The most centralized cryptocurrency? - page 2.

Abiky

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Quote from: pakhitheboss on July 03, 2021, 07:51:28 AM

All CEX tokens are centralized. I also consider Tether to be centralized. Actually it is hard to find a cryptocurrency that is decentralized except Bitcoin.

As long as you're transparent decentralization does not matter.

Tether is extremely centralized since accounts can be frozen at will, putting people's funds at risk. USDC also does the same thing. The only decentralized alternative to such stablecoins is DAI. As far as traditional cryptocurrencies are concerned, we could say the most decentralized coin in the world is Bitcoin. Ethereum is decentralized as well, but not as much as Bitcoin is. The past events of the "DAO hack" where the ETH blockchain was "reserved", tells us that Ethereum is a little bit centralized. Not only that, but Vitalik Buterin has strong influence over the project. Bitcoin has no leader, so it's much more decentralized in this regard.

Unfortunately, most people don't care about decentralization these days. They prefer convenience/ease-of-use on top of evertthing else. As long as this is the case, centralized coins will continue to rise like there's no tomorrow. I wouldn't worry about this as long as Bitcoin stays alive and running for many generations. Just my opinion

the rise

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For now, the most centralized cryptocurerrency in my opinion is usdt, since it is a stabilcoin. i know that, xrp, bnb also have centralization properties, but they also still have decentralized properties in price, whereas usdt is indeed completely centralized.

ingiltere

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The most centralized cryptocurrency is the closest one to have %100 ownership. If you control majority of coins you control the market. Neither XRP nor BNB is nowhere close to being the most centralized cryptocurrency. Most criticism come to them is about controlling ability to network, which is mostly misunderstanding. Almost every altcoin in the market is some level of centralized, it's hard to order these though when you don't have enough information about owners/miners/stakers.

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I've quickly thought of Tether and XRP.

Quote from: Anonylz on July 03, 2021, 04:59:16 PM

Whether centralized or decentralized not really matters to most because there is money to be made in a specific time frame or an estimated time, after all the goal of either centralized or decentralized coin in your wallet is to make profit out of it, although having a complete decentralized crypto is much better because that way you won't be face with the chance of exposing your data, or afraid of whatever future uncertainty that may befall the project, nowadays, rug pull is a common practice, and nobody wants to experience such.

It is important to know that you're holding a centralized coin and you've invested a lot on it. But if not, yeah, I agree to you that it doesn't really matter as long as they've got their own markets for you to buy and sell.

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Quote from: Abiky on July 02, 2021, 10:19:45 PM

Some say XRP (Ripple) is heavily centralized, while others say it is Binance Chain (BNB). Most people don't care about decentralization as long as they're able to make money with crypto in the least time possible.

There are many fun factors that can be said about centralized cryptocurrencies, Ripple owners hold more than 60% of the total supply of the coins and the total supply is another huge number and still there are many who believe that the price would rally to multiple dollars, the same case with BNB, they are creating a monopoly of the market and BNB is similar to EOS, you only have 21 nodes that check and validate every new transactions and it is true that majority of the people does not care about centralization or decentralization, all they care is making money.

Anonylz

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Whether centralized or decentralized not really matters to most because there is money to be made in a specific time frame or an estimated time, after all the goal of either centralized or decentralized coin in your wallet is to make profit out of it, although having a complete decentralized crypto is much better because that way you won't be face with the chance of exposing your data, or afraid of whatever future uncertainty that may befall the project, nowadays, rug pull is a common practice, and nobody wants to experience such.

SquallLeonhart

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Quote from: Abiky on July 02, 2021, 10:19:45 PM

Ever since Bitcoin launched, a plethora of altcoins came along with it. Most of the cryptocurrencies are decentralized, but there are a few which are "bad eggs". Depending on the consensus algorithm used, the cryptocurrency can be either decentralized, semi-centralized, or completely centralized. Some say XRP (Ripple) is heavily centralized, while others say it is Binance Chain (BNB). Most people don't care about decentralization as long as they're able to make money with crypto in the least time possible.

