Topic: Is Bitcoin really still decentralized?? (Read 1596 times)

Thank you all for your participation in this exciting thread, really liked all the different views on "Is Bitcoin really still decentralized?? ".

 

Individuals consistently get their thoughts knotted up . The bitcoin organize, essentially, is so far decentralised as long as there are so far tons of individual machines having a replica of the entire blockchain on their capacity frameworks. While the facts demonstrate that mining clothed to be so concentrated, especially in China, it doesn't really imply that bitcoin in itself is brought together also. Excavators can modify or pick which exchanges experiences, yet on the opposite hand by doing in order that they are constraining their benefits which isn't what they have to try to to .
We are so far not limited by overwhelming guideline dissimilar to another markets out there so I surmise we're despite everything doing entirely great.

I know many here will think that you have to be ready and get information before taking any steps into the crypto world, but does it not bother anyone that some people enrich themselves by kicking the crap out of your wallet? Miners have mining, they don't have the Bitcoin protocol or the Bitcoin network or the Bitcoin community. I don't think it's just a matter of time when Bitcoin and cryptocurrency go through bad times due to international politics, not only that but also the Blockchain system has become a serious problem in recent times in developed countries, so the last few months also did not go as we hoped, This is reality, you have to face both the good times together with the bad ones too, so you don't have the scope to ignore this situation, I hope that in early 2020, we will get something special for us about this problem. You can always buy the latest ASIC and have a few network crumbs and everyone here can but of course those who have the ability to scale will have a bigger part. It's certainly decentralized, no one can attack or rearrange the chain. I think Bitcoin quite objectively reflects the concept of decentralization. For example, large miners can be in a completely different country, apart from being made up of economic confrontations. Bitcoin is a phenomenon similar to the Internet. Bitcoin mining is possible by any individual or legal entity, unlike Fiat money, which is printed by the central bank. Yes, I think Bitcoin is really decentralized.

Bitcoin has no central control, no central repository of information, no central management, and, crucially, no central point of failure. But I believe in terms of trade, there are some big whales who can take the market anywhere(like up or down) they want.  So some times it can be manipulated.

Yes you are right now a days this digital currencies has not go to the first decentralisation concepts of the developers of bitcoin and many digiital currencies having place in crypto market .

Approximately bitcoin evolve in the free market and its really stabilizing economy decentralize because it has a digital currency which is easy to store to transfer to divide which is covered by the world class investors,practically miners will do anything to save bitcoin to emerge as more decentralize.

It is just that 'decentralized' that everybody is free to invest and take part in mining

It is also more decentral if the protocol is set in stone - no governance needed

Bitcoin cannot be called as completely decentralized but semi-decentralized where chances of mining it through a miner are still available for small miners but the cost to do it will be huge and the smallest miner mining it will still be called a fish because they spent big on the hardware. It is not fully decentralized because of the exchanges which have the Monopoly to stop/block your account for any reasons and you still can't do anything except agree to what they want 'eg. KYC'.

It is still decentralized only mining farms become centralized because of the costs it takes to mine a satoshi.

I believe that it will still decentralized and nobody can hold the blockchain alone.

i think p2p is what makes it decentralize because other centralized payment methods can do p2p trading too  but the only  difference is cryptos can hide your infos if you wanted too but cex payment methods are i think not possbile and i often see you and the other traders details after every transaction  ,


its not decentralized if its manage by someone  . btc isnt manage by mining farms  but no one owns btc , though we need miners to process the transaction  . increasing number of btc users dont also indicate for a more decentralized economy   .  

I think bitcoin is still decentralized because we can still do a peer-to-peer trading of different cryptocurrency. Even though it is managed by a huge mining farms, as long as it's managed by the central authority or government, it will still be in decentralized. As long as the number of people who uses bitcoin, the more it will become decentralized.

The more people use bitcoin the more decentralize bitcoin becomes, probably within 5 years from now we can see a more tangible decentralization of the BTC network, what is needed now is mas adoption of bitcoin first and then altcoins.

For few among the populace to own larger share of Bitcoin does not make it not to be decentralized. In the same vein, only view controls the wealth of this world and not equally distributed. It is like things are missing up here, heBitcoin is infact the first distributed ledger on the blockchain.

You are talking not about decentralization. All that you described is building a market and playing big players and companies. Yes, this is a problem, but it does not make Bitcoin someone’s property that can be spoiled or destroyed. Bitcoin is decentralized, no one controls coins, except its flow that calls a volatility

The question is what makes a product decentralized? When a product is decentralized it doesn’t have any Central authority and I know for sure that Bitcoin doesn’t have anyone; there is Central authority when it comes to Bitcoin, no one have the control over it and that’s the number one. The next thing is that Bitcoin is still peer-to-peer and you can easily send money to your friends and family or anyone you do business with, without the need for a middleman to carry out the transaction. That’s another thing that decentralization is made up of. I don’t even need to keep going far because the two points I have mentioned here should already convince you to know what’s right.

I'm sorry to break it to you but that's how all businesses and world in general work. The strong will always beat up the weak and in this case uninformed. Sad but true.

Oh yeah! When I really got chatty with Bitcoin people in 2016, they were still talking about it. I can't find the news articles I remember reading but I'm almost 100% certain Ghash themselves decided to shut down eventually. Like you said, they tried all sorts of things, closing new miners, shutting down capacities etc. but they thought the drama was getting too much and there was the worry this would affect Bitcoin's reputation so they simply closed the pool. No idea what happened next and what I can dredge from Google doesn't say either.

some decent drama and doom about that iirc. i usually was at other pools but i do remember reordering my failover pool list to prevent me joining ghash if my main pool went down. so it was last in the list, so maybe not preventing my joining but only as a last resort.

enough miners figured they would just switch away if ghash got too carried away that i wasnt worried.

i dont recall how exactly how ghash handled it. prevented new miners from joining sounds familiar.. but cant remember.

 

You missed my second response which was about the political centralisation, rather than the architecture (which, mind you, if operated by 1 or 2 people still means the decisions would be made by them).

You talk about only 1 person using bitcoin but you have to remember that 1 person at the time had also to run the actual client, full node and verify the transactions and include it into the new blocks. Imagine a theoretical today, where only 1 person was doing that on a full node. if 1 million new users theoretically today only join only as users, and that one guy decides to shut down his computer, you're not going to get magic blocks every 10 minutes.

Anyway, there's even enough evidence without going to the extremes of Satoshi or Hal Finney sitting alone firing up the network to demonstrate that Bitcoin was centralised at first.

A mining company called Ghash in 2014 found themselves unwittingly in ownership of "powers that circumvented the decentralisation" when their mining pool got so popular they crossed the 51% hashrate threshold several times. I wasn't around at the time, but they apparently voluntary shut down to prevent this.

Again, I'm totally saying Bitcoin is decentralised today. But this privilege did not come without challenges, nor should it ever be taken for granted.

You sound like complete different from what is my understanding on decentralization. Even, when only one person was using bitcoin it was still a decentralized one because the mining reward belongs to anyone who has more hash power (the second person may join at any time and the first person has no authority to stop the 2nd one from joining). I mean to say we need to consider what are the things which define decentralization within bitcoins: the production of bitcoin is not controlled by an individual nor by a group and no one got power to revert/charge-back a transaction or to freeze an address and its balance. I strongly believe these are the features which define that bitcoin is a decentralized and definitely not by how many users/miners/developers are involving.

Regardless of 1 or 1000s of people involving, the feature I have mentioned will not get changed. So, it is always decentralized so far. Without identifying what belongs to decentralized, it will not make sense debating whether it is still decentralized or not.