What if Bitcoin was centralized? - page 8.

KingOfWinterfell01

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

Bitcoins would be taxed so bad. Transaction fees would be ridiculously high. Supply and demand of bitcoins are very controlled and limited in movement. Prices of bitcoins would be stable. People would actually stop investing in bitcoins and start investing in other coins.

fireblond

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Thrive

Whole point of bitcoin is to eliminate the middle man, but if it were the case it would be a less interesting project as the centralized party.. I like bitcoin since it has that anonymity factor and decentralization makes it way more secure and reliable : )

rocketbits

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Quote from: Delarock on November 22, 2017, 09:26:00 AM

They numerous administrations can meddle in light of the fact that unified things are dependably in a control so it will be not that much good and the cost of bitcoin will never reach to that level so it's better that bitcoin is decentralized and everybody is getting a charge out of opportunity of bitcoin

I am also strongly in favor of bitcoin to remain decentralized. The centralization of bitcoin is going to badly disturb bitcoin market. People are attracted towards bitcoin just because of its tendency to increase in price over small time which is not possible when bitcoin would be controlled by some person or government. Bitcoin is public currency and it should remain as it was made by its creator.

z38630610

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

If it is happened, bitcoin value may decrease and many investors may lose money. Because people choose bitcoin because of decentralization. Centralization is out of nature of bitcoin. In the future the governments may do it. We can not know.

Kokoy

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

Well if thats the case , I think it will be the same as the other Jobs, theres no way for us to invest and be profitable that we can be today if bitcoin was centralized . The idea of profit will be distributed for those who can afford bitcoin well if bitcoin is centralized expect for the long term procedures, taxes , identity related procedures and many more , this will be limited for those who can afford and the limitation is for those people, students and beginners may happened.

Delarock

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They numerous administrations can meddle in light of the fact that unified things are dependably in a control so it will be not that much good and the cost of bitcoin will never reach to that level so it's better that bitcoin is decentralized and everybody is getting a charge out of opportunity of bitcoin

micleeiu398

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Quote from: bitcoinmaniac52 on November 10, 2017, 08:18:47 AM

If Bitcoin was centralized it wouldn't be where it was today. All the previous forms of money were centralized and this is what lead to it's downfall. If it can be tampered in any way by a group of people or a group of private organizations, then it can not be the world's reserve currency as it is not sound money. Gold is the closest thing, but we mine more and more of that every year.

It is the main benefit of the bitcoin decentralization that the use and the profit is getting high because of it now the bitcoin is getting wide and a lot of the people are having the bitcoin at the very low price and the value now I know how fast the bitcoin price is increasing and I know the bitcoin will increase more and more with the time so the decentralization of the bitcoin is very important for the increasing value of the bitcoin.

LogitechMouse

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Bitcoin has the feature of being decentralized so don't even think that bitcoin will be controlled or be centralized because I don't see any reasons why bitcoin will be centralized. No one can control bitcoin and that is forever. Cheesy

ALT67890

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

If and only if bitcoin is centralized, I’ll accept it and take advantage of it because sometimes the good things with this is much adaptation to and in our community inside the society where living. And regulating cryptocurrency is a must obviously as the scamming came handy and most new investors are being victimized by this people. The control should be not only by the government but by both and the people must have a say to it.

Cosbycoin

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Quote from: googs84 on November 10, 2017, 08:57:43 AM

The reason behind such rise in bitcoins price/popularity is only because of its features, Decentralised nature, peer to peer exchange, less transaction fee ant less transaction time, strong security system blockchain. Centralised system is controlled by a person or an authority. They can manipulate or bend the rules as per their requirements. Bitcoin is a decentralised currency its price is determined by flow of demand and supply, no one can control it. Many countries are trying to bring btcoin under their regulations by giving reasons that bitcoin is a threat to economy. If they get successes then bitcoin will lose its charm as well as popularity.

Why people are demanding its centralization aren’t they satisfied with so much high profit and one thing is sure if bitcoin become centralized this coin will be like cash money having stable price, no volatility will lead to the limited profit whereas decentralization leads to the so much high profit and it is very good that btc is totally depending on the user demands and this is the best thing so far for me to earn and spend.

peach56

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If we were subjected to a centralised system for Bitcoin we would see nation states look to tax all Bitcoin holding with national insurance payments etc... We really need to make sure BTC is nicely spread across multiple states so the accumulation or monopoly of these digital coins doesn't just fall into a few select governments / banks hands.

hackzang12

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maybe there will be a restriction for bitcoin and history repeat itself they will control the monetary system. poor people get poorer while richer get richer because of paying taxes and hidden money agenda.

bitfocus

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Bitcoin was born decentralized and will remain same, no one can centralize bitcoin for its anonymity and decentralized characteristic.

mark_salcedo618

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If bitcoin will be centralized, the idea of inventing bitcoin will be a waste because bitcoin was discovered or I might say invented for the concept of decentralized. There will be a middleman which is the government that will put their presence by adding transaction fee instead of having the exact amount of the product and/or services you want to avail... The idea of bitcoin is to have the trading by peer-to-peer and there will be no other to act as middleman.

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Quote from: jumpercrypto on September 20, 2017, 11:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

if there are people who control it then maybe our bitcoin will be lost or stolen. from the information I know the bitcoin is run by sophisticated technology, the stand-alone bitcoin no one controls it.

Blue Bell

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Quote from: Opquar on October 03, 2017, 09:35:54 AM

It would crash. One of its biggest selling points is that it's decentralized. If people caught wind of some group holding enough coins to control the market, they would likely panic sell, causing its value to plummet. It might as well be dead then. This is never going to happen, thankfully.

I think a time will come that bitcoin will be centralized because bitcoin is almost in many countries and bitcoin proof to world that its very stable and powerful currency so as some countries have make bitcoin legal so I think it’s a very safe way for bitcoin to make bitcoin centralized and once if it became centralized it will be on the top of all currency.

wismases

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Bitcoin not be as good and popular as it. Even its value may not be above $500 if bitcoin is centralized. The value that occurs now is purely without any party influence or control and this is the advantage of bitcoin.

HasHe

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If bitcoin gets centralized,then a particular group would try to rule bitcoin.They would implement frequent changes in the network for their benefits.People would lose faith in bitcoin and would leave the network.bitcoin would no more remain a unique coin.It would just turn in to an altcoin.Very soon,its price would crash and bankers would start enjoying the end of bitcoin.But,thanks to satoshi,it was created as a decentralized currency.

rohqit

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Quote from: Gimpeline on November 09, 2017, 02:00:37 PM

2x was called off by 6 people. Something to think about. If it had taken over bitcoin would be centralized.
Luckely it didn't happen. Well it never had a chance, but we must always be on the lookout for take over attempts like that

Completely agree with first 2 sentences but I don't understand how that doesn't mean Bitcoin is centralized. What definition of centralized are folks using here ?

cen·tral·ize
ˈsentrəˌlīz/Submit
verb
past tense: centralized; past participle: centralized
concentrate (control of an activity or organization) under a single authority.

Zorbak

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If bitcoin were centralized then it will be like bitcoin cash, the interest of bitcoin others than technology it's to be censorship resistant and decentralized.

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