Are we not abusing decentralization?

[Sithara007]

I don't understand why everyone is getting so defensive here. Just like there are criminals who misuse the anonymity and decentralized nature of Bitcoin, we have conmen and scammers who take advantage of the anonymity being offered by physical cash. But is it right to blame BTC or cash? They are just a medium for making payment. Just because 0.01% or 0.02% of the users utilize them for illegal activities, we can't really blame either the currency, or its basic characteristics. I say, go after the criminals who misuse Bitcoin. You are not going to gain anything by treating the syndrome instead of the disease.

[zee11225]

Cryptocurrency is becoming tough and becomes a battle for all investors. You have to be stronger, smarter than other investors to make a profit. Many of us have chosen to cheat to usurp Crypto from others. Many wealthy people take advantage of decentralization to speculate and control the market the way they want. Decentralization and anonymity are making the market badly manipulated.

Decentralization is a system that optimizes work units to all parts in a computerized manner so that control can be carried out by the unit in real time, so that it can suppress errors or waste.
The implementation of decentralization will ultimately improve efficiency because decision making can be delegated to work units without the need to wait for central policy, with the note that it is still within the company's peratutan corridor.

[Abiky]

Catch a man a fish, you can feed him for a day.
Teach a man to fish, he can feed himself for life.

The less laws, The less regulation, The more people will be forced to take responsibility for their actions.

We don`t want wooden Pinocchio`s Forced to run around blindly getting pulled by our strings.
We want real men and woman Willing to run around with their eyes open.

http://justsomething.co/the-22-most-ridiculous-us-laws-still-in-effect-today-2/

Exactly. That could be the reason why it’s still the wild west on most cryptocurrencies. Their decentralized nature allows anyone to do what he/she pleases without hesitation. However, with a proper regulatory framework in place, the number of scams, theft or fraud can be reduced to a minimum. As such, there needs to be a balance between regulations and decentralization. Otherwise, too much regulation could be harmful for the crypto industry as we know it.

In the centralized realm, hackers and scammers are also present. But they don't appear as much as in the decentralized realm, because centralized systems are fully compliant. Still though, as crypto land matures, we'll be able to see more law enforcement from governments worldwide. Only then, people will stop abusing decentralization bringing a calmed environment to the crypto industry.

Nonetheless, the time will come when people will realize how decentralization behaves, allowing them to take proper responsibility when dealing with cryptocurrencies. Just my thoughts

[Abiky]

The concept of Decentralization is good.
however there was a major blockchain boom where companies were using blockchain for everything. With the selling point of marketing to people that they are decentralized

some things just dont need to be decentralized.

Agree. Not everything needs to be decentralized. However, the "Blockchain Hype" has caused many companies, businesses, and individuals to come up with a solution for everything based on Bitcoin's innovative technology. We've seen how different platforms like Ripple and EOS claimed to be "decentralized" when theoretically they're not. XRP is largely controlled by the Ripple company, as it owns a large number of tokens on the network. On the other hand, EOS is centralized in the way Block Producers had frozen several accounts on the network (within its early days).

I believe that companies/startups have gone too far making people believe that an specific cryptocurrency or blockchain project is decentralized, when in fact, it is not. But, it seems that most people don't care since they're mostly into crypto because of the money. Scammers and hackers have seen this, which is why they tend to attack people in crypto more thoroughly because of its decentralization.

Nonetheless, it's hoped the hype will be over as time goes by. Which means, that only truly decentralized crypto projects with real usability will survive in the future. For the rest, it's up to people to truly understand how decentralization works in order to prevent many undesired situations. Just my opinion

[reality18]

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

Decentralization is a broad topic which is practiced not only in crypto. Perhaps, OP should have narrowed the concern down to either the abuse of cryptocurrency or Blockchain. Scammers are taken advantage of the idea that crypto is a free market without any centralized authoritative body keeping checks on transactions and the entities behind transactions.
This is why each investor must assume full responsibilities of every action undertaken because it requires extensive research into projects in order to ascertain the authenticity, capabilities and potentials of the project or coin before investing or joining the project.
With time the level of scam projects will reduce because many platforms and exchanges are putting measures in place to check for the true identity of participants through KYC and AML.

