DECENTRALIZED OR CENTRALIZED? - page 19.

Abiky

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Quote from: Pinkris128 on May 23, 2018, 06:58:03 PM

I agree, bitcoin for me was fine as decentralized because government cant control it. Just think about it when it is centralized, everything will change and will not be like what it is today. Decentralized is one if the reason why people get into it, because they know that they are free to what they want to do with their bitcoin.

Exactly. Bitcoin's main value proposition is decentralization, and if it turns out to become centralized in the future, then it would fail. People would want to use decentralized cryptocurrencies like Bitcoin to preserve freedom over their funds. With this, no one can control anyone's assets, as control is given back to the user of the currency.

Therefore, it would be best for Bitcoin to remain as decentralized as possible to prevent third parties from ever controlling it. If it stays as is, then it could be considered as a safe-haven for anyone who's looking to secure their money against government manipulations and other undesired situations in the mainstream world. Just my thoughts Grin

luckchuck

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Bitcoin was originally intended to be mined by anyone, but these days only those who have huge farms are able to do that, I no longer can mine it with my PC. One needs to invest a lot to be able to mine btc and this means that average person is out of the game. This makes btc more centralized.

levvv

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Quote from: Nelars on April 30, 2018, 04:31:47 PM

Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
For you what is your own perspective regarding this matter?

i prefer bitcoin will keep centralized because if i centralized, it means it will be controlled by some organizations or peoples.
what barricades you mention above ? i think centralizing bitcoin won't removing any obstacles or problems on it.

Pinkris128

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Quote from: sebo.k on May 22, 2018, 06:51:34 PM

If bitcoin become centralized it will defeat the original idea of making it anonymous. Bitcoin is escaping the slavely of banks and getting it to centralized won't make what is suppose to be.

I agree, bitcoin for me was fine as decentralized because government cant control it. Just think about it when it is centralized, everything will change and will not be like what it is today. Decentralized is one if the reason why people get into it, because they know that they are free to what they want to do with their bitcoin.

Abiky

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Quote from: Johnyz on May 22, 2018, 06:54:52 PM

Bitcoin can't be controlled especially by the government. I still believe that a decentralized market can survive in the long run even most of the government make their own regulations about it. The concept of this thing is really to be anonymous in transacting around the world, but since KYC is required now I think a decentralized market are slowly become a centralized thing.

Agree. All regulations imposed by governments would simply affect centralized exchanges instead of decentralized cryptocurrencies like Bitcoin. This is because Bitcoin and other cryptocurrencies can be supported by anyone around the world regardless of location, political status, among other things. Since Bitcoin provides freedom, even if its banned in a country (like China for example) it can continuously be used by their citizens in a peer-to-peer fashion. While it may not be possible to trade Bitcoin against fiat in a centralized exchange, it can still be traded in person.

Therefore, regulations such as KYC and AML usually apply to centralized exchanges (and some decentralized exchanges) which use crypto-to-fiat trading pairs. Exchanges which only trade cryptocurrencies (crypto-to-crypto) are not subject to this rule as far as I'm aware of. This applies in most decentralized exchanges where they only provide crypto-to-crypto trading pairs.

In the end, Bitcoin and other cryptocurrencies will remain unstoppable if they stay decentralized. But if Bitcoin and other cryptocurrencies become centralized, then it will be their doom as governments would be able to enforce regulations at will. Just my thoughts Grin

magneto

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What are the advantages of bitcoin being centralised at all?

If that was ever to become reality, then bitcoin would just be another incarnation of fiat currency controlled by a central entity, most likely a government. Isn't this what we're trying to work away from with bitcoin as a currency? It simply does not make any sense to me to revert back to the old, centralised system, when you have a working decentralised system.

The only thing why people are worried about bitcoin being decentralised is its volatility, and some argue that a central bank is needed to keep it stable. However, I think volatility is a complete non-issue. Gold was volatile. Silver was volatile. Yet people still used them as currency, with no issues. As long as it is a long term store of value ( which fiat isn't), then it's something good. And bitcoin is that at this moment, being decentralised.

Raidal

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Honestly, I prefer if this bitcoin is centralized. If the bitcoin is centralized then it can be monitored its distribution. Another advantage is the sense of security and assurance that bitcoin has a small chance of loss. In addition, bitcoin will be more difficult to use for criminal activities, such as money laundering, illegal trade, and fraud. This happens if there is an official institution that controls and governs its existence.

glanmarc2

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Quote from: Nelars on April 30, 2018, 04:31:47 PM

Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
For you what is your own perspective regarding this matter?

For me, Bitcoin needed to be centralized so the demand will be higher. Because if bitcoin became centralized digital asset it would attract more investor and many will know about bitcoin which will be the cause of the higher price of btc.

