Topic: Is the complete anonymity and decentralization of bitcoin good or bad? (Read 238 times)
February 02, 2018, 04:34:30 AM
Bitcoin is not 100% anonymous.. The future lays within 100% private coins
February 02, 2018, 04:13:02 AM
If I keep my fiat csh under the mattress, then it's mine. If I deposit it in a bank account, then it is no longer mine, but belongs to the bank.
The same applies to Bitcoin and exchanges. If I run my own node, then the Bitcoin in the wallet is mine. If I deposit it in an exchange, then the coins belong to the exchange effectively, and I have to trust them to allow me to use my deposit and to keep it safe. Exchanges are Bitcoin banks, and one of the ideas behind Bitcoin was to free us from banks.
The same applies to Bitcoin and exchanges. If I run my own node, then the Bitcoin in the wallet is mine. If I deposit it in an exchange, then the coins belong to the exchange effectively, and I have to trust them to allow me to use my deposit and to keep it safe. Exchanges are Bitcoin banks, and one of the ideas behind Bitcoin was to free us from banks.
February 02, 2018, 03:39:14 AM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
If anyone stores their bitcoins on an exchange and their bitcoins gets stolen because of the exchange getting hacked, or their account getting hacked, then it's obviously their problem. You could just store bitcoin in a wallet such as electrum and will probably never get your bitcoins stolen.
Bitcoin itself is decentralized. But right now, trading bitcoin with fiat still relies on centralized platforms, aka exchanges.
There are new decentralized exchanges popping up, though. Which could be a good sign. Also, the most decentralized way to trade bitcoin is to actually trade it with another person, without the intervention of a third party. That way, no third party holds your information.
February 02, 2018, 12:38:48 AM
If you understand, the anonymity of bitcoin is very relative. All transactions are written in blockchein and there you can see the amount that is available in the wallet. Now in many countries, governments are beginning to introduce trade rules, in which in order to trade, a trader must identify himself to the tax authorities. We must assume that soon such practice will be everywhere. That is, in fact, we keep all the data that the relevant authorities can claim about, and all other information about the wallet is open for free access: when, what amount to which account is transferred. I believe that information about the amounts in the purse should be closed for public viewing. Hackers attack their wallets based on the amounts they have. It is obvious.
February 02, 2018, 12:36:11 AM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
bitcoin itself is decentralized, but it will be useless or worthless if it stays on your virtual wallet, that will not create traffic and also that was the main reason why bitcoin was so expensive, we need to trade it once in a while to circulate, but be careful in choosing what trading platforms you are to be use, you should look for reputable exchange sites, anonymity has some bad side especially when you had a mistake in sending to the wrong person, it has no return no exchange policy, so be careful sending bitcoin, although the original idea of bitcoin trading was peer to peer, trading platforms and exchange sites were added to help bitcoin gain more traffic. the more traffic, the more bitcoin price will increase.
February 01, 2018, 11:20:30 PM
Complete anonymity and decentralization of bitcoin is both good and bad. For those who are decently earning bitcoin, being anonymous and decentralized bitcoin is good since their earnings are free of tax. For those who are also illegally earning bitcoin like those who are doing criminal acts, then its bad for them if it is not anonymous and decentralized.
February 01, 2018, 10:20:57 PM
it's one big risk is bitcoin theft, because if bitcoin we stolen from the wallet, we will not be able to find who the culprit, but to better maintain the security we better store in the physical wallet for bitcoin with a large amount.
February 01, 2018, 09:44:47 PM
Bitcoin can be anonymized if one takes the right action. This will allow everyone to freely talk about economic value, free from the spy of criminals and the unequal laws of corrupt governments. Perhaps the worst aspect about bitcoin's anonymity is that using it can create misunderstandings and no one knows what you are using for bitcoin.
Banks may not know the purpose, nor do ordinary Bitcoin holders know and care, but U.S. government agencies have enough money to track down and discover the bitcoins you buy.
