_act_ (OP)
Legendary
Offline
Activity: 994
Merit: 1267
Lightning network is good with small amount of BTC
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 01:56:56 PM Last edit: June 27, 2022, 02:29:46 PM by _act_ Merited by Bitcoin_Arena (1) |
|
Less than 1% of all holders have 90% of the voting power in DAOs: reportI have not received this email yet about this Chainanalysis report but I saw it on a site which should be true. We have known that DeFi is full of scam and hack, also DAO is not different. From its name, DAOs is called Decentralized Autonomous Organizations. Presently existing DAOs in crypto today are DeFi and NFTs, they are supposed to be decentralized but they are all absolutely centralized. A user must hold between 0.1% and 1% of the outstanding token supply to create a proposal and hold between 1% and 4% to pass it.
A recent report from Chainalysis analyzed the workings of ten major DAO projects and found that on average, less than 1% of all holders have 90% of the voting power. The finding highlights a high concentration of decision-making power in the hands of a selected few, an issue DAOs were created to resolve.
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FfBROHdW.png&t=665&c=ItqOPybj7FPbKQ) Please, read further: Less than 1% of all holders have 90% of the voting power in DAOs: reportI remember when I downloaded Opera Web3 broswer, not to use it for cryptocurrencies because using browser to store coins is highly vulnerable to online attack, but to just see how it was. The browser did always brought up many news about cryptocurrencies, most of the news I read are about DeFi, NFTs, but most especially DAO, nothing more that I was reading than DAO hacks and the money stolen are in millions of dollars, I was thinking probably they were repeating old hack news because the news popping up were to many related to DAO hack, but when I investigated further, the hack were all recent to that time and true. There is nothing special about altcoins, they are not decentralized, from centralized, ponzi, pump and dump ICOs to IDOs, DeFi, NFTs and others. They are all not decentralized. The name is decentralized from DAO, but they are all centralized. Also about DeFi, name is decentralized but it is also centralized. Do not be deceived.
|
|
|
|
bittick
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 02:44:17 PM |
|
There is nothing special about altcoins, they are not decentralized, from centralized, ponzi, pump and dump ICOs to IDOs, DeFi, NFTs and others. They are all not decentralized.
The decentralization being used to create gimmick and fool people. I did know that if these projects were looking for the funding and remember that people in the cryto believe in the decentralization even that is making all of them became blindly to believe if altcoins were decentralized. The name is decentralized from DAO, but they are all centralized. Also about DeFi, name is decentralized but it is also centralized. Do not be deceived.
DAO, DEFI and all of things in altcoins are actually centralized but decentralzation was only a gimmick that being sold by the developers to get money. This was nothing new if only a few percent of holders hodl majority of governance tokens
|
|
|
|
jackg
Copper Member
Legendary
Offline
Activity: 2856
Merit: 3071
https://bit.ly/387FXHi lightning theory
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 03:38:59 PM |
|
This is something that's likely to continue too as wealth in the cryptospace will likely get more and more centralised (especially as big institutions move in and the security of assets becomes deemed to be more stable).
Most defi require a centralised resource now also, even places like uniswap are centralised and only could be considered "distributed" because of the competitiveness of other dexes.
|
|
|
|
justone123
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 06:13:14 PM |
|
Less than 1% of all holders have 90% of the voting power in DAOs: reportI have not received this email yet about this Chainanalysis report but I saw it on a site which should be true. We have known that DeFi is full of scam and hack, also DAO is not different. From its name, DAOs is called Decentralized Autonomous Organizations. Presently existing DAOs in crypto today are DeFi and NFTs, they are supposed to be decentralized but they are all absolutely centralized. A user must hold between 0.1% and 1% of the outstanding token supply to create a proposal and hold between 1% and 4% to pass it.
A recent report from Chainalysis analyzed the workings of ten major DAO projects and found that on average, less than 1% of all holders have 90% of the voting power. The finding highlights a high concentration of decision-making power in the hands of a selected few, an issue DAOs were created to resolve.
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FfBROHdW.png&t=665&c=ItqOPybj7FPbKQ) Please, read further: Less than 1% of all holders have 90% of the voting power in DAOs: reportI remember when I downloaded Opera Web3 broswer, not to use it for cryptocurrencies because using browser to store coins is highly vulnerable to online attack, but to just see how it was. The browser did always brought up many news about cryptocurrencies, most of the news I read are about DeFi, NFTs, but most especially DAO, nothing more that I was reading than DAO hacks and the money stolen are in millions of dollars, I was thinking probably they were repeating old hack news because the news popping up were to many related to DAO hack, but when I investigated further, the hack were all recent to that time and true. There is nothing special about altcoins, they are not decentralized, from centralized, ponzi, pump and dump ICOs to IDOs, DeFi, NFTs and others. They are all not decentralized. The name is decentralized from DAO, but they are all centralized. Also about DeFi, name is decentralized but it is also centralized. Do not be deceived. I hate all of it also. This is why i like the "gem ". Because it's actually decentralized and the DAO happens fully on chain, the distribution has been wide|(25k+ people). https://bitcointalk.org/index.php?topic=5403822.0
|
|
|
|
serjent05
Legendary
Online
Activity: 2954
Merit: 1270
Up to 300% + 200 FS deposit bonuses
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 08:08:48 PM |
|
I have not received this email yet about this Chainanalysis report but I saw it on a site which should be true. We have known that DeFi is full of scam and hack, also DAO is not different. From its name, DAOs is called Decentralized Autonomous Organizations. Presently existing DAOs in crypto today are DeFi and NFTs, they are supposed to be decentralized but they are all absolutely centralized.
