Topic: The most centralized cryptocurrency? (Read 496 times)

BNB is extremely centralized. But stablecoins are worse. I've seen many times where both Tether and USD Coin's respective issuers froze users' funds at will. They've essentially "blacklisted" certain ETH addresses because transactions were deemed suspicious. This tells us that using stablecoins is no different than using an ordinary bank account.

Most people are miseducated about crypto/Blockchain tech, so they're made to believe that everything is decentralized, when in fact, it's not. As long as the majority has this mindset, centralized cryptocurrencies will only grow bigger over time. There's no need to worry about a few cryptocurrencies becoming centralized as long as there's one decentralized alternative on the market. Bitcoin may be all you need to obtain true financial freedom thanks to its decentralized and censorship-resistant design. I hope it stays that way forever so that Satoshi's vision could be fulfilled. Just my opinion

I do agree that USDT is the most centralized but you are forgetting that they are stablecoins and not crypto coins, there is a big difference between them, one of them is just a blockchain based version of the dollar we have always seen, I can literally have dollars in my pockets and it would be the same thing, the only reason USDT ever exists is the fact that people trade crypto using stablecoins and that's it, hell I can use my local exchange and they just credit me with the local currency without needing USDT at all, I do not know why there is any need left, if you want fiat you can turn your crypto into fiat on exchange nowadays.

What I do not really understand is the fact that people are acting as if they are crypto, they are not. It is not the same as XRP or BNB or TRX which are centralized but at least crypto currencies, they are totally different.

According to Vitalik Buterin, there are three main features: scalability, decentralisation and security, and all projects can have only two of them.

Let’s look at  BNB, I consider it to be very centralised, it is regulated by Binance. But I think that the most centralised currencies are collateralized stablecoins like Tether. They are totally dependent on their collateral, and sequentially, on the company they were emissioned by. 

The same thing will happen with all other centralized coins if negative events occur with the company that is the issuer. This is the reason for the danger of investing in centralized coins, because they are dependent on the well-being of their issuer. So in the event that you have centralized coins, you need to follow the news that is associated with the issuer of this coin.

they care because it is hard to make money if the coin is centralized like for ex. if its a pos , only the whales can stake big coins and gets the reward but there will be less chance for the regular individuals .
why etherium is not included ? eth is is also turning into centralized and then next would be binance  .
xrp is not a pos and steem is not big as the three  .

It's true that nowadays people only focus on trading with relatively short profits and they can get a lot of profit, but isn't DEFI now an alternative? and currently I am more interested in 1inch tokens, maybe this token can be a consideration for long-term investment. That's just my opinion because everyone has their own investment system, as mentioned above.

I think BNB is one of the most centralized cryptocurrencies. Anyway, earlier.
Now, of course, thanks to the ecosystem, it has become in demand as part of the payment of transaction fees, but what will happen if binanas is banned from conducting its activities around the world.

The most centralized project today is XRP. this altcoin is really bad, nothing even worse than this coin. I'll bet that XRP is the worst shitcoin. XRP was created only to enrich its developers, for no other purpose than that. the reason why this coin is still at the top, is because XRP is one of the oldest coins and has great exchange support. if problems like the beginning of last year re-occur in the future. then this coin will be die.

That's the right answer because it doesn't mean it is own by a centralized exchange the price is under their control, still, the coin has a market cap and it has a demand and supply.  It doesn't matter if BNB owns by Binance, it just matters what network they used and who owns this network, if they use decentralized networks it means the coin is also decentralized.

The disadvantage with this centralized owner of cryptocurrencies might be selling a huge supply on a market cap that might turn down the price in the market or it can be manipulated.

Even if it is centralized, doesn't mean the price won't move. It is all about the demand in the market. While the demand can be varied every day. So, how can maintain the price of the coin? It is also including BNB, the price is also based on the current demand. I don't see a reason of centralized coins to be controlled the prices. If it happens, I suspect people are worried to buy because of the high possibility of price manipulation.

