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Author Topic: How decentralization of bitcoin works?  (Read 90 times)
devcracker
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December 05, 2017, 01:28:46 PM
Merited by rausvi15 (4)
 #1

I have read many times that the bitcoin is decentralized and is controlled by any specific individual nor a team. I did not understand that how bitcoin is controlled, if their exist no head or team? What are the factors on which it's rise and fall depends?

I have searched a lot about that but I didn't get a satisfactory answer yet. Can anybody explain me about that?
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March 11, 2018, 09:00:26 PM
 #2

bitcoin is not controlled by anyone, now buyers and sellers control the price of bitcoin. there are some other factors that my effect the price. now bitcoin is the main core of cryptocurrency,

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March 11, 2018, 09:15:29 PM
 #3

Supply and demand is what controls the price of BTC

Supply and demand is driven by many factors. For example The newest "factor"
is the Mt Gox trustee selling $400,000,000 bitcoins. This has had a negative
effect on the value of BTC with a lot of people choosing to sell.

When the selling has finished and BTC starts to recover people have more faith
and positivity and start to buy so the value goes up.
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March 13, 2018, 06:43:20 AM
 #4

bitcoin is not controlled by anyone, now buyers and sellers control the price of bitcoin. there are some other factors that my effect the price. now bitcoin is the main core of cryptocurrency,
None of the factor can control the price of bitcoin, but it surely can affect the price of the bitcoin. There are factors such as government, media, news, exchanges, hackers, whales, etc that can manipulate and affect the price of bitcoin and other crypto currencies in the market, but there in not a single factor that can have control over bitcoin or crypto maket. The main core of crypto currency is blockchain and decentralization, not bitcoin.

Bitcoin is just the first project launched based on such technology. Hence, bitcoin can be said to be a decentralized platform that was created with the view of being used as a currency and removing the need for third party interference along with providing total security and privacy in terms of transaction and information.

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March 13, 2018, 06:49:51 AM
 #5

I have read many times that the bitcoin is decentralized and is controlled by any specific individual nor a team. I did not understand that how bitcoin is controlled, if their exist no head or team? What are the factors on which it's rise and fall depends?
If you mean the price of bitcoin, that's obviously determined through supply and demand.

But IMO, the point of Bitcoin being decentralised is that
  • any node can verify transactions
  • any miner who finds a block can create new coins
  • as long as the majority of mining CPU power is 'honest', the blockchain can be relied upon.

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March 13, 2018, 07:01:19 AM
 #6

Rise and fall is Preety obviously well here are some factors :-

First of all what we are seeing now is a huge sell off of Bitcoins and that's causing fall in the value of Bitcoins even lower of what it was expected to be.

If there is a huge amount of Bitcoins sold off in the market the price will go down on the account of the demand and supply rule.

Then .. when we think.. there is also the possibility of government banning Bitcoins or not banning it.. it also dictates the demand ..
If government bans it..then Bitcoins looses that part of the population....and the investors causing a fall in price.
There are many factors that one can enlist...I think you should ... Go and search around for more.



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March 13, 2018, 07:04:06 AM
 #7

I have read many times that the bitcoin is decentralized and is controlled by any specific individual nor a team. I did not understand that how bitcoin is controlled, if their exist no head or team? What are the factors on which it's rise and fall depends?

I have searched a lot about that but I didn't get a satisfactory answer yet. Can anybody explain me about that?
I think mainly because of the people who hold the btc numbers large compared to the rest. They have the right to regulate prices based on supply and demand. Therefore btc prices will remain volatile if it still focuses on a number of people.
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March 13, 2018, 07:08:43 AM
 #8

I have read many times that the bitcoin is decentralized and is controlled by any specific individual nor a team. I did not understand that how bitcoin is controlled, if their exist no head or team? What are the factors on which it's rise and fall depends?

I have searched a lot about that but I didn't get a satisfactory answer yet. Can anybody explain me about that?
The decentralization means no one is controlling our funds the transactions are happening through blockchain network and the miners are the one who are confirming the transaction so not any individual is controlling our transactions some random member in the world is takes place.

