Topic: Is the bitcoin decentralized? - page 2. (Read 1831 times)

With all the manic finger pointing at the "evil chinese miners cartel" coming from core devs, it is difficult to see the real picture.

This is scary. I knew things were bad but I didnt realise they were this bad.

Your answer is right there.

Currently governments can regulate businesses associated with bitcoin like exchanges but they cannot regulate bitcoin because it has no controlling authority or center.

Bitcoin is in the process of being centralised around a corporation called Digital Currency Group. It's holdings are listed below.

Notice the presence of Blockstream that controls Core devs but also Coinbase/GDAX (biggest exchange), Coindesk, Bitpay (payment processor) and 200 others companies.

A
ABRA
On a Mission to Digitize Cash / SAN FRANCISCO, CA
AVERON
Instant Effortless Mobile Authentication / SAN FRANCISCO, CA
AXONI
Capital Markets Technology / NEW YORK, NY
B
BIGCHAINDB
The Scalable Blockchain Database / BERLIN, GERMANY
BITFLYER
The Leading Bitcoin Exchange in Japan / TOKYO, JAPAN
BITGO
Multi-sig & Key Security Services / PALO ALTO, CA
BITMARK
Property Rights for Digital Assets / TAIWAN
BITOASIS
Leading Bitcoin Exchange in MENA / DUBAI, UAE
BITPAGOS
Financial Services in Emerging Markets / BUENOS AIRES, ARGENTINA
BITPAY
Bitcoin Payments Deposited to Your Bank / ATLANTA, GA
BITPESA
Next Generation Payments for Africa / NAIROBI, KENYA
BITPREMIER
The Bitcoin Luxury Marketplace / BETHESDA, MD
BITSO
Mexican Bitcoin Exchange, Ripple Gateway / MEXICO CITY, MEXICO
BITWALA
Blockchain Banking / BERLIN, GERMANY
BLOCKSTACK
The Blockchain Application Stack / NEW YORK, NY
BLOCKSTREAM
Advancing Blockchain Technology / SAN FRANCISCO, CA
BLOQ
Enterprise Grade Blockchain / CHICAGO, IL
BOLD (ACQUIRED)
Scale Faster. Pay Better. / SAN FRANCISCO, CA
BOOST VC
Seed Stage Accelerator for Future Tech / SAN MATEO, CA
BRAVE
Fast, Safe, Secure Browser / SAN FRANCISCO, CA
BTCC
Blockchain Technology & Cryptocurrencies / SHANGHAI, CHINA
BTCJAM
P2P Global Lending Platform / SAN FRANCISCO, CA
C
CAMBRIDGE BLOCKCHAIN
Identity Compliance Simplified / CAMBRIDGE, MASSACHUSETTS
CHAIN
Enabling a New Medium for Assets / SAN FRANCISCO, CA
CHAINALYSIS
Blockchain Analysis & Compliance Layer / NEW YORK, NY
CHANGETIP (ACQUIRED)
Microtransactions Infrastructure / SAN FRANCISCO, CA
CIRCLE
Digital Bank & Wallet / BOSTON, MA
CIVIC
Everyone Deserves a Secure Identity / PALO ALTO, CA
COBALT
Reengineering Financial Markets / LONDON, UK
COGNITO
Identity Verification and Due Diligence / PALO ALTO, CA
COINBASE
The Easiest Way to Buy, Sell, and Trade / SAN FRANCISCO, CA
COINDESK
Blockchain News, Events, and Research / NEW YORK, NY
COINS
Financial Services for the Unbanked / MANILA, PHILIPPINES
COINSETTER (ACQUIRED)
Institutional Exchange and ECN / NEW YORK, NY
COLU
Creating Digital Cash / TEL AVIV, ISRAEL
CRYPTO FACILITIES
Enterprise Trading and Risk Management / LONDON, UK
CUSTOS MEDIA TECHNOLOGIES
Combat Digital Piracy with Bitcoin / STELLENBOSCH, SOUTH AFRICA
D
E
