Decentralized control of Cryptocurrencies

SirLancelot

hero member

Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Quote from: Ucy on June 08, 2022, 07:46:00 AM

Decentralized control via Network Consensus (for example) means no single person or thing has ultimate control over the Network without being approved by network participants. This is why it's important to avoid making it hard for your Network to have as many participants as possible who should be able to freely take part in network consensus as long as they are bounded by good rules of the Network. I consider Networks that limit this free participation as potentially rogue and centralize networks. This limitation comes in form PoS consensus mechanism for example

Crypto is basically done based on that, decentralization and no single person having any type of power over this is the real reason why we are in a good market right now. That is exactly the reason why I am in crypto and that is why I am making so much investment that would mean a good profit for me and that is why I care about it so much.

After decades of being in the horrible banking world and knowing the type of shit they do, anyone who gets into crypto would know the greatness of crypto world, and that is why it is such an awesome thing. Decentralization is the thing that differentiates crypto from fiat, and all the centralized cryptos are horrible to me.

fiulpro

hero member

Activity: 1890

Merit: 831

Control ?
Yes but it comes at various levels for sure there are few things that we have to consider :
1. Control from the developers
2. Control from the inventor
3. Control exercised by the government itself indirectly
4. Control due to individual banks banning them or Allowing them
5. Control from various companies like pay pal.

Now the control can he direct and indirect ofcourse and most of the times the direct control will be coming from government and also the inventor but talking about decentralized currencies I do think that it's better to understand that they cannot be fully controlled for sure.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Decentralized control via Network Consensus (for example) means no single person or thing has ultimate control over the Network without being approved by network participants. This is why it's important to avoid making it hard for your Network to have as many participants as possible who should be able to freely take part in network consensus as long as they are bounded by good rules of the Network. I consider Networks that limit this free participation as potentially rogue and centralize networks. This limitation comes in form PoS consensus mechanism for example

VictorProsh

jr. member

Activity: 475

Merit: 2

я открыт

Quote from: Hydrogen on June 07, 2022, 06:55:22 PM

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

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.

Everyone with a concept of a better system. Can publicize their idea and request funding to make it a reality on kickstarter. Other avenues of more discrete funding are available from many different sources. Making it easier to develop and deploy new financial concepts today, in contrast to previous eras. Free markets can then decide the value of the new system and whether to adopt it.

Formulating new ideas and formats is the easiest and least time intensive part of this process. Which is counter intuitive in terms of it also being the most neglected aspect of development. Most do not wish to reinvent the wheel or develop a better mousetrap. They're satisfied with incremental improvements over the status quo.

Developing a better financial system runs contrary to many standard industry practices.

You are absolutely right, all financial developments in the field of cryptocurrency are focused on the Fiat system. Everyone is trying to repeat it in a decentralized version, not realizing that it is simply impossible for them to have a different nature of existence. Fiat cannot exist without management, and decentralized finance is inherently unmanaged by anyone in particular and no public consensus will solve this problem. If you cross a hedgehog and a hedgehog, you understand what happens in the end.
I have proposed an alternative solution for the development of decentralized finance, which does not rely on the Fiat exchange rate, but transforms it into a cryptocurrency without fear of losses. No one has refuted it yet.

^{A timeline for the development of decentralized finance.}

Hydrogen

legendary

Activity: 2562

Merit: 1441

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

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.

Everyone with a concept of a better system. Can publicize their idea and request funding to make it a reality on kickstarter. Other avenues of more discrete funding are available from many different sources. Making it easier to develop and deploy new financial concepts today, in contrast to previous eras. Free markets can then decide the value of the new system and whether to adopt it.

Formulating new ideas and formats is the easiest and least time intensive part of this process. Which is counter intuitive in terms of it also being the most neglected aspect of development. Most do not wish to reinvent the wheel or develop a better mousetrap. They're satisfied with incremental improvements over the status quo.

Developing a better financial system runs contrary to many standard industry practices.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

Quote from: Flexystar on June 06, 2022, 04:23:29 AM

You do realise you just explained difference between centralised and decentralised monetary system? I’m not sure what’s the point here but yes that was the very much vision of satoshi and that’s what he already achieved through a decades timeline. Believe it or not we already have one way or other to use bitcoin as decentralised monetary system no matter how many rules and regulations are imposed throughout our country. There is decentralised exchangers or p2p platforms which would give you liberty from even centralised exchangers.

Decentralized needs to be reminded again these days because there are so many people who are investing their money into centralized projects. Projects where the team actually has a chance to keep on controlling the network.

One of the most famous ones has been XRP, because there is a company called Ripple that basically controls it for good, and that should scare people enough that they should have never invested into it. And that is an old one, we are talking about brand new things where people ended up doing some investments based on the centralized projects that ruins people. So just stay away from centralized ones, and go with satoshi's decentralization.

