That's why before it's too late, at least "we" should be the one who use Bitcoin to not linked to centralized exchanges or centralized entity by using non custodial wallet and trade Bitcoin via peer to peer.
But, at some point in the future I think almost all Bitcoin will belong to centralized exchanges, institutions, government or country.
Profit beats everything, people might shift to Monero.
Topic: My issues with Bitcoin, and its progress so far - page 2. (Read 241 times)
Before I start highlighting the issues with Bitcoin and its progress and development so far, let's first of all understand why it was created in the beginning to be able to determine whether or not it's progressing at the right direction or at a pace it ought to be progressing.
In the past during the Bush/Obama era, there was a global financial crisis that necessitated the creation of a different financial system that is based on predetermined rules or protocols hardcoded into the it and difficult to change especially without community consent. This is to make it difficult for unilateral/unchecked decisions or changes to be made by few individuals that affect everyone who is part of the financial system. For this to be possible the whole system has to be monitored and controlled by the community or participants, so that the unilateral changes become almost impossible. This would mean running the system in decentralized, transparent and trustless manner continously, otherwise it eventually becomes centralized for the unilateral changes by few corrupt individuals to be possible, which could possibly ruin the system and lead to financial crisis. This is what Bitcoin is about, to give control back to the community.
Unfortunately, if not done right, a thing like Bitcoin, controlled and supervised by the community can be slow in progress or development compared to few people taking decisions without supervision. Much of the good ideas proposed to help develop Bitcoin without violating the important principles that enable it to be supervised and controlled by the community have not been implemented. This has kept Bitcoin poorly developed and slow in progress causing it to become somewhat outdated, slow, clunky, difficult to use, etc. By now, it should be possible to use Bitcoin in decentralized peer-to-peer manner with very cheap fees and really fast transaction on a very advanced system that can handle alot of things imaginable, but so far very little to nothing has been achieved. Whatever advanced solution or progress that currently exist, actually deviate from the original goal of Bitcoin and could lead to crisis.
Poor, deceptive and centralized alternatives have emerged, with solutions that seem to solve the Bitcoin issues, but underneath the whole thing is nothing but scams administered by greedy overlords who lack principles and have little to zero idea (or don't really care) why Bitcoin was invented in the first place
In the past during the Bush/Obama era, there was a global financial crisis that necessitated the creation of a different financial system that is based on predetermined rules or protocols hardcoded into the it and difficult to change especially without community consent. This is to make it difficult for unilateral/unchecked decisions or changes to be made by few individuals that affect everyone who is part of the financial system. For this to be possible the whole system has to be monitored and controlled by the community or participants, so that the unilateral changes become almost impossible. This would mean running the system in decentralized, transparent and trustless manner continously, otherwise it eventually becomes centralized for the unilateral changes by few corrupt individuals to be possible, which could possibly ruin the system and lead to financial crisis. This is what Bitcoin is about, to give control back to the community.
Unfortunately, if not done right, a thing like Bitcoin, controlled and supervised by the community can be slow in progress or development compared to few people taking decisions without supervision. Much of the good ideas proposed to help develop Bitcoin without violating the important principles that enable it to be supervised and controlled by the community have not been implemented. This has kept Bitcoin poorly developed and slow in progress causing it to become somewhat outdated, slow, clunky, difficult to use, etc. By now, it should be possible to use Bitcoin in decentralized peer-to-peer manner with very cheap fees and really fast transaction on a very advanced system that can handle alot of things imaginable, but so far very little to nothing has been achieved. Whatever advanced solution or progress that currently exist, actually deviate from the original goal of Bitcoin and could lead to crisis.
Poor, deceptive and centralized alternatives have emerged, with solutions that seem to solve the Bitcoin issues, but underneath the whole thing is nothing but scams administered by greedy overlords who lack principles and have little to zero idea (or don't really care) why Bitcoin was invented in the first place
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