The Myth of Cryptocurrencies Decentralization about to fade out?

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odolvlobo:

In my opinion, the biggest threat of centralization is the popular practice of letting custodians, such as Coinbase and major exchanges, hold your coins. These entities control your coins more than any miners ever will.

mickymax777:

Quote from: September11Myth on March 01, 2018, 03:50:31 PM
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We all know the theory: Bitcoin and cryptocurrencies are good because they are decentralized, and so on, blah blah blah.
However, as times goes by Bitcoin & C. seem to be less and less decentralized, as big whales become ever bigger while they manage to swallow rising percentages of the coins' supplies, and as the serious mining is concentrating in lesser and lesser hands, those few who can afford gigantic mining farms with cheap energy cost.
Decentralization is thus becoming a myth. We all can see how the cryptocurrency markets can be manipulated by whales (with their infamous Pump & Dumps) much easier than other classical markets like Forex or WallStreet, a further sytmptom of an invisible centralization.
And now the news has arrived of countries willing to do their own cryptocurrencies. Venezuela has just launched the Petro, Iran is planning its coin and apparently so does Russia - and I'd bet many more countries will soon follow. These currencies are all likely to be centralized.
Moreover, banks will probably launch their own centralized cryptocurrencies, and so will corporations. The future looks like a place with more and more centralized cryptocurrencies in competition and less and less truly decentralized cryptocurrencies, as Bitcoin & C. end up in the hands of lesser and lesser people - the super-whales. Which will be the implications of all this?
Your thoughts about?


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I'll never touch government backed crypto, digital fiat, they can control and manipulate. The more community based a project and the fewer big players in a project the better. Will bitcoin become the new gold standard against which all other government cryptos will be evaluated?

September11Myth:

Quote from: odolvlobo on March 03, 2018, 07:37:59 PM
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In my opinion, the biggest threat of centralization is the popular practice of letting custodians, such as Coinbase and major exchanges, hold your coins. These entities control your coins more than any miners ever will.

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You are having a point here. But if you add this to the fact that as soon as Google, Amazon and/or Facebook will come forward with their own centralized currencies the sheeple will jump on their vagon, you'll have a nice picture of what's up to come.

odolvlobo:

Quote from: September11Myth on March 16, 2018, 09:25:14 PM
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Quote from: odolvlobo on March 03, 2018, 07:37:59 PM
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In my opinion, the biggest threat of centralization is the popular practice of letting custodians, such as Coinbase and major exchanges, hold your coins. These entities control your coins more than any miners ever will.

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You are having a point here. But if you add this to the fact that as soon as Google, Amazon and/or Facebook will come forward with their own centralized currencies the sheeple will jump on their vagon, you'll have a nice picture of what's up to come.

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I believe that Google, Amazon and/or Facebook will not create their own currencies because of the regulatory burdens that would be placed on them as a result.

September11Myth:

Quote from: odolvlobo on March 17, 2018, 04:50:04 AM
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Quote from: September11Myth on March 16, 2018, 09:25:14 PM
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Quote from: odolvlobo on March 03, 2018, 07:37:59 PM
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In my opinion, the biggest threat of centralization is the popular practice of letting custodians, such as Coinbase and major exchanges, hold your coins. These entities control your coins more than any miners ever will.

--

You are having a point here. But if you add this to the fact that as soon as Google, Amazon and/or Facebook will come forward with their own centralized currencies the sheeple will jump on their vagon, you'll have a nice picture of what's up to come.

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I believe that Google, Amazon and/or Facebook will not create their own currencies because of the regulatory burdens that would be placed on them as a result.

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Google, Amazon and Facebook are in cahoots with the US government, so they wouldn't do anything which the US government would not approve. If they would do their cryptocurrencies NOW they would jeopardize the USD, because they would get mass adoption and thus a value too huge not to endanger the status quo. But in future, things may change.

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