Leviathan.007

hero member

Activity: 1778

Merit: 722

Leading Crypto Sports Betting & Casino Platform

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.

Being decentralized has some meanings. Whenever we say bitcoin and cryptocurrencies are decentralized we mean they cannot and should not be controlled by any government and organization but even after this, having decentralized cryptocurrencies and bitcoin is not what governments want, they will try to get control over it and trace the transactions especially if the transaction is related to their people, but due to the nature of bitcoin, they are quite far from getting control over it.

VictorProsh

jr. member

Activity: 475

Merit: 2

я открыт

Quote from: hatshepsut93 on June 06, 2022, 06:11:08 PM

Algorithmic stablecoins don't fail because they are trying to get linked to USD, they fail because their algorithms are flawed and can be abused. Is it possible to invent a perfect algorithm that can't be hacked? We don't know, so far no one studied the theory behind it, the shitcoin creators are building things because they can and they get rich in the process, regardless of the outcome.

Algorithmic stablecoins fail precisely because they try to bind to the US dollar. They will always fail precisely because their algorithms are imperfect, it is impossible to measure decentralized finance by a physical quantity, Try to measure how much 1 bitcoin weighs in kilograms.
Decentralized finance is parallel to centralized, they do not have a single common point of contact. They can only intersect in different places, transform into each other.
To introduce a Fiat monetary system into a decentralized economy with the help of artificial stablecoins is absurd. The very principle of a decentralized economy is based on its openness and stability. An open source cryptocurrency is transparent and predictable, it can stabilize itself and even manage the Fiat economy.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Algorithmic stablecoins don't fail because they are trying to get linked to USD, they fail because their algorithms are flawed and can be abused. Is it possible to invent a perfect algorithm that can't be hacked? We don't know, so far no one studied the theory behind it, the shitcoin creators are building things because they can and they get rich in the process, regardless of the outcome.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

The world has grown to trust the centralized financial system despite it manipulation and regulation and it might take longer years to break out of this grip, but don't you think the whales also control the decentralized finance as well this time by manipulating Bitcoin price for their own pleasure the repetition of trends is a clear example

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: palle11 on June 05, 2022, 02:19:32 PM

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.

No, this is not what I mean but I want you to understand that if the NSA when finds out who Satoshi it's possible. Having said that, I was relating to the decentralization in the price of the market and mining of BTC not consensus.

Quote from: Stalker22 on June 05, 2022, 02:48:31 PM

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.

I'm sorry i don't clarify my messages but I believe you ought to understand I was referring to the decentralized control aspect of the market price and mining.
In the future, some change may happen in BTC mining if there's an organization that has 60% hash rate power.
Though it's not possible now.

Quote from: Stalker22 on June 05, 2022, 02:48:31 PM

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.

Yes, it all depends on the consensus.

Flexystar

full member

Activity: 1092

Merit: 227

You do realise you just explained difference between centralised and decentralised monetary system? I’m not sure what’s the point here but yes that was the very much vision of satoshi and that’s what he already achieved through a decades timeline. Believe it or not we already have one way or other to use bitcoin as decentralised monetary system no matter how many rules and regulations are imposed throughout our country. There is decentralised exchangers or p2p platforms which would give you liberty from even centralised exchangers.

VictorProsh

jr. member

Activity: 475

Merit: 2

я открыт

Quote from: KennyR on June 05, 2022, 09:01:34 PM

Quote from: VictorProsh on June 05, 2022, 08:47:15 PM

Quote from: Dunamisx on June 05, 2022, 08:32:18 AM

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.

The main thing is to understand what Bitcoin control is for you. If you mean in this concept that no one can take it away from you or forbid you to dispose of it, then this is true, but you are mistaken! Bitcoin is controlled by its main holders. They manage its volatility and control it very well, while making good money on it. By managing volatility, they become monopolists, and monopoly is the main control over the crypto market.

Agreed, the whales on the market were able to manipulate the market. This isn't long lasting, they were able to do this to some extent. Those are days when the market is infant, whenever there happens a crash the whales make some disturbance and the same crashes the market even further. I remember those days when there is crash, we can see a series of negative news on hacks, stolen funds etc that are intentionally circulated to create panic waves.

I repeat, monopoly is the main control of any market and bitcoin is no exception. A monopolist controls bitcoin through Fiat, emptying your wallets, stuffing his own and try to get out of this control, it is unlikely that you will succeed. The crypto market in this sense completely repeats the currency market. The principle of the market is to make money on the mistakes of other market participants.
Any monopoly inflates bubbles and collects its fragments in time, this is the main tool for enrichment. If there was an opportunity to insure your risks from such losses, life would be more fun.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

Quote from: bittraffic on June 06, 2022, 02:56:16 AM

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.

