Decentralized System Disadvantages

[jademaxxiss012]

I Personally feel decentralised system should have a control on the downfall happens all of a sudden, it doesn't mean it's not best but yes something need to be changed for the betterment of the crypto process.

this is just a natural phenomenon for decentralized system. This is not a disadvantage because it has proven already when bitcoin reached to its market price which is the 19K USD last 2017. THe only problem with the system was the anonymity feature where many are encourage to scam, hack and doing fraud from other users. THis is why more investors are discourage to invest because of the likes of this users in cryptocurrency.

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[MahalQu2612]

We know the advantages of decentralized however what are the disadvantages of the Decentralized system that we should take note of while using this technology?

Perhaps, decentralized disadvantages is I think since we know that anyone are welcome to be in this system. But the problem there are some people who are bad, where they can use this to their illegal transactions. Due to we knew that every time we used this system We are also pseudonymous or anonymous.

[deisik]

Probably the parting of people with different opinions into multiple factions. If certain people disagree with how bitcoin is moving forward due to different opinions on how things should work, they split off and fork bitcoin. A perfect example of this would be the big blockers, whereas they forked off and created Bitcoin Cash(BCH). As bitcoin moves forward, there's definitely going to be more of this. With a decentralized system, there's no centralized authority to make the decisions hence the splits in the community. I think this is both an advantage and a disadvantage

That's only true for the very first years of a project when it's still immature and not well-developed

I think Bitcoin is already past that. Obviously, you are going to tell me about Bitcoin Cash and a host of other Bitcoins. But if we cut the crap, people who created these shitcoins were looking for getting rich quick, not for making Bitcoin any better, whatever they may say to the contrary. With time, all such forks will be dying a quick and painful death, while people actually looking for innovation will be creating altcoins, not Bitcoin forks

[squatter]

Probably the parting of people with different opinions into multiple factions. If certain people disagree with how bitcoin is moving forward due to different opinions on how things should work, they split off and fork bitcoin. A perfect example of this would be the big blockers, whereas they forked off and created Bitcoin Cash(BCH). As bitcoin moves forward, there's definitely going to be more of this. With a decentralized system, there's no centralized authority to make the decisions hence the splits in the community. I think this is both an advantage and a disadvantage

That's only true for the very first years of a project when it's still immature and not well-developed

I think Bitcoin is already past that. Obviously, you are going to tell me about Bitcoin Cash and a host of other Bitcoins. But if we cut the crap, people who created these shitcoins were looking for getting rich quick, not for making Bitcoin any better, whatever they may say to the contrary.

The block size debate had been ongoing since 2015, if not earlier. Bitmain, Roger Ver and others had loudly supported previous efforts to increase the block size with a hard fork (XT, Classic, Unlimited) with no intention of a network split. So, it doesn't seem obvious that it was just to get rich quick. "Hard fork dividends" became a thing in late 2017 but before the Bitcoin Cash fork, nobody knew what was going to happen. An adversarial split (like ABC vs. SV) could have just as easily crashed prices and lost lots of money for the forkers.

If Bitmain really wanted to get rich quick by propping up an altcoin, they probably shouldn't have forked Bitcoin -- they gave Bitcoin holders millions of free coins to dump on the market.

[1Referee]

If Bitmain really wanted to get rich quick by propping up an altcoin, they probably shouldn't have forked Bitcoin -- they gave Bitcoin holders millions of free coins to dump on the market.

They are amongst the largest holders, so there isn't much for them to lose there, especially with how every exchange was basically forced to ride the hype and list BCash as soon as possible. On the runup to the Coinbase listing the price shot up to over the $3000 level, and I'm certain that everyone within the big block camp has done everything to sell the crap out of it.

If you also add that BCash is another large SHA256 chain, they could finally have their older miners running in a profitable manner again instead of having it be worthless scrap metal.

Bitmain and Roger got a free ride to the moon, although Bitmain went too deep and shot itself in the foot unnecessarily.

