Let's Talk about Crypto becoming Centralized in the near future....

publicjud

legendary

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Quote from: Javanewstar on February 12, 2018, 04:42:33 AM

Yes, these financial institutions are perfectly capable of manipulating bitcoin prices.
They can manipulate it with a lot of money, and just a few FUD would be enough.

This is true. There is no problem to manipulate even decentralized market with producing fake news and FUD. The market is just like a herd - if someone jumps from the roof the rest will do the same...

fargoway

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Quote from: steins19 on February 12, 2018, 02:26:20 AM

- Do you ever think that BTC, ETH, and a lot more coins in the market is not really decentralized. Someone must be controlling it indirectly.
- What would happen if BTC and ETH becomes Centralized. How will it affect the block chain?

Its an interesting question, actually. I think in case of such situation, the crypto nature, core idea and purposes will be destroyed..
Do you have any thoughts on it? As I'm sure there is no questions without any basic thought.. Roll Eyes

bucksman5233

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Quote from: steins19 on February 12, 2018, 02:26:20 AM

- Do you ever think that BTC, ETH, and a lot more coins in the market is not really decentralized. Someone must be controlling it indirectly.
- What would happen if BTC and ETH becomes Centralized. How will it affect the block chain?

Bitcoin's mining power can be centralised by a small group of miners but it doesn't mean they can control the whole Bitcoin network. Full nodes do play a part here. If something is going wing then people can fork off from main Bitcoin chain to create an another. If many members supported this then it could be the next Bitcoin.

AzureDragon

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Quote from: steins19 on February 12, 2018, 02:26:20 AM

- Do you ever think that BTC, ETH, and a lot more coins in the market is not really decentralized. Someone must be controlling it indirectly.
- What would happen if BTC and ETH becomes Centralized. How will it affect the block chain?

Are there any prerequisites for such an opinion? With the same degree of certainty it can be said that the Internet is centralized

If this happens, then in general the currencies will be divided into two camps. For example, UNIX-based OS feel great itself without centralization in contrary to Mac or MicroSoft.

vv181

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Just see the clear example, which is Ripple. We all know Ripple is centralized bankers coins. Ripple(who is the company) has full access to Ripple nodes, and they decide whether they want to create ones, It is technically centralized by nature. So indirectly RIpple has a control over the currency. But due to many bankers support it, Ripple still exists in the 'cryptocurrencies' market.

Javanewstar

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Yes, these financial institutions are perfectly capable of manipulating bitcoin prices.
They can manipulate it with a lot of money, and just a few FUD would be enough.

steins19

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- Do you ever think that BTC, ETH, and a lot more coins in the market is not really decentralized. Someone must be controlling it indirectly.
- What would happen if BTC and ETH becomes Centralized. How will it affect the block chain?

Topic: Let's Talk about Crypto becoming Centralized in the near future.... (Read 132 times)