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Tiktik
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January 08, 2018, 12:19:32 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
I think it wil never happen because bitcoin is a natural decentralize its more good if bitcoin is decentralized we expect that bitcoin will value will increase more if bitcoin reached the limited supply and if it happens decentralized is much better because bitcoin price will become more strong. |
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rhayot
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January 08, 2018, 01:42:05 PM |
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If bitcoin will be centralized, it will be limited for us to take the day to day transactions and as it is manipulated from a group or a person. But, I don’t think it will heppen because bitcoin is decentralized crypto currency and it increased its value and free from hacked unlike other currencies.
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poliy1219
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January 08, 2018, 01:51:56 PM |
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If this happens, the centralization of bitcoin will immediately cause the collapse of the price of bitcoin, then the collapse of the bitcoin community. After so many years of experience, we know it's hard to do it, and even the early bitcoin miners can't do it together.
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ghost14k
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January 08, 2018, 01:57:42 PM |
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Once bitcoin becomes centralized it will only be meant for the elites alone. They will make it in a way that only few will be able to afford it.
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desi92
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January 08, 2018, 02:29:08 PM |
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In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Recently there are many whales have more than 51% of bitcoin circulating amd they keep in touch so they can take control of bitcoin market and bitcoin market can go depending on their thought. I think thats not the control that op asking, i think become centralized its not good ifea if they can make new supply of bitcoin. |
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munareal
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January 10, 2018, 10:52:06 PM |
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If bitcoin was centralized right from the beginning of its creation it will not be used like it is used now because it will not be different from fiat currency and it will also not be possible to mint it. People are in crypto currencies because they are not control by any one by definition but in the real sense we have the big whales that control and pump and dump coins to an extent.
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Cryptohad
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January 10, 2018, 10:56:03 PM |
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if bitcoin is controlled by a person or group then bitcoin will be used for their benefit, what if the bitcoin control is a criminal? so bitcoin will be destroyed and criminals are getting harder to deal with.
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Dreamchaser21
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January 10, 2018, 11:00:40 PM |
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Once bitcoin becomes centralized it will only be meant for the elites alone. They will make it in a way that only few will be able to afford it.
We should be more thankful that bitcoin was not centralized because if its centralized then theres no bitcoin right now. This technology is great and this is why it is still on its level, and hopefully bitcoin will never be centralized. |
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joebrook
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CryptoTalk.Org - Get Paid for every Post!
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January 10, 2018, 11:04:31 PM |
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if bitcoin is controlled by a person or group then bitcoin will be used for their benefit, what if the bitcoin control is a criminal? so bitcoin will be destroyed and criminals are getting harder to deal with.
Even though most investors claim that one of the reasons why they invest into bitcoins is because it is decentralized, I think that even when it’s centralized and controlled by someone, people are still going to invest because they are going to get some really good profits out of it. |
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Suzrtt
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January 10, 2018, 11:33:46 PM |
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What do you mean take control of it? Theoretically if someone has more than 50% of the hashing power in the network it can attack the network and double spend, but this is very unlikely because that would instantly result in a collapse of the whole network. People will lose faith on BTC and stop using it. Currently, people with hash power earn money only if the network is live and people believe in it, so they have no incentive whatsoever to do such an attack.
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mr_enoc
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January 11, 2018, 01:19:35 AM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
I like bitcoin because it is decentralized but when the time comes that somebody will be controlling the flow of bitcoin, I will not continue my investment anymore. But definitely nobody can control because because it is decentralized. |
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Bdstar
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January 11, 2018, 02:18:06 AM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
If it were a centralized currency then Bitcoin would be a usual money for sure, the price of Bitcoin wouldn't increase at this rate. then people didn't respond as like they are doing it now. I think the main reason for becoming popular Bitcoin is the high price so that without it the profit wouldn't bring. from my perception is that centralized system is not match up of the cryptocurrency system. |
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Drunkenhorse
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January 11, 2018, 02:22:29 AM |
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It would be similar to USD, or if it would be semi-centralized, it would be similar to ripple. I think it would lost its whole idea and would be another digital currency.
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joshua05
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January 11, 2018, 02:27:36 AM |
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if its centralized of course all bitcoin holders have to pay taxes haha, to the one who controls and secure our bitcoin, and its easy to hack, because he/she can see our bitcoin balances, and if it reaches high enough for him/her , he/she will hack your account and get all your bitcoins inside your wallet, correct me if im wrong haha
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Pamela Jobelle
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January 11, 2018, 07:02:22 AM |
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I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings.
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Kevin77
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January 12, 2018, 04:02:03 PM |
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if bitcoin is controlled by a person or group then bitcoin will be used for their benefit, what if the bitcoin control is a criminal? so bitcoin will be destroyed and criminals are getting harder to deal with.
Even though most investors claim that one of the reasons why they invest into bitcoins is because it is decentralized, I think that even when it’s centralized and controlled by someone, people are still going to invest because they are going to get some really good profits out of it. Centralization will not affect bitcoin investors as long as the prices keep increasing the way they do now. Bitcoin if is not going to lose volatility after becoming centralized, I don’t think so anyone will be having any kind of objection. Well, I am personally not in favor of centralization of bitcoin because then we will have to pay taxes. Bitcoin’s decentralized nature has very big impact on the mentalities of the investors. |
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Tukang Becak
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January 12, 2018, 04:22:02 PM |
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If bitcoin centralization certainly will not make people interested and want to buy bitcoin in large quantities, this will make the user prefer paypal because it is supported by many banks.
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Victorycoin
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January 12, 2018, 04:23:33 PM |
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In my little noob unterstanding it is not possible to take control of it. Only if you own 51% of all BTC
Yes, but the point here is "what if". So, I think if bitcoin would be centralized we would not see such prices as now and we would have to pay taxes to the government from this earnings. Those two things would change bitcoin totally and I doubt that it would stay so attractive as it is now. I do not think it's possible for the government to take over Bitcoin, because Bitcoin is not a legitimate payment to buy any item, maybe if it really happened, it would be difficult to get Bitcoin and no one will give Bitcoin free for everyone. One of the strongest points of Bitcoin lies in its decentralisation and it's the main reason we're seeing even governments that earlier on attempted to ban Bitcoin, turning around to look for ways to instead regulate it. Take that away from Bitcoin, the governments would be the first to pounce and strangulate Bitcoin because it remains a fundamental threat to their terminally ill local currencies. |
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uszaty43
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January 12, 2018, 04:52:51 PM |
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what do you think would happen to bitcoin economy if someone would actually take in control of it?
No one is in control of bitcoin at the moment, in fact, if bcash was more strong, and if it replaced bitcoin, we would be living a centralized era about bitcoin at the moment. Because that is it, it was going to be centralized if Roger Ver could take the control. |
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coinbitrade
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January 12, 2018, 04:53:38 PM |
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If someone can concentrate in one's hands 51% of the production of bitcoin. He probably will be able to counter this currency. This is a gain only for quantum computers, and then soon after a couple of decades
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