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Title: Decentralization and Democracy! Are cryptocurrencies really decentralized? Post by: cuddaloreappu on May 29, 2014, 10:13:22 AM Are cryptocurrencies really decentralized?
Yes, from a technological point of view. But some important decisions in certain cryptocurrencies seems to be always taken in a centralized fashion, the coin has a large community but when it comes to taking important decisions like changing the way a coin is mined or weather to have inflation or deflation, what the founders and a few decide ultimately stays with no option for the community to effectively express their opinion. So are cryptos centralized when it comes to important decisions? I think of a future where even the founders have no control or say over the cryptocurrency they created and ultimately the community decides what is best for the coin and economy.. What does it take for true decentralization and democracy... A true coin of the community, by the community, for the community Title: Re: Decentralization and Democracy! Are cryptocurrencies really decentralized? Post by: Snail2 on May 29, 2014, 10:56:50 AM When we are talking about my money, forget about democracy :). In addition when we are talking about coin development (coding and marketing included) some level of centralization is inevitable. Otherwise everybody will talk endlessly and nobody will do anything.
Title: Re: Decentralization and Democracy! Are cryptocurrencies really decentralized? Post by: Relnarien on May 29, 2014, 01:04:39 PM The development of the Bitcoin protocol is meritocratic rather than democratic. And I believe it is rightly so. Everyday, someone goes "add PoS to Bitcoin so I can have some by opening my wallet with 100 satoshis in it," "make Bitcoin merge mineable with all the altcoins," "increase the coins generated so we can all get coins without affecting its price," and "let's pump the price of Bitcoin to 1 million so we can all be millionaires because that's how it works." Very few people understand both the technological and economic principles which Bitcoin is based on. If its development was made democratic, we would be generating 1 to 1 million coins per block with PoS, random superblocks and every little thing that the masses feel like adding. It would be a joke, really. I would rather have people who know what they're doing make the crucial decisions than people who go "doge shibe." Anyone who wants to contribute to the development simply has to educate himself/herself more. That's a very reasonable requirement, is it not?
Title: Re: Decentralization and Democracy! Are cryptocurrencies really decentralized? Post by: cuddaloreappu on May 29, 2014, 02:22:19 PM The development of the Bitcoin protocol is meritocratic rather than democratic. And I believe it is rightly so. Everyday, someone goes "add PoS to Bitcoin so I can have some by opening my wallet with 100 satoshis in it," "make Bitcoin merge mineable with all the altcoins," "increase the coins generated so we can all get coins without affecting its price," and "let's pump the price of Bitcoin to 1 million so we can all be millionaires because that's how it works." Very few people understand both the technological and economic principles which Bitcoin is based on. If its development was made democratic, we would be generating 1 to 1 million coins per block with PoS, random superblocks and every little thing that the masses feel like adding. It would be a joke, really. I would rather have people who know what they're doing make the crucial decisions than people who go "doge shibe." Anyone who wants to contribute to the development simply has to educate himself/herself more. That's a very reasonable requirement, is it not? That is a very nice explanation.Democracy really has this problem. |