BNB is the most centralized cryptocurrency but I wonder why they can't keep BNB at $500. Centralized cryptocurrencies should be able to maintain price power to protect users' funds, when the price of centralized coins drops are they worth buying?

Couldn't agree more with you mate. No other cryptocurrency on the market is as centralized as XRP is. The company issuing the coin (Ripple) controls a large portion of its total supply. Imagine if governments begin to crackdown on the company or the company itself decides to hit the "kill switch". This will lead to many undesired losses in the crypto/Blockchain space. Only a fool will consider XRP as a serious long-term investment. It's like a "glorified" banking system greatly defeating the purpose of crypto/Blockchain tech. I'd say XRP is more of a centralized database than a distributed ledger. How long will it survive, it's yet to be seen.

Most people don't care about decentralization these days, so they'll invest into any cryptocurrency that will leave them with a lot of money within a short amount of time. Binance Coin, XRP, EOS, and TRON are all centralized cryptocurrencies subject to the negative effects of a single point of failure. Yet, that hasn't stopped people from buying them. Demand is on the rise for such cryptocurrencies, putting the fate of the entire crypto/Blockchain space in jeopardy. At least, there are decentralized alternatives willing to save the day. As long as there's one decentralized cryptocurrency, nothing else matters. Just my opinion

Yes, that's true, usdt, xrp, bnb, an asset that is focused on now because it's a stabilcoin, but think about it the other way around, will other market assets decline or will it no longer be concentrated in the eyes of those who invest?
Of course it doesn't happen like that, market assets are not concentrated now because competitors are agile assets in this regard.

The only way for centralized projects to survive is to use the financial strength of the people in control to determine the price levels and attract more people to participate, if that fails, there is no chance compared to decentralized projects. At the beginning of any engagement you need to set your priorities, most people are here for some quick win, so centralized and decentralized projects have the same affinity, but when there are problems, centralized certainly stand out. I don't know the current situation of BNB, but XRP in my opinion is the main leader of centralization.

Bad eggs are not happened ,it was only created.When the algorithm was made with to cheat people.Some investors get into bad eggs.The bad thing was,they won't accepted it had a bad eggs.They keep their more investments on trading of same coin.At the last,they will have huge amount of bad eggs in the basket.

For me I don’t say that any cryptocurrency is semi centralized, it’s either that it is centralized or it is decentralized, no other option for me. If a cryptocurrency is semi-centralized, then it is already centralized. If the government should come out tomorrow and say that they want to  take action against all the centralized cryptocurrencies, even the ones you say that are semi centralized are going to be part of what’s going to be affected.

Anyways, as for what to choose, I would prefer a coin that decentralized. Coins that are truly decentralized gives you freedom to do things as you please, so there is no need going for the ones that are centralized.

USDT is indeed an example of a centralized cryptocurrency, but not all stablecoins are centralized. An example of real decentralization among stablecoins is DAI. In addition, all exchange coins can be safely attributed to centralized, including the most popular among them, the Binance Coin (BNB).

XRP, anyone that say anything else is lying to you and there is no other answer that is as correct as XRP because that is THE centralized currency. People may say USDT and they are right that USDT is more centralized that is for sure but they are stablecoin and not a crypto currency, they are a usd pegged stable currency using blockchain tech and I do not think that they deserve to be in the same conversation as other crypto currencies, they are just a different thing. So, when you remove that the most centralized one is XRP.

Definitely there could be some even more centralized in 49423th spot or whatever but that is just doesn't matter, they are way too down the list to be cared for, whereas XRP is a high level coin that could literally crash to under 1 satoshi in a second if the owners of Ripple company decide to do that, they have the button for it and as soon as they push it it is all down the drain.

I think that cryptocurrencies with a centralized system have better development than decentralized ones. But usually centralized cryptocurrencies are prone to price manipulation, because of the centralized system, but that's just my opinion.

USDT (Tether Ltd), BNB (Binance), XRP (Ripple Inc.), all that are centralized and it can't be more centralized since already one corporation controls the assets. What's more centralized than a company? Hmm... maybe one individual. Perhaps there is some small cap shitcoin that launched, premined, and controlled by one individual.