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March 13, 2018, 07:23:05 AM
 #9

It is decentralize in paper  because all bitcoin users are the one who controls it and with that no one controls it. Well for the price it is controlled by supply and demand that is the answer you are going to get but there are always talk about price manipulation by whales. It could be true but we do not know for sure.

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March 13, 2018, 08:37:10 AM
 #10

What people usually refer to when they say that Bitcoin is decentralized is that the system is built in a distributed way, where there are a lot of miners, nodes, and blockchain copies around the globe. What that means is that no entity can take the entire network down. There's no single point you can attack to cripple the network, so it cannot be controlled by governments or similar entities. Everyone in the network just follows the same set of rules to keep the system running.

The rise and fall is dictated by supply and demand, which are further dictated by factors such as global developments and speculation.

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March 13, 2018, 09:08:20 AM
Last edit: March 13, 2018, 09:41:14 AM by franky1
 #11

What people usually refer to when they say that Bitcoin is decentralized is that the system is built in a distributed way, where there are a lot of miners, nodes, and blockchain copies around the globe. What that means is that no entity can take the entire network down.

i agree that the nodes are distributed.. thus not able to take the network down.

but. this part below has become a failure compared the original ethos
There's no single point you can attack to cripple the network, so it cannot be controlled by governments or similar entities. Everyone in the network just follows the same set of rules to keep the system running.

this is because blockstream employee's working as cough "volunteers" for core have taken on the reigns of bitcoin and deemed any other full node that is not core, is a threat. because they dem that only the core monarchy can set the rules/roadmap
basically if your not running bitcoin core software to be a full node, you should not be on the network and instead should create an altcoin

hre is the blockstream founder and main cor dv saying just that to previous teams that were not core
What you are describing is what I and others call a bilateral hardfork-- where both sides reject the other.
I tried to convince the authors of BIP101 to make their proposal bilateral ... Sadly, the proposals authors were aggressively against this.

and here he is again saying anyone that opposes cores decision can be out rulled by lowering the consensus standard until cores bip gets the vote count it need
 If there is some reason when the users of Bitcoin would rather have it activate at 90% .. then even with the 95% rule the network could choose to activate it at 90% just by orphaning the blocks of the non-supporters until 95%+ of the remaining blocks signaled activation.

if you need further proof of core taking control of the network and not allow decentralised teams to offer their own bitcoin proposals away from core, just use the search box for the term REKT and you will see the hate mongering of core supporters wanting core to be the sole controller of bitcoin

also its core and its blockstream gatekeepers of new proposals
gmax: moderates the technical development topics on this forum
rustyrussel: admins the mailing list for proposals
Luke JR moderates the BIPS

making it very controlled by just a few linked entities that end up controlling the roadmap of bitcoins future direction. it might be worth you looking into blockstreams latest controlling trick involving the blockchain. specifically trying to suggest that some devs that were not part of the core team infringed copywrite/patent/licences by copying bitcoin code without naming core as the creator.

thats like a farmer arguing to mcdonalds that all burgers belong to the farmer because the wheat for the bun, the veg/cheese for the filling and the meat of the burger can been shown as sourced from a farmer.

i could go into more detail. but in short. bitcoin is distributed but no longer decentralised.. there is a definitive difference between the two terms

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March 14, 2018, 08:05:36 AM
 #12

I have read many times that the bitcoin is decentralized and is controlled by any specific individual nor a team. I did not understand that how bitcoin is controlled, if their exist no head or team? What are the factors on which it's rise and fall depends?

I have searched a lot about that but I didn't get a satisfactory answer yet. Can anybody explain me about that?
Bitcoin is not really controlled by anyone except it is controlled by everyone. Bitcoin is an asset that is held by people all over the world, a single person can never control bitcoin and determine its price. Decentralization means removal of third party interference for transaction such as banks, financial institutions, etc.

Money can be sent worldwide in the form of digital coin without seeing need for banks or financial institutions with more transaction speed and less fees. This ensures privacy and security of transaction and is also anonymous as the purpose and amount sent can never be known. Also no information about sender and receiver can be known or traced.
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