Its not about control being necessary. The government has fiat and the people has Bitcoin. I think the government doesn't need to really control the decentralized currencies. We can go on forever while there is Fiat system and there is also cryptocurrencies. The government can actually have their own stablecoin, whether itsCBDC or like any crypto stablecoin which I think people will not mind.

I think the government will thrive more in the finance aspect when they allow the decentralised finance to function on it own and not to try caging people onto their CBDC by all effort. The world is now developed and people are looking of freedom as in enshrined in different constitution including in the financial aspect. Having digital currency is what many countries are doing to discourage the users of bitcoin.

Moneyprism

member

Activity: 454

Merit: 10

when the government tries to control bitcoin it is like restricting someone's freedom... bitcoin was developed to be a currency which will bring financial freedom to its users.. and when the government wants to control bitcoin for "security reasons" it is the same as restricting someone's freedom and i totally disagree with that

bittraffic

hero member

Activity: 3038

Merit: 617

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.

Its not about control being necessary. The government has fiat and the people has Bitcoin. I think the government doesn't need to really control the decentralized currencies. We can go on forever while there is Fiat system and there is also cryptocurrencies. The government can actually have their own stablecoin, whether itsCBDC or like any crypto stablecoin which I think people will not mind.

Dunamisx

hero member

Activity: 952

Merit: 555

Quote from: Darker45 on June 05, 2022, 09:35:43 PM

But the more interesting question is, could it be controlled or stopped? But leave out the rest, we'll only talk about Bitcoin.

base on my personal experience and view about bitcoin, i can say it cannot be controlled neither can it be stopped, and i will like to buttress some point for the two answers, it cannot be controlled because Satoshi Nakamoto has made every necessary plan in place before the launch of bitcoin to make it fully independent beyond the control of anyone, that privacy and freedom in financial economy we all find it difficult to cope with make him implement the digital currency fully decentralized and that's why as you've mentioned that it's a choice to use or adopt bitcoin, secondly it can't be stopped because they have tried many attempts to ban what is not under their regulatory system such as bitcoin but it can't be stopped because of the anonymity in the system as well, that's why after the ban on banks to stop any crypto transaction and close users account responsible for such couldn't as well solve their problem because banks were ban p2p cannot be banned.

Darker45

legendary

Activity: 2576

Merit: 1860

Well, as noorman0 pointed out, it depends on where you are coming from. If I am to put myself in the shoes of the central bank governor or the finance minister or even the president or perhaps even the CIA or FBI director, this lack of control is a big problem and should be solved. This decentralized currency will either be controlled or stopped. But coming from somebody who is fed up with all these controls, it is best to just let it operate as an alternative currency.

But the more interesting question is, could it be controlled or stopped? But leave out the rest, we'll only talk about Bitcoin.

KennyR

hero member

Activity: 2310

Merit: 532

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

Quote from: VictorProsh on June 05, 2022, 08:47:15 PM

Quote from: Dunamisx on June 05, 2022, 08:32:18 AM

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.

The main thing is to understand what Bitcoin control is for you. If you mean in this concept that no one can take it away from you or forbid you to dispose of it, then this is true, but you are mistaken! Bitcoin is controlled by its main holders. They manage its volatility and control it very well, while making good money on it. By managing volatility, they become monopolists, and monopoly is the main control over the crypto market.

Agreed, the whales on the market were able to manipulate the market. This isn't long lasting, they were able to do this to some extent. Those are days when the market is infant, whenever there happens a crash the whales make some disturbance and the same crashes the market even further. I remember those days when there is crash, we can see a series of negative news on hacks, stolen funds etc that are intentionally circulated to create panic waves.

VictorProsh

jr. member

Activity: 475

Merit: 2

я открыт

Quote from: Dunamisx on June 05, 2022, 08:32:18 AM

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.

The main thing is to understand what Bitcoin control is for you. If you mean in this concept that no one can take it away from you or forbid you to dispose of it, then this is true, but you are mistaken! Bitcoin is controlled by its main holders. They manage its volatility and control it very well, while making good money on it. By managing volatility, they become monopolists, and monopoly is the main control over the crypto market.

Stalker22

legendary

Activity: 1526

Merit: 1359

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.

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

sr. member

Activity: 2366

Merit: 332

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

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

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

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

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

legendary

Activity: 1918

Merit: 3047

LE ☮︎ Halving es la purga

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

hero member

Activity: 952

Merit: 555

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

jr. member

Activity: 475

Merit: 2

я открыт

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

legendary

Activity: 3010

Merit: 1280

Get $2100 deposit bonuses & 60 FS

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

member

Activity: 840

Merit: 23

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

hero member

Activity: 952

Merit: 662

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

jr. member

Activity: 475

Merit: 2

я открыт

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.

Topic: Decentralized control of Cryptocurrencies (Read 265 times)