What if Bitcoin was centralized? - page 9.

darkangel11

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Don't let others control your BTC -> self custody

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

It had a chance. Don't forget that it was set up to fork months ago and the pressure against it wasn't big enough during those months to make them give up. If people were standing strong against it the price wouldn't go up like it did before the expected fork. Now they recalled it and we got ourselves a correction, so the news increased the uncertainty of the market. At least that's how I see it.

johnleo

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let see the process how he/she will control it
first he must buy bitcoin in the market, it will pump the price
then only few people will use it maybe will make no demand anymore
my conclusion this question is just joke.

googs84

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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.

bitcoinmaniac52

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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.

AlexandrInt

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Quote from: senne on November 10, 2017, 07:42:21 AM

Quote from: nanaliepaloma on November 10, 2017, 04:13:29 AM

well many will withdraw their investments and the value of bitcoin will surely drop if that happen.

First of all, how Bitcoin will become centralized when government cannot track your transactions. Bitcoin is made in such a way so that users can send money without the need of a centralized system and if somehow it becomes centralized which is not possible according to me then also people may continue to use further there will be less effect on its value as then it will be widely accepted by people as government will allow its usage under centralized system.

Now many investors believe that bitcoin is a centralized coin. Why? Because China has too much influence on this coin and miners. They manage the market. This suggests that bitcoin is not as unmanageable as we think

senne

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Quote from: nanaliepaloma on November 10, 2017, 04:13:29 AM

well many will withdraw their investments and the value of bitcoin will surely drop if that happen.

First of all, how Bitcoin will become centralized when government cannot track your transactions. Bitcoin is made in such a way so that users can send money without the need of a centralized system and if somehow it becomes centralized which is not possible according to me then also people may continue to use further there will be less effect on its value as then it will be widely accepted by people as government will allow its usage under centralized system.

Aleister Crowley

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Quote from: Despacito on September 20, 2017, 03:59:54 PM

Quote from: Aleister Crowley on September 20, 2017, 03:47:29 PM

Quote from: BCTBF on September 20, 2017, 02:46:47 PM

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?

I think bitcoin can be easily controlled by very rich people, rich people can easily dump and pump bitcoin prices, but they can control themselves and keep the bitcoin getting better. I guess the bitcoin will not be centralized.

bitcoin may not be centralized ,,. because some of the richwho may be able to control their bitcoin value will definitely lose if the bitcoin is centralized., some of their fortunes earned through bitcoin will end if this happens ,, maybe they will control the price to get better in each period. which makes us more profitable

Bitcoin may be centralized by a manipulation of its code. But I don't think one can do this because it's an democratic environment with tons of participants. It will stay decentralized.

but it is highly unlikely anyone can manipulate the code from bitcoin. this may take a very long time to be able to study it ,, and surely if this is the case maybe bitcoin will be very critical at an indefinable time, but I hope it never happens, even if in a long time vulnerable

Rishabh riyz

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In my personal views, if Bitcoins would have been centralised then:-

the Value would become stable or less fluctuating than it was .
teh security would then be lower in panel than earlier one because in decentralised way their is no main unit to hack in and mess up with data , but if we centralise bitcoins the hackers would only have e to focus on a single unit.

nanaliepaloma

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well many will withdraw their investments and the value of bitcoin will surely drop if that happen.

rayneh

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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.

Mrengage

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It wont work because that will end the reign of cryptocurrency

Gimpeline

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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

teejayrichard2

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I don't think this will be possible. But if it happens then that will be the fall of btc

doblok

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there may be congestion and it is difficult to get this low priced and unpopular pricing project is very sad Angry

Opquar

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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.

malikusama

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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?

Bitcoin would never be the same as it is now, the decentralized characteristic of bitcoin made it more popular and attractive. The growth of bitcoin price and community( number of users) will be low as compared to now if it would happen.

audaciousbeing

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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 that should happen, then its going to happen now in which its not going to go well because alot of people have come to understand how the whole chain works with several development which have even contested the dominance of bitcoin in terms of anonymity and other factors. It then means if that should happen, it gives way for migration to other platform. One key reason why bitcoin is generally accepted is because of the fact that no one can lay claim on how its distributed unlike Central Banks controlling the flow of money in the economy.

If that key characteristics is taken away, then there is really no need to avoid fiat in the first instance. Lets hope it doesnt get to that.

aencarnaci

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Quote from: UsernameBitcoin on September 24, 2017, 12:36:37 PM

If Bitcoin was centralized then it would honestly be just another currency as it is susceptible to single point of failure attacks as well as inflation of money supply from the centralized group that controls it.

Centralized bitcoin is not what we want, if so we have our other currencies, people invest in it due to its opposite behavior they want it because it give them ease that physical currencies cannot. So it will stay like this for the betterment of investor and for the betterment of people, if it get centralized investors will take off their money from it and it will be like paper money.

BrewMaster

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There is trouble abrewing

if bitcoin were centralized or someday become centralized then it will be the death of it. it may not exactly die and disappear but i am sure that most people will leave it behind and move on to the next best thing that remains decentralized. it can even be litecoin which is very similar and still decentralized.

one of the reasons people are interested in bitcoin is the decentralization.

CryptoBry

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Quote from: Emoclaw on September 20, 2017, 11:53:57 AM

Quote from: Taki on September 20, 2017, 11:49:40 AM

Quote from: Schocksen on September 20, 2017, 11:46:22 AM

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's really no 'what if' here. Should an entity (let's say Bitcoin Core) take control of Bitcoin by forcing their changes without consensus, then the community forks and the centralized version dies instantly.
There can only be a decentralized Bitcoin. There is no room for centralization even hypothetically.

Decentralization is what makes Bitcoin a Bitcoin...meaning it is the heart and soul of the whole thing and if you take away that from Bitcoin then it is quite possible that you let it slowly die as there would then just be another payment facility system. Taking away decentralization means someone or a group of people would be controlling Bitcoin and that alone can make Bitcoin not anymore the Bitcoin we know.

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