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Title: Let's get some crypto terms clear for once Post by: iGotSpots on July 14, 2014, 04:19:48 AM I have been around for a while now and a lot of you are also starting to rack up some forum time. Like me, you have watched both Bitcoin and altcoins turn into a completely different beast. So many terms are being thrown around that don't actually mean how they are being used
Whether this is blatant disregard for actual definition and application, an attempt to seem intelligent or "in the know" to confuse investors...or is it just a matter of not knowing how to define what your project is doing? Due to recent events with a coin I'm sure you are all aware of by now, I am seeing many solutions that are not ideal being applied, and even more terms being thrown around like crazy. We'll pick a new term every week and go from there to see if we can get a crypto dictionary going. If any of us want to push things mainstream, it will be best to properly identify the difference between coins or builds Let's start with an easy one... Define centralization. Don't be afraid of being wrong. Nobody will make fun of you. Let's just see what the common definition is when applied to crypto Self moderation is only for shit talking. Bringing up specific coins as an example is fine, but don't be persistent with the FUD or I'll just delete it, regardless of what coin you're talking about Title: Re: Let's get some crypto terms clear for once Post by: Rofo on July 14, 2014, 04:27:38 AM Centralization (crypto. context) - central authority(ies) having the power and ability to change/enforce things that the end-user/community has very little to no power to do anything but follow along. I think this is a tough one though too, since if you don't like a fork then the decentralized aspect of a blockchain allows the community to follow an original chain and build their own ecosystem, but that requires time, resources & effort. Keep in mind I think some form of centralization is inevitable for all cryptocurrencies due to human nature, but I don't really mind either path since they both have positives and negatives.. so long as it's clear whether something is or is not centralized. My 2 cents.. felt like chiming in.
Edit: So the VRC blockchain itself is decentralized, but the powers built up around it that make decisions are a central point of authority.. like pretty much all coins. Title: Re: Let's get some crypto terms clear for once Post by: Spoetnik on July 14, 2014, 06:34:41 AM i agree with you and i think the word Pump is the most commonly used wrong term.
when i think of "Pump" i think of what headless was doing on Cryptsy with IFC etc last year. Title: Re: Let's get some crypto terms clear for once Post by: iGotSpots on July 14, 2014, 06:21:20 PM Centralization (crypto. context) - central authority(ies) having the power and ability to change/enforce things that the end-user/community has very little to no power to do anything but follow along. I think this is a tough one though too, since if you don't like a fork then the decentralized aspect of a blockchain allows the community to follow an original chain and build their own ecosystem, but that requires time, resources & effort. Keep in mind I think some form of centralization is inevitable for all cryptocurrencies due to human nature, but I don't really mind either path since they both have positives and negatives.. so long as it's clear whether something is or is not centralized. My 2 cents.. felt like chiming in. Edit: So the VRC blockchain itself is decentralized, but the powers built up around it that make decisions are a central point of authority.. like pretty much all coins. The problem there is a few people are deciding to save a website and delete the attack from, and completely destroy the integrity of, the block chain. Title: Re: Let's get some crypto terms clear for once Post by: boxuser on July 14, 2014, 06:59:05 PM stabilization: a coin is unstable in the price and needs to be stabilized?
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