Topic: The Gang of Five: The Dirty Centralization Secret of Bitcoin - page 2. (Read 1321 times)

This. OP your argument doesn't make sense. We all have control of whether or not we want to implement the change. The core 5 have almost zero power to do something that would hurt the community. If they update the code to allow them to have a million bitcoins each, no one would adopt the new software.

Why misguide ? If Gavin makes a change and nodes do not update accordingly, it'll simply get rejected. That is called concensus.

Bitcoin has a problem. The core software needs to be modified to accommodate for a rising increase in network transactions.

Under the current one-megabyte-per-block limit, the network can only process around three transactions per second. If Bitcoin becomes a mainstream payment system, or even a platform for other types of transactions, it’s going to have to process much faster. Visa, by comparison, says its network can process more than 24,000 transactions per second. If left unchanged, it is projected that the Bitcoin wallet will cease to function properly sometime next year.

The “Real” Problem

The real problem facing the five core bitcoin developers is how to update the software without revealing the nature of their totalitarian rule. Bitcoin is advertised as open source software, decentralized, and not subject to manipulation or adjustable inflation like its big fiat brothers. But in reality the currency’s control is centralized to these five.

When the Federal Reserve decides to make adjustments, the Federal Open Market Committee, the group in charge of overseeing the growth of the United States money supply, must reach a consensus of twelve members.

Bitcoin on the other hand is controlled by just five. But how did a currency like bitcoin, that’s advertised as a solution to government controlled fiat, become more centralized than the Federal Reserve itself? This isn’t something that’s talked about in bitcoin circles and the mention of the word centralization can result in “bad things happening” to outspoken community critics.

Long-Term Solution

Thankfully, there are alternatives to the bitcoin, and many experts believe the next wave of the cryptocurrency boom will originate with these developing projects that have bright young talent with increasingly open minds.

Projects like Litecoin (LTC), the original scrypt coin with faster confirmations than bitcoin, Peercoin (PPC), the original hybrid POW/POS coin, and of course Goldcoin (GLD), the coin that invented the original 51% attack defense. These three are some of our top picks, but there are hundreds of others striving to climb into the crypto saddle and race the good race.

So while Bitcoin might be the home of power-tripping insiders, there’s a war being waged on the digital currency scene and it’s only just beginning. There’s an entire sea of cryptocurrencies swelling to the surface, and now that the cat’s out of the bag, it might just be time for the real slim shady to please stand up.

Fully Story: http://altcoinpress.com/2015/05/the-gang-of-five-the-dirty-centralization-secret-of-bitcoin/