Banks may not know the purpose, nor do ordinary Bitcoin holders know and care, but U.S. government agencies have enough money to track down and discover the bitcoins you buy.
February 01, 2018, 09:16:31 PM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
You can reduce the chances of getting embarrassed by:
1) Using only reputed exchanges that are more trusted and established.
2) Saving your Bitcoins on different exchanges or even better in a physical wallet (this become more important if you are investing huge amount of money).
There will always be merits and demerits of any system and you have to make the decision of using that system after evaluating them.
February 01, 2018, 09:11:29 PM
Indeed, when we give token to the exchange, it is only based on trust.
A number of exchanges have been stolen recently, and some centralised exchanges may be able to pay for some of the stolen tokens, but the decentralised exchange...
A number of exchanges have been stolen recently, and some centralised exchanges may be able to pay for some of the stolen tokens, but the decentralised exchange...
Bitcoin can be anonymized, which will allow everyone freedom to talk about economic value, free from snooping by criminals and by unequal laws of corrupt governments. Of course, bitcoin anonymity also brings disadvantages, such as trading platform needs to verify identity. Some platforms have purchase limits each month, or more personal information is needed to allow for more purchases.
January 27, 2018, 07:07:03 AM
For me, the anonymity depends on the situation. Because as bitcoin investors, it is not new to us that bitcoin is used by criminals due to the complete anonymity. the decentralization is somewhat good and somewhat bad as well, because no one controls it, no greedy capitalist will take hold of it, yet it won't also benefit the creator, Satoshi himself as well because bitcoin is not in his control.
January 27, 2018, 06:54:06 AM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
We can't really say if bitcoin is bad or good, actually there are pros and cons in using it and transacting with it. One of its disadvantage is that bitcoin though it protects your identity, transactions are always in public. Yes, when we give our token for an exchange, it will be a risk for us because we leave our tokens in the hands of another. A lot of people complained about this one and this things are just unavoidable. As users all we can do is to secure our transactions by keeping our private keys to ourselves and by avoiding using public wifi's when having transactions. It has both good and bad sides mate. That is the natural law of how the universe operate, law of opposites. main good side of blockchain is the hope that it can save us from corrupted centralized market. main bad side is that is so vulnerable which can be used in very dark parts like drug and gun trafficking.
January 27, 2018, 05:52:11 AM
@haocoin
People aren't supposed to hold their coins on any exchange, it's one of the golden rules. It's not only about if the platform is hacked, it can be also if the exchange changes their rules suddenly (i am thinking about KYC as an example). These platforms are exchanges not web wallets, it shouldn't be used as a wallet.
When a site is hacked the coins stolen are labeled as "tainted coins" and crypto exchanges are working together to block the tainted coins to be traded on their platform.
People aren't supposed to hold their coins on any exchange, it's one of the golden rules. It's not only about if the platform is hacked, it can be also if the exchange changes their rules suddenly (i am thinking about KYC as an example). These platforms are exchanges not web wallets, it shouldn't be used as a wallet.
When a site is hacked the coins stolen are labeled as "tainted coins" and crypto exchanges are working together to block the tainted coins to be traded on their platform.
January 27, 2018, 04:43:08 AM
the fact that there are centralized places using a decentralized currency in a particular way does not mean that decentralized currency is not decentralized. it just means when you use that particular platform you have to abide by the rules of that particular platform.
and actually those platforms have those rules not because they are working with bitcoin, but because they are working with fiat and banks!
so I say there is nothing ironic about this. the way centralized exchanges work is pretty logical. the way we use bitcoin is not. you can very well trade bitcoin in a decentralized way, whether by using a decentralized exchange or just simply trading peer to peer.
and actually those platforms have those rules not because they are working with bitcoin, but because they are working with fiat and banks!
so I say there is nothing ironic about this. the way centralized exchanges work is pretty logical. the way we use bitcoin is not. you can very well trade bitcoin in a decentralized way, whether by using a decentralized exchange or just simply trading peer to peer.