I completely agree, DAO and DEFI always have a central authority. They might say it is decentralized because of voting power, etc... But the fact that only few holds the most power to execute commands and decide which path the project takes or hold a decision over some development arguments simply shows it isn't decentralized at all. From its description: A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC),[a] is an organization constructed by rules encoded as a computer program that is often transparent, controlled by the organization's members and not influenced by a central government, in other words they are member-owned communities without centralized leadership.[1][2] A DAO's financial transaction records and program rules are maintained on a blockchain.[3][4][5] The precise legal status of this type of business organization is unclear.[6] It isn't controlled by the government but controlled by the organization's members. That is where centralization comes from.
|
|
|
|
Hold-n-play
Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 142
Merit: 48
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 08:38:15 PM |
|
I have not received this email yet about this Chainanalysis report but I saw it on a site which should be true. We have known that DeFi is full of scam and hack, also DAO is not different. From its name, DAOs is called Decentralized Autonomous Organizations. Presently existing DAOs in crypto today are DeFi and NFTs, they are supposed to be decentralized but they are all absolutely centralized.
I completely agree, DAO and DEFI always have a central authority. They might say it is decentralized because of voting power, etc... But the fact that only few holds the most power to execute commands and decide which path the project takes or hold a decision over some development arguments simply shows it isn't decentralized at all. From its description: A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC),[a] is an organization constructed by rules encoded as a computer program that is often transparent, controlled by the organization's members and not influenced by a central government, in other words they are member-owned communities without centralized leadership.[1][2] A DAO's financial transaction records and program rules are maintained on a blockchain.[3][4][5] The precise legal status of this type of business organization is unclear.[6] It isn't controlled by the government but controlled by the organization's members. That is where centralization comes from. Completely agree! DAO and DEFI will never be decentralized despite all the promises. Look at the recent Solend story. BTC is the good example of a decentralized project. I wish I could provide another example.
|
|
|
|
Yogee
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 27, 2022, 10:32:13 PM |
|
Does "decentralized" in DAO also mean well distributed voting power? I doubt that is the case. It simply means everyone or anyone can have the power to vote without interference from centralized authorities. The problem with the current set up is that teams still have some power to influence the result of the voting. An example is the fact that token owners have to pass some eligibility test like a holding period before they can vote.
|
|
|
|
Xal0lex
Staff
Legendary
Offline
Activity: 2562
Merit: 2527
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 28, 2022, 09:59:24 AM |
|
Decentralization in cryptocurrency, in my opinion, has too conventional a meaning. More than once we have witnessed how one wallet can provide 90% of votes, or a developer can organize a rug pull and withdraw all the liquidity from the project, or some regulator starts blocking users or addresses. Altcoins they themselves are centralized, because behind the project there is a team of developers who can use various techniques, from pre-mining to changes in the code or backdoors or obey regulators.
|
|
|
|
el kaka22
Legendary
Offline
Activity: 3626
Merit: 1165
www.Crypto.Games: Multiple coins, multiple games
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 28, 2022, 08:42:20 PM |
|
This is for all the ones that doesn't really have decentralization and that is the majority of it as well. If you see 100 DAO/DEFI projects out there, only 1 to 5 of them have legit decentralization and all others are managed by the team that created it.
This is why I have to say that the best thing we could do about the current situation right now is the fact that we should be staying away from most of them and only focus on the few that does it well enough. So all in all, this isn't a warning towards "all" projects, because some are legit and owned by everyone, this is about telling people how the market is filled with scam ones and be careful about those.
|
|
|
|
Bitcoin_Arena
Copper Member
Legendary
Offline
Activity: 2114
Merit: 1811
฿itcoin for all, All for ฿itcoin.