ELLIPTIC
The Standard for Blockchain Intelligence / LONDON, UK
ENIGMA
Platform for Building Crypto-Hedge Funds / SUNNYVALE, CA
ETHERSCAN
Ethereum Block Explorer / KUALA LUMPUR, MALAYSIA
EVERLEDGER
Blockchain Ledger for Valuable Items / LONDON, UK
F
FILAMENT
Blockchain-based Industrial Internet / RENO, NV
G
GEM
Blockchain Application Platform / VENICE, CA
GENESIS GLOBAL TRADING
Digital Currency Trading Firm / NEW YORK, NY
GRAYSCALE
Digital Currency-Focused Asset Manager / NEW YORK, NY
GYFT (ACQUIRED)
Mobile Gift Cards for Bitcoin Purchases / REDWOOD CITY, CA
H
HASHPLEX
Mining Hosting Service / SEATTLE, WA
HIJRO
Powering Trade / LEXINGTON, KY
I
ITBIT / PAXOS
Blockchain Solutions for Finance / NEW YORK, NY
J
JACKPOCKET
Play the Lottery on Your Phone / BROOKLYN, NY
JOYSTREAM
A Decentralized Digital Content Platform / OSLO, NORWAY
K
KORBIT
Cross-border Settlement Platform / SEOUL, SOUTH KOREA
KRAKEN
Digital Asset Exchange / SAN FRANCISCO, CA
L
LEDGER
Bitcoin & Blockchain Security Solutions / PARIS, FRANCE
LIVEPEER
Token Powered Live Video Broadcasting / NEW YORK, NY
LUNO
Bitcoin for Everyone, Everywhere / SINGAPORE, SINGAPORE
M
MEDIACHAIN LABS (ACQUIRED)
An Open, Universal Media Library / NEW YORK, NY
MELOTIC
Cross Border Banking Services / HONG KONG
MIFIEL
Sign and Endorse Blockchain Contracts / GUADALAJARA, MEXICO
MONI
Mobile First Banking and Global Payments / HELSINKI, FINLAND
N
NETKI
Digital Currency Made Easy / LOS ANGELES, CA
NIVAURA
End-to-End Automation of Securities / LONDON, UK
O
OB1
OB1 Makes Online Trade Free for Everyone / FAIRFAX, VA
P
POSABIT
Payment Solution for Cannabis Industry / SEATTLE, WA
PROTOCOL LABS (IPFS)
Bitcoin Currency and Data Storage / SAN FRANCISCO, CA
PROVENANCE
The Future of Brand Trust / LONDON, UK
PURSE
Universal Native Payments / SAN FRANCISCO, CA
Q
R
REVELATOR
Assets, Rights, and Data / TEL AVIV, ISRAEL
RIPPLE
Enabling the Internet of Value / SAN FRANCISCO, CA
RSK LABS (ROOTSTOCK)
Smart Contracts Powered by Bitcoin / ARGENTINA
S
SAFELLO
Blockchain Services Aggregator / STOCKHOLM, SWEDEN
SHAPESHIFT
Digital Asset Exchange / ZUG, SWITZERLAND
SHOCARD
Identity for a Mobile World / PALO ALTO, CA
SKUCHAIN
Blockchain for Collaborative Commerce / MOUNTAIN VIEW, CA
SONIA
AI Virtual Assistance / SAN FRANCISCO, CA
STREAMI
Streamlining Cross-Border Remittance / SEOUL, SOUTH KOREA
SURBTC
Chilean Bitcoin Exchange / SANTIAGO, CHILE
T
TIERION
Global Proof Engine / MOUNTAIN VIEW, CA
TOKEN
Helping Banks Succeed in the Digital Age / SAN FRANCISCO, CA
TRADEBLOCK
Institutional Tools and Analytics / NEW YORK, NY
TRADEWAVE
Algorithmic Trading Tools / SAN FRANCISCO, CA
U
UNOCOIN
India's Leading Bitcoin Company / BANGALORE, INDIA
V
VEEM
Simple Cross Border Payments / SAN FRANCISCO, CA
W
WYRE
Enterprise Money Transfer Platform / SAN FRANCISCO, CA
X
XAPO
World's Most Secure Bitcoin Wallet / PALO ALTO, CA
Y
YOURS
Earn Money Creating and Curating Content / SAN FRANCISCO, CA
Z
ZCASH
Privacy Technology for Blockchains / BOULDER, CO
ZEPPELIN
Framework for Secure Distributed Apps / PALO ALTO, CA