January 27, 2018, 02:13:31 AM
When Satoshi created Bitcoin, it was not meant to be a commodity but rather a alternative Peer-to-Peer electronic cash system. People started to add third party services, where you could trade Bitcoin as a commodity or as a currency on exchanges.
You cannot stop people from making money and using this technology for other purposes. It was given to mankind to use and to improve their current systems.
So your friends are blaming the technology and not the 3rd party services that was a spinoff of the original idea.
People were supposed to use Bitcoin between two parties with no 3rd parties inbetween, but these services saw a opportunity to make money and they created these services for that purpose.
You cannot stop people from making money and using this technology for other purposes. It was given to mankind to use and to improve their current systems.
So your friends are blaming the technology and not the 3rd party services that was a spinoff of the original idea.
People were supposed to use Bitcoin between two parties with no 3rd parties inbetween, but these services saw a opportunity to make money and they created these services for that purpose.
January 27, 2018, 01:56:39 AM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
Anonymity is good for us, of course, but for the government it is unlikely, and if they want to settle it, all anonymity will fall and the tax will appear. But there is a risk of allowing a very large number of scammers in this environment. January 27, 2018, 01:53:04 AM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
Everything has two sides, the complete anonymity and decentralization of bitcoin is no exception, and people are always spreading the goodness of both, but often neglecting their drawbacks and not forgetting that it is also a feature of bitcoin Become a tool for crimes, if the perfect solution to this problem, it may be Bitcoin is already a recognized currency in the world. January 27, 2018, 01:44:26 AM
The anonymity of bitcoin has tremendous potential for growth. This may sound self-contradictory? Well, this will not be. Considering this for a moment, Nakamoto himself is anonymous and widely respected. This means that journalists, inventors or anyone, such as the WikiLeaks website, are no longer afraid of financial exclusion for the sake of telling the truth, and the liberation of disruptive technology is generally very good. Bitcoin can be anonymized if one takes the right action. This will allow everyone to freely talk about economic value, free from the spy of criminals and the unequal laws of corrupt governments.
January 27, 2018, 01:41:58 AM
Before talking about the characteristics of bitcoin with others, my friend raised doubts that when trading on the trading platform, we should save the bitcoin to the address specified by the platform, that is to say, we handed the bitcoin to the trading platform in exchange for " At any time to the platform to mention the credit "commitment. But there have been several incidents in which platforms were stolen and bitcoin stolen, investors suffered. Moreover, due to the characteristics of bitcoin, the stolen currency has no traceability, that is to say it does not even know whether it is a trading platform to defend itself from theft. Is it ironic that a so-called decentralized currency relies heavily on the credit of the trading platform? This makes me feel embarrassed, I do not know how to accurately refute him, I hope you can express your opinion.
You can reduce the chances of getting embarrassed by:
1) Using only reputed exchanges that are more trusted and established.
2) Saving your Bitcoins on different exchanges or even better in a physical wallet (this become more important if you are investing huge amount of money).
There will always be merits and demerits of any system and you have to make the decision of using that system after evaluating them.
January 27, 2018, 01:11:40 AM
Indeed, when we give token to the exchange, it is only based on trust.
A number of exchanges have been stolen recently, and some centralised exchanges may be able to pay for some of the stolen tokens, but the decentralised exchange...
A number of exchanges have been stolen recently, and some centralised exchanges may be able to pay for some of the stolen tokens, but the decentralised exchange...
Bitcoin can be anonymized, which will allow everyone freedom to talk about economic value, free from snooping by criminals and by unequal laws of corrupt governments. Of course, bitcoin anonymity also brings disadvantages, such as trading platform needs to verify identity. Some platforms have purchase limits each month, or more personal information is needed to allow for more purchases.
Jump to: