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Title: Are some cryptos decentralized while some are not? Post by: Okwara on September 02, 2023, 09:09:12 AM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto.
But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? Title: Re: Are some cryptos decentralized while some are not? Post by: dzungmobile on September 02, 2023, 09:32:23 AM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. Cryptocurrencies are a lot, including Bitcoin and alternate cryptocurrencies aka. altcoins.
Quote But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? If you want to invest in altcoins, you must look at their token distributions. If majority of tokens belong to team members or some whale wallets, you can smell risk of rug pull or dump from those wallet holders. Avoid any project has such risky token distribution.Title: Re: Are some cryptos decentralized while some are not? Post by: Nwada001 on September 02, 2023, 09:56:53 AM About decentralization, only Bitcoin network is decentralized. Altcoin networks are all centralized. That's not true; Bitcoin is not the only coin that is decentralised; there are other coins that are also considered to be under the decentralised network. They are few, but they're better than none. Check out the list here; it has not been updated recently, but I still consider it valid. Code: Ticker Name MarketCap (USD) Price (USD) ATH Notes Title: Re: Are some cryptos decentralized while some are not? Post by: hosseinimr93 on September 02, 2023, 10:09:49 AM Bitcoin is decentralized and almost all altcoins are centralized.
But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. If there's someone known as the project owner, that's enough to conclude that the coin/token is centralized. All coins/tokens that are premined are centralized. All coins/tokens that are sold through ICO, IEO, etc. are centralized. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Take note that if you want to have full control over your fund, you should use your own non-custodial wallet and you should be the only one who has access to the private key(s). In the case you keep your coins/tokens in a centralized service like an exchange, it's the centralized service that has control over the fund, even if that's bitcoin which is the most decentralized cryptocurrency. Title: Re: Are some cryptos decentralized while some are not? Post by: tabas on September 02, 2023, 10:39:23 AM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. DeFi's? I think that despite being called as decentralized finance, those users that have their wallets connected and have their cryptos deposited into a DeFi service still losses custody of their coins as they deposit and connect their wallets to those respective DeFi services. Why? Because of the series and events of DeFi hacks have made people lost their funds. Like these events: https://chainsec.io/defi-hacks/But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? Honestly, the term decentralized is being used and abused by many project developers. They tend to mention that they're a decentralized project but lies behind that, they're not. Bitcoin is decentralized and that's what the meaning of it. And don't buy onto those projects that have been labelling themselves as a decentralized project. Another thing, DeFis are no longer a thing today.Title: Re: Are some cryptos decentralized while some are not? Post by: JeromeTash on September 02, 2023, 11:02:29 AM At least there is one truly decentralized blockchain network that we know. The major attributes that make it decentralized are that;
1. No organization or owner having full control over it. The code is open source and different developers from allover the world can contribute to the development of Bitcoin. Bitcoin improvement proposals can be approved or rejected by the community, not just one lead developer. 2. The network consensus mechanism is POW which we are well a ware supports decentralization unlike a majority of altcoins that use POS Title: Re: Are some cryptos decentralized while some are not? Post by: Smeet on September 02, 2023, 03:01:10 PM Cryptocurrencies come in various forms, with differing levels of decentralization. At one end of the spectrum, we have cryptocurrencies like Bitcoin and Ethereum, which are known for their high degree of decentralization. These cryptocurrencies operate on the blockchain youve likely heard of, where transactions are recorded on a global network of nodes. No single entity or organization has absolute control over these networks. Instead, transactions are verified and added to the blockchain by a decentralized network of participants using consensus mechanisms like Proof of Work (PoW) or Proof of Stake (PoS). This decentralization is a key feature of cryptocurrencies like Bitcoin, promoting transparency, security, and resistance to censorship.
On the other hand, some cryptocurrencies are more centralized in nature. These often have a central entity or organization that issues or controls the currency. For example, Ripple's XRP is managed by a company called Ripple Labs, which has a significant level of control over XRP transactions and its supply. Also, stablecoins like USDC or USDT are issued by centralized entities that hold reserves of traditional fiat currency. While these cryptocurrencies offer stability and quick settlement times, they may not provide the same level of decentralization and censorship resistance as Bitcoin or Ethereum. Title: Re: Are some cryptos decentralized while some are not? Post by: cryptoaddictchie on September 02, 2023, 04:44:20 PM But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? The reason for this is probably due to the lack of security of some defi altcoins. However these projects have premine tokens and likely due to investors money. Depends on the tokenomics of the project, can say decentralized if the tokens alloted for the team is really low and mostly for the community like bitcoin have. Title: Re: Are some cryptos decentralized while some are not? Post by: DVlog on September 02, 2023, 05:28:00 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? In our current crypto market bitcoin is the only decentralized coin. Though there are some other altcoin that is almost decentralized it is not as good as bitcoin. In the crypto space those who say they are decentralized they actually talking about their service being decentralized. Most of these projects create tokens to raise funds for the project development when they keep a big portion of the token for themself. If they succeed with their project their token value increases if they fail they just dump their token. Title: Re: Are some cryptos decentralized while some are not? Post by: Mate2237 on September 02, 2023, 06:52:34 PM About decentralization, only Bitcoin network is decentralized. Altcoin networks are all centralized. That's not true; Bitcoin is not the only coin that is decentralised; there are other coins that are also considered to be under the decentralised network. They are few, but they're better than none. Check out the list here; it has not been updated recently, but I still consider it valid. As for me I know only bitcoin as a decentralized cryptocurrency and any other one is a central digital currency. All those coins you quoted or mentioned are all under the category of altcoins and all altcoins are central coins. Title: Re: Are some cryptos decentralized while some are not? Post by: un_rank on September 02, 2023, 07:11:36 PM If there's someone known as the project owner, that's enough to conclude that the coin/token is centralized. For sometime after the launch of Bitcoin, Satoshi had an online personality from which they communicated, will that be considered a known project owner too?It is true that Satoshi has always been anonymous and no one could link the pseudonym to any real life personality, but they could still greatly manipulate the system when they were still active. I think that if a project can be fully based on consensus and no one person can determine what happens, that counts as decent enough decentralization. - Jay - Title: Re: Are some cryptos decentralized while some are not? Post by: nakamura12 on September 02, 2023, 07:15:29 PM Cryptocurrencies are a lot, including Bitcoin and alternate cryptocurrencies aka. altcoins.
Title: Re: Are some cryptos decentralized while some are not? Post by: BIT-BENDER on September 02, 2023, 07:32:43 PM And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? This statement is a wrong thought, not every project or coin in cryptocurrency is decentralized, like we have centralized exchange so we have projects that are focused on centralized. Although this situation has nothing to do with decentralization but the project themselves. There are scam projects out there and they would always try to take advantage of their investors, and yes I believe they would have some control over your coin/token if it is still in their ecosystem but if their coin supports being stored in other wallet that would be your personal wallet then their control is limited. But still the prize of the coin and success still depends on the work they put in Title: Re: Are some cryptos decentralized while some are not? Post by: Sim_card on September 02, 2023, 07:40:40 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. We have a lot of cryptocurrency. Bitcoin is the decentralized one amongst the rest and most of the altcoins are centralized because they are closed source.But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Yea because the crypto is not bitcoin there is a high tendency that it will fail,and that is why you should only invest on altcoins with money that you can avoid to loss because it is like gambling. You can wake up one morning and the project have crashed. Sometimes they are scam projects. Another thing is that if you keep your funds in a Centralized platform,it doesn't belongs to you anymore because you are not in control of your funds.Title: Re: Are some cryptos decentralized while some are not? Post by: kamvreto on September 02, 2023, 07:48:04 PM Honestly, the term decentralized is being used and abused by many project developers. They tend to mention that they're a decentralized project but lies behind that, they're not. Bitcoin is decentralized and that's what the meaning of it. And don't buy onto those projects that have been labelling themselves as a decentralized project. Another thing, DeFis are no longer a thing today. What was originally decentralized then changed to centralized because of several changes made. Related to the ecosystem is the POW consensus Network change to POS and Bitcoin stays with POW and ETH changes from POW to POS. However, when it comes to exchange platforms, exchanges such as Binance, Coinbase, etc. are centralized, and there will be many obstacles and risks that could occur. Not your keys not your coins. and projects that claim they are decentralized must certainly prove it by the consensus network they use Title: Re: Are some cryptos decentralized while some are not? Post by: Doan9269 on September 02, 2023, 08:42:33 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. Blockchain is a decentralized network and also wn open distributed ledger, if you understand what these means then you will know that it's provides with every solution needed in how we want have our digital coin and which one to go for. But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? You can loose your money if you invested on the wrong coin in cryptocurrency, this makes bitcoin the only recommended digital currency you can be advised to adopt, maybe you can read up on PoW and PoS to have better knowledge and understanding in this aspects. Title: Re: Are some cryptos decentralized while some are not? Post by: RapTarX on September 02, 2023, 08:50:16 PM At one end of the spectrum, we have cryptocurrencies like Bitcoin and Ethereum, which are known for their high degree of decentralization. You probably haven't heard about the roll back of Ethereum transaction to save the ass of a DAO from a hack although Vitalik Buterin doesn't agree that it was a roll back; they intervened. Whatever it was, it was centralization.Is this what you call decentralization? LOL. https://bitcoinist.com/ethereum-network-not-rolled-back-after-dao-hack/ Title: Re: Are some cryptos decentralized while some are not? Post by: Myleschetty on September 02, 2023, 08:57:56 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. Listen to this fact. Bitcoin is the only true decentralized cryptocurrency in the market and if you join the decentralized finance system aka DeFi study the ecosystem very well because a lot of scam activities and rug pull are used in the DeFi market by the project owner through the use of false decentralized concept to gain the trust of the investors.But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? Title: Re: Are some cryptos decentralized while some are not? Post by: nelson4lov on September 02, 2023, 09:41:04 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? It depends, honestly. We have an ongoing problem which is the blockchain Trilemma consisting of Scalability, Decentralization and Security. For the records, Bitcoin is the most decentralized but not the most scalable. Other projects that try to fix all three problems often have shortcomings in that regard. For protocol-level decentralization, we have nodes. If tgey have a foundation, then they need decentralized decision making which is expensive and time consuming. DeFi based projects often have access controls backed into their projects (core functions that only privileged roles can call). Title: Re: Are some cryptos decentralized while some are not? Post by: Kemarit on September 02, 2023, 09:51:23 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. That's why when we heard the buzz word about decentralized finance or DeFi, we can only think of Bitcoin as the only crypto currency that fits this description. No altcoins could be Defi, technically, almost all of them are centralized. But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? There are many ways that investors lost money, there could be exit scams, hacks or just what you describe, owners themselves turns rouge and steal all the crypto of their investors. And with that, as a investors, just be careful where you put your money, that's why majority here invest it in BTC as we have total control of our seed and private key. Title: Re: Are some cryptos decentralized while some are not? Post by: ScamViruS on September 02, 2023, 10:07:09 PM But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? Only Bitcoin is decentralized and most of the other altcoins are centralized, but those altcoins also claim to be decentralized but the reality is that they are not. An altcoin that is skyrocketing today, you may wake up tomorrow morning and see that altcoin crash, so you can't compare altcoin to bitcoin, bitcoin is king true decentralized. So if you want to know about crypto currency you need to spend time here, because the investor who invests in altcoin without proper knowledge misrepresents the entire crypto market.Title: Re: Are some cryptos decentralized while some are not? Post by: hatshepsut93 on September 02, 2023, 11:14:26 PM Almost all cryptos are centralized in terms of development process. They are developed by a small team, if that team makes a radical change, the community will have no choice but to accept it. Ethereum is the biggest example of it - Vitalik rolled back the blockchain, some users didn't agree and created ETC, but ETC is a minor coin with no future.
