the harmonious relationship between individuals with different goals. So for me, if both will be possible, that will create the best advantage for us.

One thing is certain, centralized fiat will never be obsolete. Decentralization will never be an answer to all existing problems today but it will help to empower the people in the society to exert an influence over the current local governance. This will give us more freedom to do what's best for us and not just totally dependent on the centralized government as they can do less but more on their own advantages.

There's advantages and disadvantages for the two sides and I think we need to embrace every last bit of it and be watchful in what we do. In this decentralized market, we decide to be the better ones and consistently look out which is great and avoid the awful activities that will simply suck our cash. I think the decentralization has even aided us in view of its straightforward nature, you can't alter it or adulterate it.

I think the reason that people have not adopted bitcoin as widely as we want is because they have very short memories, the whole economic system failed 3 times during the 20th century and a new system had to be imposed.

The difference now is that we have a decentralized alternative, so when the current system falls, whether it is tomorrow or in a few decades, people will begin to try to find solutions to their problems and bitcoin will be there for them, and once they taste the freedom that bitcoin brings many will not trust whatever system gets imposed at the time.

I'd have to say our society remains the same even with the advent of decentralized cryptocurrencies. It's hard to change something that's been established for a very long time. People are used to centralization and that won't change anytime soon. While decentralization works great for finance, it's definitely not the solution to everything. There's a lot of buzz surrounding the term "decentralization" in part because Bitcoin has been the most widely successful application of truly decentralized money.

Ultimately, people will decide whenever they'd want to change their ways or not. As long as crypto/Blockchain tech exists, people will have the opportunity to escape from the evil "clutches" of central banks and governments alike. Who knows how our future will look like with both crypto and digital Fiat in play? Just my thoughts

You touch on a very important point, society right now is geared towards massive centralization of information, money and power, and while this has always been the case the levels that we are seeing right now are outrageous.

This is why many people have a problem understanding how a society can function with a decentralized form of money as this will require a huge adjustment to how we do things, and since people are for the most part adverse to change this is why bitcoin has not been adopted as widely as we want, however once the problems that centralization bring become more apparent, like inflation, people will realize that this is the correct path to take and that is when the adoption of bitcoin will grow dramatically.

I think that decentralization has never pretended to be a solution to everything. Nowadays this word is commonly associated with the blockchain technology invented by Satoshi Nakamoto in 2008. I am sure that decentralization is a must for international finance, therefore Bitcoin and other reliable altcoins solve the problem of safe storage and secure transfer of funds without the need to trust third parties, such as banks backed by national governments that pursue an independent foreign policy and may be in opposition to each other.

As far as I know, after the creation of Bitcoin, no major bank comparable to Lehman Brothers went bankrupt. I dare say that decentralized cryptocurrencies are currently disciplining traditional financial systems, so bankers are doing honest business to ensure the trust of their clients. This is a good side of the existence of cryptocurrencies in general.

If anyone still thinks that decentralization is using your crypto however you want and be able to hide it from everyone, then they have never learned what decentralization means. The reality is that decentralization means there is no central organization that can control the crypto. Just to give an example, Bitcoin is decentralized and yet you still share your KYC with your exchanges and governments looks at what you do, they could decide on something that is legal or illegal based on how you use it, if you buy drugs with it and they learn about it then they could still jail you.

So, just because there are regulations about it doesn't mean that it is centralized. Can government print more bitcoins? Could it be more than 21 million bitcoins? No. Could they reverse a block? No. These type of code related stuff are the things that make it decentralized, not the regulations.

But what we are seeing now is that everything is going well, decentralization is used in future financial technologies such as blockchain. Maybe in the past decentralized cryptocurrencies were only used for illicit goods transactions. But now we see decentralization is a concept that will soon be used around the world in all technologies. I've always thought positively about this.

I think it's balanced, if evil gets easier with decentralization, so does good. As long as our intention is to use a decentralized system well I think this will actually make it easier for humans in the financial system and other technology-based programs.

Decentralization is very beautiful words, but it is impossible in the modern world. The Internet is centralized, most services are centralized, and most cryptocurrency transactions take place on centralized services. And if you commit a crime, it may not be solved because it is minor, but if you commit a serious crime, then you will be found.

to some extent, you are right, there should be legality in all areas, but I suppose it is not clear with taxes...why would people have to pay for cryptocurrency trading, this is intellectual property, and hard work, in general, you need to look for a compromise in any case, so that everyone is happy.

Decentralization can be either good or bad, depending on how people use it. I wouldn't say decentralization gives criminals freedom, since it's easy to catch malicious actors within transparent blockchain ledgers like Bitcoin and Ethereum. Maybe privacy coins, but with centralized exchanges dominating the market, I doubt it. Of course, no one said a decentralized system would be perfect. Everything has its flaws no matter how revolutionizing it claims to be. The person is responsible of doing the right thing with any given technology. Governments will then devise laws that could penalize malicious behavior.

I have to agree that decentralization isn't the solution to everything, as there are some things meant to be centralized. Developers are just driven by hype, so they're trying to shift everything into the decentralized realm. But that's not the way it works. Things like websites, online gaming, etc. are meant to be run on centralized servers. If you make them decentralized, then network congestion will increase like never before. A hybrid solution (centralization + decentralization) would be a better approach for transforming existing technologies. Who knows how governments will be able to successfully regulate decentralized protocols in the future? Just my opinion

Decentralization doesn't have anything to do with legality. It's just a way to secure something. Decentralization doesn't take away laws, it's just a new way to secure data. There are different kind of protocols to do this with and not all of them are a way for escaping regulations.

I didn't read any article that says it is the solution for everything. It is a solution for something, yes that is correct but not for the every industry in one government. One good example is the financial institution. It could speed up the process of everything if the workload will be divided in small groups given the authority and being more productive to enhance their services.
Without a government, we are doomed but we cannot stay with the traditional way on how they run it or else we are also doomed.

I think there is always a little of a conflict between the die-hard supporters of maximum decentralization and the other more pragmatic group of crypto users. The goal and the reason behind the creation of Bitcoin was to create a method of payment and something of value that is not controlled by a government or a central bank but by the people. If you look at the Top Holders wallet, then it is obvious, that there is still a lot of power in the hands of relatively few people. The same is true for miners. If the big mining companies are agreeing to push a certein update or to not support it, they can create a fork.

There's negativity in how you portray it.
It's not about them "criminals" because they should be behind bars. It's for the people living outside those bars. You even extend to make it look like a government hater decentralization scheme as if you could just erase a government and be autonomous.
It's different when we talk about it using the blockchain. Avoiding the middleman and whoever is in the middle of the middleman which is a fact. Let the transaction go directly from supplier to consumer avoiding layers of transaction fees.
Oh and there's a history of transactions that could be traced so it's not really invisible.

Decentralization means the system was getting decentralized. Crypto regulation will not help a lot when it comes tot he 0 knowledge blockchain like monero or so many scammers are using mixers for this. There's no guarante if we have crypto regulation and you can dictate the scammers or make them disappear. Even so many scammers are also abusing the centralized system and how is it possible to make them worry to not do another criminals again with crypto regulation? Scammers will always there forever and if you think crypto regulation will fix anything in the crypto abused by the criminals and you re wrong.

We can't blame technology because every technological development has its positive and negative sides and don't just look at it from the negative side because if we only look at it from one side we will always blame every new technology and the decentralized system does provide freedom for everyone but it is not made for criminals because basically the purpose of launching this system is to teach people not to always depend on the government.