Yes and no. It is decentralized in the sense that there's no dictator, no single unit that controls it and - in theory - anyone can mine and earn Bitcoin trough this. But it's also true that, as years went by, mining power concentrate only in few hands. So I think the whole Bitcoin ecosystem is decentralized, but mining is centralized stuff.

The fact that somebody with the resources to give their transactions more power over others is the beginning of an elitist group. Imagine the exchanges prioritizing their orders based on any information at all.

These days, two software while its trading Bitcoin back and forth, it's still basically decentralized. However, new technology, such as transaction accelerators, specific transaction miners, and other things like that attack that decentralisation. Take the transaction accelerator for example, there are several websites that offer this service, showtimes for free and sometimes for a price. That is where decentralization begins

Now, if on those exchanges, Fiat gets involved, did you go to nearly Zero decentralization. This was the point, and one of the few possible points, where the government managed to get his fingers in the pie.

My first reaction to your question is to say, yes Bitcoin is decentralized. It certainly is more decentralized compared to banks and traditional organisations. However after the who segwit debate, I am not so convinced it is as decentralized as I would like to be. Development is centred in the USA and mining is centred in China. The Development side doesnt want to accept anything that doesnt come from them. Similarly to the mining side, i think up to 70% of hash power is centred on no more than 5 organisations. Bitcoin might not have a CEO or offices, but we all know Blockstream decide on what needs to happen to the code and miners run the network. Is Bitcoin decentralized? You decide.

Bitcoin is a decentralized currency.But we could also say that it is bpartially centralized in some aspects.For example,segwit activation has not been accepted these much days by miners and bitcoin investors stood helpless as they were not able to do anything.But now,miners have accepted for segwit activation and even if investors don't like segwit,still they have to accept it.But bitcoin remains decentralized in other aspects due to which it still survives uncontrolled by governments.

You read the news lately? All exchanges controlled by government, all sorts of rules for merchant to accept the bitcoin. This is going centralized, quick.

It no longer has the 'decentralized' appeal....it is now acting like any other public currency..

Of course. Bitcoin is decentralized. This is the reason why many people got interested to the bitcoin. Being decentralized the government can't control it and of course there is no tax.

--edit--

Different priorities to different people. A lot of new people who go into the Bitcoin scene post-2013 seem to care less about a "freedom currency" and more about making money and achieving a higher transaction rate. While it may already be partially centralized that's no reason to not continually resist changes that would lead to additional centralization.

I think YES, because bitcoin does not take your profits but you take advantage of bitcoin, unlike banks and you hold your own money in your own wallet or be a bank for others

Couldn't agree with you more! It's still riding on what it was people not wanting to be obliged to big banks. But I say banks involved all along and slowly showing their face.

How long til miners drop out? Or get pushed out because of fees?

I see that Antpool/Bitmain rest of their cos own the biggest share. When btc breaks into 2 they will offer mines more just til the other is "bankrupt" no or hardly any miners left.

China n India (getting smarter) with their population combined equals half of the globe.

I gotta learn Mandarin or Hindu

Yes, the core essence of Bitcoin is decentralized, anyone can come up and set up a mining equipment but since not everyone is interested in mining, you might see that there are limited miners as compared to that of a number of bitcoin users. The value is stored in the satoshi and if you hold even if a single satoshi in your wallet then you are a sole owner of it and no one can take it from you.

Yes, I agree, if pure decentralization of course bitcoin will not be like this, it seems that bitcoin prices are easy to be controlled by some people or groups so that they can control the price.

decentralised?  may only exist in the planets in the universe.

bitcoin is controlled by software developers, they just decided to split your digital coin into two. called half penny😂