Bitcoin is much more decentralized in this regard. It's hard to imagine all developers uniting to do something that goes against Bitcoin values. There are thousands of people who contributed to Bitcoin, and there are dozens/hundreds of highly active contributors. At worst there would be a massive split, but still you can expect a lot of senior contributors to stay true to Bitcoin. Title: Re: Are some cryptos decentralized while some are not? Post by: Hamza2424 on September 02, 2023, 11:20:32 PM Hearing about Blockchain and cryptocurrency, I got to know that they offer a decentralized system of finance, where each user has control over their crypto, deciding on how and when to use their crypto. But again, I've heard about investors losing their money in crypto due to irregularities from the project owners. And this brings me to wonder if these teams still have control over the crypto that is supposed to be decentralized? Or is it that some cryptocurrencies are decentralized while some are not? Hmm, Blockchain decentralization is based on how the network works, As you know BTC works with the POW distributed network, in simple you can say this is one of the most decentralized networks in the crypto market because there are no fixed numbers of nodes that can be used to manipulate the network. In BLOckhain like ETH and BSC, there are some fixed number of nodes that are responsible for the security of the Blockchain, and proper functioning if someone wants to crack the network all he needs to do is to control over a few nodes to gain network power. But on any blockchain network such type of hacking or loss of information is rare, At the same time Hackers attack the DeFi protocols, the application on the network where users perform the activity, and mutate the Dapps to steal the user's funds, i.e.. DEXs, Bridges, cross-chain swaps, borrowing lending paltforms. Title: Re: Are some cryptos decentralized while some are not? Post by: libert19 on September 03, 2023, 01:09:22 AM At one end of the spectrum, we have cryptocurrencies like Bitcoin and Ethereum, which are known for their high degree of decentralization. You probably haven't heard about the roll back of Ethereum transaction to save the ass of a DAO from a hack although Vitalik Buterin doesn't agree that it was a roll back; they intervened. Whatever it was, it was centralization.Is this what you call decentralization? LOL. https://bitcoinist.com/ethereum-network-not-rolled-back-after-dao-hack/ Wow! I wasn't aware of this happening despite being active in Ethereum ecosystem since long, so this is the reason why Ethereum is hated by most old members here. For those interested in detailed story: https://www.coindesk.com/consensus-magazine/2023/05/09/coindesk-turns-10-how-the-dao-hack-changed-ethereum-and-crypto/ Title: Re: Are some cryptos decentralized while some are not? Post by: Outhue on September 03, 2023, 07:58:47 AM This is the problem with new crypto investors, we want another Bitcoin that's decentralized because we believe that we are too late to the Richie of Bitcoin, Decentralized is not something any developer can just come out and say they can offer, it's probably not true.
Soon you will see them asking for KYC or some type of verification, I can use Ethereum as an example, when it was running the PoW algorithm I believe it's another Bitcoin with smart contract features but after they start saying they are going proof of stake I started to hate the project. A project starts with a feature that many adopters adopted it for that reason and along the way the project decide to switch into something that looks more centralized, isn't that a betrayal? Bitcoin is the only coin that stays the same. Title: Re: Are some cryptos decentralized while some are not? Post by: tabas on September 03, 2023, 08:09:00 PM Honestly, the term decentralized is being used and abused by many project developers. They tend to mention that they're a decentralized project but lies behind that, they're not. Bitcoin is decentralized and that's what the meaning of it. And don't buy onto those projects that have been labelling themselves as a decentralized project. Another thing, DeFis are no longer a thing today. What was originally decentralized then changed to centralized because of several changes made. Related to the ecosystem is the POW consensus Network change to POS and Bitcoin stays with POW and ETH changes from POW to POS. However, when it comes to exchange platforms, exchanges such as Binance, Coinbase, etc. are centralized, and there will be many obstacles and risks that could occur. Not your keys not your coins. The majority of them are centralized honestly. There were even a few of them that have claimed that they were decentralized but also changed into centralized eventually.and projects that claim they are decentralized must certainly prove it by the consensus network they use Yup, when you're for the decentralized projects then you have to DYOR before investing on any of them. As I've said, many are just using the term as a buzz word to attract investors. |