I am 99% sure that XRP could be the most centralized currency ever in existence. Did you know that XRP creators could print more XRP? Yes you heard it right, it happened before, they could print as many XRP as they want and there is nothing anyone can do about it. I do not think that there is any coin that could be as centralized as that. Don't get me wrong there are tons of them that could be called centralized, look at BNB for example, all under the control of CZ or more like Binance as a whole, isn't that centralized? Of course it is, but not as much as XRP.

Or check out Tron, it is under the control of Justin Sun and he decides on the price, does that mean that they are the biggest centralized currency? No it is not, XRP is still the worst. I feel like as soon as you hear the words "print more" you should run away from it as fast as you can.

indah rezqi

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Quote from: Abiky on July 02, 2021, 10:19:45 PM

Ever since Bitcoin launched, a plethora of altcoins came along with it. Most of the cryptocurrencies are decentralized, but there are a few which are "bad eggs". Depending on the consensus algorithm used, the cryptocurrency can be either decentralized, semi-centralized, or completely centralized. Some say XRP (Ripple) is heavily centralized, while others say it is Binance Chain (BNB). Most people don't care about decentralization as long as they're able to make money with crypto in the least time possible.

That said, I'm curious to know which cryptocurrency is the most centralized in the world today. Is it XRP, Binance Chain, or STEEM. Why do you think such cryptocurrency is centralized? Will decentralized counterparts ultimately prevail? Your input will be greatly appreciated. Thank you.

In my opinion, Cryptocurrency centralization is a very good step to maintain balance. If I am wrong, it means that my knowledge is still lacking. Regarding which one is centralized, my answer is Ripple (XRP).

btcltcdigger

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Yes, XRP is centralized, but there is a worse one. BNB!
Binance has full control over BNB and BSC, all hosted on alibaba vps servers

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Quote from: Abiky on July 02, 2021, 10:19:45 PM

Ever since Bitcoin launched, a plethora of altcoins came along with it. Most of the cryptocurrencies are decentralized, but there are a few which are "bad eggs". Depending on the consensus algorithm used, the cryptocurrency can be either decentralized, semi-centralized, or completely centralized. Some say XRP (Ripple) is heavily centralized, while others say it is Binance Chain (BNB). Most people don't care about decentralization as long as they're able to make money with crypto in the least time possible.

That said, I'm curious to know which cryptocurrency is the most centralized in the world today. Is it XRP, Binance Chain, or STEEM. Why do you think such cryptocurrency is centralized? Will decentralized counterparts ultimately prevail? Your input will be greatly appreciated. Thank you.

The issue is that there are many vectors to consider when we think of a decentralized currency, for example not everything is the technology, it also has to do with how many people are holding the coins, how concentrated is the power of the miners and several other factors.

I think by far XRP is the most centralized coin, not only it can be argued if it is a cryptocurrency at all but the supply of the coin is incredibly concentrated in just a few hands and the developers are under an investigation by the SEC, so if I were to cast my vote to the most centralized cryptocurrency it will definitely go to XRP.

zonefloor

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Cryptocurrency was originally decentralized. It is a sector that has emerged to invest and earn money anonymously without being tied to any institution or organization. However, even though it was launched for such a purpose, there is absolutely no decentralization. Ethereum, bnb does not matter which crypto currency you want to buy, you have to use it as an exchange tool. While the majority of these exchange platforms impose a kyc requirement, some do not impose a kyc requirement until a certain transaction. Even in this case, decentralization is gone. In short, I do not think that there will be complete decentralization in the coming years.

devil2man

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in my opinion the most centralized altcoin remains xrp, in second place i would put bnb and steam but also many stablecoins are not decentralized at all, personally i would never invest in this type of altcoin because they remind me too much the traditional bank system

Master of Shitcoins

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I will nominate XRP, it's a centralized shit coin. Ripple devs are controlling it inherently and also much XRP coins. It was documented very well when Ripple Labs did engage in very shady activity to hide abuse and manipulation.

Ripple is a bad coin for everyone who supports decentralized crypto. We should avoid it.