[iMark]

I don't understand why everyone is getting so defensive here. Just like there are criminals who misuse the anonymity and decentralized nature of Bitcoin, we have conmen and scammers who take advantage of the anonymity being offered by physical cash. But is it right to blame BTC or cash? They are just a medium for making payment. Just because 0.01% or 0.02% of the users utilize them for illegal activities, we can't really blame either the currency, or its basic characteristics. I say, go after the criminals who misuse Bitcoin. You are not going to gain anything by treating the syndrome instead of the disease.

Right, there is a saying "if someone kills with a knife, don't blame your knife" I think that's the correct statement. in this world not everyone has positive and good qualities and activities. so don't be surprised if there are bad people who abuse decentralization, but then don't blame the system itself?

[Little_king]

Decentralized is being abuse is so many way as whales in the market are not really making the decentralized what it is and the market situation is also not really helping it at all but the exchange and the project collecting data's of every investors are not helping the situation.

[Netnox]

Decentralized is being abuse is so many way as whales in the market are not really making the decentralized what it is and the market situation is also not really helping it at all but the exchange and the project collecting data's of every investors are not helping the situation.

We still have a choice, right? A lot of the ICOs ask for KYC information, and that goes against the spirit of decentralization. But then again, it is our choice whether we want to participate in those projects or not. But always remember that these projects don't have any association with Bitcoin, other than using it as a medium to raise the funds.

[Pamadar]

I don't understand why everyone is getting so defensive here. Just like there are criminals who misuse the anonymity and decentralized nature of Bitcoin, we have conmen and scammers who take advantage of the anonymity being offered by physical cash. But is it right to blame BTC or cash? They are just a medium for making payment. Just because 0.01% or 0.02% of the users utilize them for illegal activities, we can't really blame either the currency, or its basic characteristics. I say, go after the criminals who misuse Bitcoin. You are not going to gain anything by treating the syndrome instead of the disease.

Right, there is a saying "if someone kills with a knife, don't blame your knife" I think that's the correct statement. in this world not everyone has positive and good qualities and activities. so don't be surprised if there are bad people who abuse decentralization, but then don't blame the system itself?

The intention was to help the general audience by using the system without any intervention coming from any centralized industry, but since it's for everyone there is no control about how others will come and used the system,we don't need to generalized the majority as it's open to anyone who understand the chain, let things happen and learned from it.

[Kiefner]

Decentralization has its negative sides, but many choose it. Those who abuse decentralization are people who can also deceive others in real life. So we just have to be smarter, and I think we can stay that way without centralization.

[BitBustah]

Some people came to blockchain just go get rich quick while others actually believe in the real principles of decentralization.  It is all about being in complete control of your money and no one can take it away.  this is the opposite of a traditional bank, they can do whatever the government tells them to do with your money.

[Abiky]

Some people came to blockchain just go get rich quick while others actually believe in the real principles of decentralization.  It is all about being in complete control of your money and no one can take it away.  this is the opposite of a traditional bank, they can do whatever the government tells them to do with your money.

That's certainly true, mate. Unfortunately, the mindset of many people within crypto is to get rich quick. They're don't care about how useful the technology is for the real world. Either centralized or decentralized, people tend to join the next big thing in crypto. Some projects have even claimed to be decentralized, when theoretically they're not (like EOS and Ripple). Which is why, it's important to research various cryptocurrencies in order to determine which ones are decentralized and which are not. The wide misconception of decentralization, has caused many to abuse its power. Scammers, hackers, and other malicious actors have been rampant in this field more than in the centralized realm.

However, knowing that decentralization brings us freedom, should gives us a sense of being more responsible than never before. In the end, it's just a matter of choice, whenever people remain in the centralized realm (where Banks, governments, and big corporations are dominant) or switch to full decentralization altogether. Just my thoughts