I know that decentralized currency means that no central bank can control the money supply.
But what if 2-3 major players own 40-50% of all the bitcoins.
Do you still think that the currrency is "decentralized" if 2 or 5 or even 10 big players can control the btc price
just by selling and buying large amounts of bitcoins.
What do you think about that?
when you get to the root of it, its all about who can "hack" / access / move funds of private keys.
as long as there is no encryption exploit funds are safe( by this i mean about you holding ur own privkeys)
as for businesses that run on the outside edges of the bitcoin ecosystem. well thats not bitcoin but just currency businesses
i personally dont care about daily fluctuations of prices.. i see the bigger more longer term picture. but if you only care about how much fiat you can get for bitcoin then thats your flaw.. but lets deal with that..
in 2009-2011 there was only 1 exchange. so for the "price control" concern, the bitcoin price has become more distributed with over a dozen well know exchanges recently. and more coming each year.
soon people will be less reliant on these exchanges and people will be able to barter better and more adhok. ofcourse the ability to compare prices between different layers, services, gateways is just another situation that is not really about bitcoin but about currency businesses.
the real question is..
if you want bitcoin to be sooo different then fiat. why do you care about a fiat valuation rather than bitcoins abilities that dont need to convert/touch or care about fiat
