Decentralized control of Cryptocurrencies - page 2.

Stalker22

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Quote from: VictorProsh on June 05, 2022, 04:54:47 AM

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What do you think? Is it necessary or possible to control a decentralized cryptocurrency or not.

The very fact that something is decentralized means that you cannot fully control it and there is no central authority that has the power to limit or control it.

Quote from: suzanne5223 on June 05, 2022, 11:06:31 AM

Based on the concept, no censorship, and how Bitcoin was created it was the true and only decentralized cryptocurrency in the market but we also need to understand that after private organizations and institutions are the major investors in the bitcoin market its decentralization level has also changed.

I do not believe that is how the decentralized aspect of Bitcoin network works. Changes in the system are only possible through the collective decision by the majority of Bitcoin nodes, not by Bitcoin whales.

Quote from: suzanne5223 on June 05, 2022, 11:06:31 AM

Therefore, it is possible to control decentralized crypto at some point and no crypto can be decentralized forever.

No, that is incorrect. The system can be decentralized forever.

palle11

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Quote from: suzanne5223 on June 05, 2022, 11:06:31 AM

Therefore, it is possible to control decentralized crypto at some point and no crypto can be decentralized forever.

Are you saying here that there will be a time that bitcoin will become centralized ? Like Satoshi will be discovered and things will be ultered like the white paper, the community and there will be claim of ownership etc. What do you mean with that then ? Can you explain better on the statement.

suzanne5223

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Based on the concept, no censorship, and how Bitcoin was created it was the true and only decentralized cryptocurrency in the market but we also need to understand that after private organizations and institutions are the major investors in the bitcoin market its decentralization level has also changed.
Therefore, it is possible to control decentralized crypto at some point and no crypto can be decentralized forever.

noorman0

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Quote from: VictorProsh on June 05, 2022, 04:54:47 AM

-snip-
What do you think? Is it necessary or possible to control a decentralized cryptocurrency or not.

Depending on who you ask, if I were the director of the central bank then my answer would be "mandatory". This question has long been answered by the fact how governments want to control as much as possible, and prohibition is the ultimate judgment of their inability.

The right question is not about necessary or not (globally) as it is an option individually. If you still enjoy the facilities of a centralized financial system, it shouldn't be a problem even if you are controlled and bitcoin is not for you.

famososMuertos

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Quote from: VictorProsh on June 05, 2022, 04:54:47 AM

...//...,,,
What do you think? Is it necessary or possible to control a decentralized cryptocurrency or not.

Your question is ambiguous, read it again, in any case the concept of decentralization is what defines it in itself, by pretending to use the adjective "control" it does not eliminate the concept, then in contrast, it is important to know that if you have bitcoin for the sole fact of having them does not mean that you handle the concept or premise of Bitcoin (Dex)

Dunamisx

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Quote from: VictorProsh on June 05, 2022, 04:54:47 AM

What do you think? Is it necessary or possible to control a decentralized cryptocurrency or not.

let's take it from the meaning of it all, we called something a decentralized network, having the full understanding of what the word decentralized means it has made the whole explanation of itself without any need to further stress, Bitcoin is a decentralized digital currency and can not be controlled by any third party, we all understand many attempts from government to regulate and control cryptocurrency but all moves turns void as bitcoin has its system controlled and regulated by itself, only the crypto industries and exchanges can't escape the regulation on tax among others from government since they are centralized.

VictorProsh

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Quote from: Alisha-k on June 05, 2022, 05:37:13 AM

Decentralized finance especially Bitcoin needs no central control. It is a crypto currency that is left in total control of it's holders. You own entirely every single BTC in your wallet without any third party interference. Stable coins has no intention of controlling your Bitcoin rather as centralized as they all appear it is only a tool for fighting volatility

Stablecoins are not a tool to combat volatility, they cannot affect it, but they can affect uncontrolled inflation, since they are printed uncontrollably.

serjent05

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Bitcoin is indeed a decentralized cryptocurrency but it turns out that as people and the government adopt Bitcoin, the decentralized nature of Bitcoin is being challenged. Instead of going p2p, people tend to rely on and trust central exchanges. That is where the transformation begins. Although no one can control the decentralized blockchain, the process between clients that uses centralized exchanges is controlled. With all these KYC and central authorities of exchanges and the government demanding these exchanges to conduct such a process, the government then can have a grasp of Bitcoin transactions and can rule or control anything that is processed under these centralized exchanges. After all, CEX users' fund is taken care of by the CEX admins, so they can control these funds anytime they want.

Alisha-k

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Decentralized finance especially Bitcoin needs no central control. It is a crypto currency that is left in total control of it's holders. You own entirely every single BTC in your wallet without any third party interference. Stable coins has no intention of controlling your Bitcoin rather as centralized as they all appear it is only a tool for fighting volatility

Solosanz

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The fuck is Satoshi Nakomota?

Those you mentioned above is centralized and no one is decentralized except Bitcoin. A trully decentralized coin e.g. Bitcoin can't be controlled and doesn't necessary for it.

VictorProsh

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Decentralized control of cryptocurrencies.

The existing monetary financial system of the USA has strict control allowing to regulate the issue and creates rules for centralized financial regulation. One way or another, all countries of the world build their financial policies on the same principle, focusing on the $ USD exchange rate because the world does not yet know another better system. With the advent of BTC and other crypto currencies, there was a similar issue of control, but there was a problem, how and who will exercise control? All the developers, focusing on the dollar in various ways and options, decided to invent a square wheel (cryptocurrency Fiat) in the end, a dollar called centralized stablecoins USDC, USDT and BUSD and supposedly decentralized stablecoins (UST, DAI, FRAX, FEI, OHM) turned out again. The example of LUNA showed the inconsistency of such ideas. An attempt to link centralized finances with decentralized ones leads to what Satoshi Nakomota refused by inventing BTC. Satoshi's idea is to create decentralized finance, which should and will exist in parallel and complement each other by transforming.

What do you think? Is it necessary or possible to control a decentralized cryptocurrency or not.

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