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Quote from: Abiky on July 02, 2021, 10:19:45 PM

Ever since Bitcoin launched, a plethora of altcoins came along with it. Most of the cryptocurrencies are decentralized, but there are a few which are "bad eggs". Depending on the consensus algorithm used, the cryptocurrency can be either decentralized, semi-centralized, or completely centralized. Some say XRP (Ripple) is heavily centralized, while others say it is Binance Chain (BNB). Most people don't care about decentralization as long as they're able to make money with crypto in the least time possible.

That said, I'm curious to know which cryptocurrency is the most centralized in the world today. Is it XRP, Binance Chain, or STEEM. Why do you think such cryptocurrency is centralized? Will decentralized counterparts ultimately prevail? Your input will be greatly appreciated. Thank you.

Most of the projects are centralized in this cryptocurrency world especially everything that is running on BSC I believe so obviously BNB is highly centralized. While if you ask me which centralized project is having huge trading volume the its tether which even exceeded the bitcoin trading volume at some point so they keep printing Billions of tokens and liquidating it.

MusaMohamed

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Quote from: electronicash on July 03, 2021, 10:30:30 AM

any coin that has a team that could make changes to its code is centralized.

After Bitcoin, I can not see too many project that is decentralized. They were created by a team and it is what you said, changes can be made by the core team.

Some projects try to create DAO votes for decisions but I don't know how decentralized those votes are. Because big nodes can be from core team members and they can distort vote results.

Quote

BNB can is owned by the binance team which a government could force them to be investigated and maybe even do something with it. Hoskinson of ADA had lobbied personalities and even tried to make contacts with people who can influence markets. XRP is often said to be the most centralized and decisive as well mainly because they separate the entity of XRP token and Ripple. and it is unfairly distributed.

Ripple is bad, totally centralized.
BNB is not too good because there are very little validators. You can compare it to Ethereum validators.
ADA, I don't know.

electronicash

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any coin that has a team that could make changes to its code is centralized. BNB can is owned by the binance team which a government could force them to be investigated and maybe even do something with it. Hoskinson of ADA had lobbied personalities and even tried to make contacts with people who can influence markets. XRP is often said to be the most centralized and decisive as well mainly because they separate the entity of XRP token and Ripple. and it is unfairly distributed.

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I think BNB is the most centralized. they seem to want to monopolize the crypto market. but no one hates it, because bnb can make huge profits. Unlike other coins, people don't like it, just because it looks centered.

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Quote from: Abiky on July 02, 2021, 10:19:45 PM

Ever since Bitcoin launched, a plethora of altcoins came along with it. Most of the cryptocurrencies are decentralized, but there are a few which are "bad eggs". Depending on the consensus algorithm used, the cryptocurrency can be either decentralized, semi-centralized, or completely centralized. Some say XRP (Ripple) is heavily centralized, while others say it is Binance Chain (BNB). Most people don't care about decentralization as long as they're able to make money with crypto in the least time possible.

That said, I'm curious to know which cryptocurrency is the most centralized in the world today. Is it XRP, Binance Chain, or STEEM. Why do you think such cryptocurrency is centralized? Will decentralized counterparts ultimately prevail? Your input will be greatly appreciated. Thank you.

The vision of satoshi and Altcoins developers is now different, the average Altcoins developer-only aims to get rich from the cryptocurrency they created. satoshi is a legend and the least greedy man in this world, unlike centralized coin developers ^{(bnb, ripple and many more)} who don't emulate satoshi's attitude who created decentralized coins to improve the world's outdated financial system.

hugeblack

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What will make the difference when answering this question? This question will have value when it is the most decentralized currency?
As for the answer, it is stablecoins, specifically BUSD, because they are centralized and completely dependent on BINANCE's promise.
As for the network, it is a BSC (all the nodes are under its management and no one can make a decision except to manage the network) and a centralized Ripple as protocol.

ElmedoRator

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Quote from: pakhitheboss on July 03, 2021, 07:51:28 AM

All CEX tokens are centralized. I also consider Tether to be centralized. Actually it is hard to find a cryptocurrency that is decentralized except Bitcoin.

As long as you're transparent decentralization does not matter.

I agree with this, there are many exchanges that have tried to create their own governance tokens, but have not shown the application and role to the market. However, I also find that the leader factor is very necessary for this market, so the issue of decentralization and centralization needs a harmonious combination.

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