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 28, 2022, 10:44:16 PM |
|
Everything running on smart contracts of another chain is just semi decentralized and to make matter worse is if the chain is a proof of stake chain. People always seem to look for an easy way out to get rich quick in every situation. That why you still find then falling for Ponzi schemes and now DeFi projects that In actual sense are Ponzi schemes to make the creators richer when one does an in-depth analysis
|
|
|
|
vv181
Legendary
Offline
Activity: 1932
Merit: 1273
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 30, 2022, 07:09:01 PM |
|
Even though at the end of the current Solend issue is managed by the owner of the address itself. People should note that the intentions of the whole Solend Labs are to take over/steal an account! and before it raises to that point, if someone is using intermediaries who can block or censor the way how you communicate with a platform/blockchain, it's not even decentralized at all.
|
|
|
|
MadeMen
Copper Member
Jr. Member
Offline
Activity: 389
Merit: 1
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 30, 2022, 07:46:46 PM |
|
People always find a way to get what they want at the expense of the public. It's a bare truth that the majority of wealth in the cryptocurrency space are in the coffers of a few. Most people running into the space in search of greener pastured ends up enriching these few who are more united and committed to remaining on top. The cryptocurrency industry is not different from other finance related industries.
|
|
|
|
hd49728
Legendary
Offline
Activity: 2198
Merit: 1048
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 01, 2022, 03:29:48 AM |
|
Developers can create DeFi projects and create DAO for their projects too. With blockchain public ledgers, you can check their token distributions and have an assessment that it is fair launch, decentralized or very centralized in hands of core members.
You don't have to invest in, have an account on their platform, store token there and deeply engage in their platform, product, DAO vote to know they are centralized or decentralized.
All things are publicly available on blockchain public ledgers, blockchain explorers. You can do your own exercise and don't have to rely on report from Chainalysis.
|
|
|
|
cryptoaddictchie
Legendary
Offline
Activity: 2184
Merit: 1323
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 01, 2022, 05:22:51 AM |
|
Maybe we can called it semi decentralized. One thing that makes them decentralized ia the public ledger and transparency of all transactions and token counts which cant be controlled by the developers especially those tokens that has been spread or distributed. Smart contract is made to have a decentralized approach using tokenization. Now what made it looks like a centralize is the token percentage of the team could be larger on some but as time passes by. The wallet who owns the freatest amount could do a vote and made a major decision. It seems like stock share holding meeting isnt ir.
I disagree that all are hacks and scams on defi. Some have decent faces to fulfill their goal and idea towards a real decentralized aspect.
|
| | Peach BTC bitcoin | │ | Buy and Sell Bitcoin P2P | │ | . .
▄▄███████▄▄ ▄██████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀
▀▀▀▀███████▀▀▀▀ | | EUROPE | AFRICA LATIN AMERICA | | | ▄▀▀▀ █ █ █ █ █ █ █ █ █ █ █ ▀▄▄▄ |
███████▄█ ███████▀ ██▄▄▄▄▄░▄▄▄▄▄ █████████████▀ ▐███████████▌ ▐███████████▌ █████████████▄ ██████████████ ███▀███▀▀███▀ | . Download on the App Store | ▀▀▀▄ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▀ | ▄▀▀▀ █ █ █ █ █ █ █ █ █ █ █ ▀▄▄▄ |
▄██▄ ██████▄ █████████▄ ████████████▄ ███████████████ ████████████▀ █████████▀ ██████▀ ▀██▀ | . GET IT ON Google Play | ▀▀▀▄ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▀ |
|
|
|
Godwinpaul
Jr. Member
Offline
Activity: 276
Merit: 1
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 01, 2022, 06:39:46 AM |
|
Decentralisation goes beyond ownership structure. I agree with the fact that a huge percentage of most decentralized projects are owned by a seasoned few, but that does not change the fact that they are decentralized. Decentralisation is could be depicted in the public ledger and transparency of transaction. I recall that one of the characteristics of cryptocurrency is decentralization.
|
|
|
|
yurez
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 01, 2022, 07:42:23 AM |
|
There is nothing special about altcoins, they are not decentralized, from centralized, ponzi, pump and dump ICOs to IDOs, DeFi, NFTs and others. They are all not decentralized. The name is decentralized from DAO, but they are all centralized. Also about DeFi, name is decentralized but it is also centralized. Do not be deceived.
In most cases, this is true. Most DAO protocols are still in the early stages of creating a full-fledged DAO, and voting rights are usually assigned to the leaders of the organization. The idea of building common prosperity, where everyone is allowed to actively participate in the activities of the organization, is still far from reality.
|
|
|
|
_act_ (OP)
Legendary
Offline
Activity: 994
Merit: 1267
Lightning network is good with small amount of BTC
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 01, 2022, 07:56:35 AM |
|
Decentralisation goes beyond ownership structure. I agree with the fact that a huge percentage of most decentralized projects are owned by a seasoned few, but that does not change the fact that they are decentralized. Decentralisation is could be depicted in the public ledger and transparency of transaction. I recall that one of the characteristics of cryptocurrency is decentralization.
You are not getting it correctly, there can be developers but they may not claim ownership but the top members of the developers can claim the co-founders. But that is not what we are talking about, they are centralized in the sense that the top members which are just very few people have the majority voting power, what is decentralized about that? DAOs are even very centralized.
|
|
|
|
|