Topic: What if Bitcoin was centralized? - page 12. (Read 2472 times)
It will be nothing more than another competitor of paypal in online payment gateway and price of bitcoin will not be like right now. 1 bitcoin might have tied up with some $ and it might remain at those level always. There will be also possibility like total shutdown of the service like crack down of liberty reserve few months back if it will be controlled by one one person or a group of people.
What if some one take control of BTC? It means being Centralized, All transaction will be track together with identification and value will not increase or decrease like fiat money. No one will invest on it, It will lose it character and investors, it will dump by many people holding on it. Centralization of bitcoin can lead to downfall of it.
it would defeat the purpose of bitcoin
what do you think would happen to bitcoin economy if someone would actually take in control of it?
I really won't support for bitcoin to become a centralized money because if it is been centralized in any place then taxation will be applicable to use bitcoins and service tax to trading site and many more things have been initialized.
Banks will try to regulate and they will increase the fees to send the bitcoins to internationally transferred address.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
Then that particular entity will have the power to dictate what the price is. That is the basic principle of centralization, since you can control and manipulate the market, you can easily dictate what the price is. Also, you can block anyone's transaction because you made it centralized, there is a main or center point so every transaction will pass through the center point and you can easily block or redirect transactions. Though these are the worst case scenario, it might be possible.
There are several centralized Bitcoins. They are called banks, credit cards, paypals, etc... Only difference in essence tis that BTC is decentralized and others aren't.
Maybe to formulate your question better.
Maybe to formulate your question better.
what do you think would happen to bitcoin economy if someone would actually take in control of it?
One of the following will happen
1) Pigs will fly
2) Unicorns will fart cheescakes
3) Dragons will rule the UK
4) Somalia will become a G7 member
And if somehow somebody will manage to get the 51% mining and a total control over nodes, bitoin will turn into ripple.
Which is not doing that bad ....
In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now.
The goal of BTC can't e attained if that's the case. It's
like a beautiful girl but you can't bang it.
like a beautiful girl but you can't bang it.
In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now.There can only be a decentralized Bitcoin. There is no room for centralization even hypothetically.
In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now.
So you mean like Eth is lol
In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
what do you think would happen to bitcoin economy if someone would actually take in control of it?
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