DoublerHunter

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Decentralized of course. There is no doubt that decentralized is better than centralized because it means freedom and it will give you freedom in the future and that is why it is best to just get into the cryptocurrency because cryptocurrencies are the start and the influencer for our world to start getting into decentralized system also.

cryptowonders@20

newbie

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decentralized

german1080

newbie

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definitely it would be crazy to centralize bitcoin, the goal of bitcoin is that no government has control over money, but nevertheless it seems to me that there should be an international and general regulation on cryptos, it is not fair for one country to prohibit bitcoin and others not.

Johnyz

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Quote from: sebo.k on May 22, 2018, 06:51:34 PM

If bitcoin become centralized it will defeat the original idea of making it anonymous. Bitcoin is escaping the slavely of banks and getting it to centralized won't make what is suppose to be.

Bitcoin can't be controlled especially by the government. I still believe that a decentralized market can survive in the long run even most of the government make their own regulations about it. The concept of this thing is really to be anonymous in transacting around the world, but since KYC is required now I think a decentralized market are slowly become a centralized thing.

sebo.k

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If bitcoin become centralized it will defeat the original idea of making it anonymous. Bitcoin is escaping the slavely of banks and getting it to centralized won't make what is suppose to be.

cacvy3

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I think that we all are looking for the same in here, but this is not sometrhign easy to do, and getting into a decentralized world is not something easy to do, specially when we talk about this kind of economic system.

Abiky

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Quote from: jaaeeeyyyy on May 15, 2018, 07:24:29 PM

I still believe bitcoin should be a decentralized cryptocurrency. This way no one could manipulate it's power. Imagine that if it happens that bitcoin becomes a centralized coin, lots of capitalists and greedy individuals would come rushing and do all means to be able to lay their hands on bitcoin to manipulate it. Moreover, it would be harder for people outside the cpuntry of operation of bitcoin to buy because it will mostly focus inside the country whatever measure we take. So bitcoib being decentsralized is more than enough.

Agree. Bitcoin should stay decentralized as is for years to come. There's no reason to make it a centralized currency, as doing so will destroy Bitcoin and the blockchain's true value proposition. Being decentralized, means freedom, resistant against external attacks, and immutable record of transactions. But, a centralized permissioned cryptocurrency or blockchain will suffer from many disadvantages such as single points of failure, limited access, and confiscation of funds.

In the end, Bitcoin and most cryptocurrencies will do better as decentralized systems since they're open for anyone to audit, join them, or secure them without restrictions or limitations whatsoever. Just my thoughts Grin

erickkyut

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Quote from: Nelars on April 30, 2018, 04:31:47 PM

Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
For you what is your own perspective regarding this matter?

I think its not centralization that the other citizens want. Many users are using Bitcoin because of its decentralization. Maybe most of us wants is better security among hackers and scammers. We want laws regarding Bitcoin fraud and related crimes. Bitcoin will always be decentralized.

bukikbarisan

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may be better decentralized because in each country has its own authority over their finances if centrally there will regulate the State's finances over other countries, perhaps with the existing system well only I think the existence of bitcoin amid advances in good technology in facilitation so no news negative about the presence of bitcoin and bitcoin can also stimulate the economy with the help of investors.

jaaeeeyyyy

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Quote from: Nelars on April 30, 2018, 04:31:47 PM

Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
For you what is your own perspective regarding this matter?

I still believe bitcoin should be a decentralized cryptocurrency. This way no one could manipulate it's power. Imagine that if it happens that bitcoin becomes a centralized coin, lots of capitalists and greedy individuals would come rushing and do all means to be able to lay their hands on bitcoin to manipulate it. Moreover, it would be harder for people outside the cpuntry of operation of bitcoin to buy because it will mostly focus inside the country whatever measure we take. So bitcoib being decentsralized is more than enough.

Haliburton

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Liberated Forever. Domesticated Never.

It's better off for Bitcoin to remain as a decentralized cryptocurrency for many obvious reasons. First, people would want to use money that they could always control. Second, they would want to preserve their wealth for a long time without ever having to worry about governments or any other third party freezing their assets. The opposite side of this, is centralization where Bitcoin could be exposed to external attacks, and easy manipulation from a single entity.

While there's a tradeoff between decentralization and efficiency, I often prefer Bitcoin to stay decentralized even if it doesn't manage to handle a large amount of transactions per second. Therefore, I hope that it could stay as is for quite a long time.

Phlaser

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Decentralization of Bitcoin is what gives it a very huge edge in the market. Though government wished they could gain control of it, centralization, which is why they always want to know what and how the technology works. Decentralization enables everyone to participate and operate freely. It promotes privacy and security.

Quote from: Nelars on April 30, 2018, 04:31:47 PM

Many individuals agree and have the same opinion about bitcoin as decentralized digital asset, a system without a central bank or single administrator is more favourable.
But somehow, numerous citizens want also the bitcoin to be centralized, because others believes it can remove barricades and walls to allow more easily reached and democratized financial and economic infrastructure.
For you what is your own perspective regarding this matter?

Topic: DECENTRALIZED OR CENTRALIZED? - page 19. (Read 3920 times)