[arnelandvik]

I agree that the main disadvantages are the divergences of views and different vectors of the development of the decentralized system, taking into consideration a huge pressure from the opposite side. However, this is also a kind of advantage due to the ability to find the best way to promote blockchain technologies

[deisik]

Probably the parting of people with different opinions into multiple factions. If certain people disagree with how bitcoin is moving forward due to different opinions on how things should work, they split off and fork bitcoin. A perfect example of this would be the big blockers, whereas they forked off and created Bitcoin Cash(BCH). As bitcoin moves forward, there's definitely going to be more of this. With a decentralized system, there's no centralized authority to make the decisions hence the splits in the community. I think this is both an advantage and a disadvantage

That's only true for the very first years of a project when it's still immature and not well-developed

I think Bitcoin is already past that. Obviously, you are going to tell me about Bitcoin Cash and a host of other Bitcoins. But if we cut the crap, people who created these shitcoins were looking for getting rich quick, not for making Bitcoin any better, whatever they may say to the contrary.

The block size debate had been ongoing since 2015, if not earlier. Bitmain, Roger Ver and others had loudly supported previous efforts to increase the block size with a hard fork (XT, Classic, Unlimited) with no intention of a network split. So, it doesn't seem obvious that it was just to get rich quick. "Hard fork dividends" became a thing in late 2017 but before the Bitcoin Cash fork, nobody knew what was going to happen. An adversarial split (like ABC vs. SV) could have just as easily crashed prices and lost lots of money for the forkers

But let's admit that the moment for the Bitcoin Cash fork was an extremely fortuitous one

And the folks you mentioned (Jihad, Ver, Craig) had likely made millions with this fork. The last split, though, looked more like a typical family quarrel which had nothing to do with either technical issues or profit considerations. Most likely, it was caused specifically by the lack of profits (quarreling over last crumbs of the pie) just like the Bitcoin Cash fork was caused by the anticipation of them. These dudes are in exclusively for money

If Bitmain really wanted to get rich quick by propping up an altcoin, they probably shouldn't have forked Bitcoin -- they gave Bitcoin holders millions of free coins to dump on the market

It is the end result that counts, and in the end thousands of these people became bagholders. While Bitcoin may make new heights, in a year or in a decade, Bitcoin C(r)ash (whatever color) is likely to kick the bucket in the interim

[hxtop]

Since there is no an authority and a regulator, taking and implementation of a decision is more difficult. But each stakeholder can defend his / her right more in decentarlized system.

[Denton]

The disadvantages of a decentralized system are that there is no responsibility for various negative actions. Since the cryptocurrency is not regulated by anything, it generates a great lawlessness. Also, there is nobody who could protect the interests of investors. But this is a controversial issue. Maybe it's not considered a big disadvantage for someone.

[FedorIzmailov]

I think this is what stopping your money scammers will go completely unpunished. this is very bad

[xWolfx]

We know the advantages of decentralized however what are the disadvantages of the Decentralized system that we should take note of while using this technology?

I think the only disadvantage of decentralized is can not being decentralized completely. And confusing about it. Many project claims its project is decentralized. But "it is not". They know that but don't accept it.

In comparison to the old ways of doing things it's considered decentralized, it can be seen as one step at a time for some people.

Another thing is that it is not really a bad thing because that makes mass adoption possible without risking the business processes of companies who decide to take the leap. Especially the biggest ones.

[Ezenwanyi1]

I think the disadvantages of decentralized system is the issue of control or regulation.
Lack of regulation in the Cryptocurrency space for example is the main reason why there are proliferation of ico projects.
Another disadvantage is the issue of security, as a breach in one system may likely affect other systems .

[Sanitough]

I think the disadvantages of decentralized system is the issue of control or regulation.
Lack of regulation in the Cryptocurrency space for example is the main reason why there are proliferation of ico projects.
Another disadvantage is the issue of security, as a breach in one system may likely affect other systems .

Things can still be regulated but this is a new technology, thus the government is still in the process of finding a good system to regulate this system. Blockchain is a perfect technology for me as it provides real transparency, we do not need to rely on people that proclaim they are trust worthy but in reality we never know if they are. System can never be cheater, it has no emotion unlike humans that are very close to temptation.

[stuffokator]

We know the advantages of decentralized however what are the disadvantages of the Decentralized system that we should take note of while using this technology?

Here are the disadvantages which are based on my studying of cryptosystems:

• High hardware requirements

         It seems, the world is moving towards cloud-based systems. For example, let's take a look at what Apple is currently selling: MacMini and Macbook Pro are still have the base configuration with only 128 gb SSD, iMacs are still being offered with hard drives (pretty ancient technology at this point). For basic usage that's okay. But if you need to be involved in crypto, you should have a much more capable machine.
        Even if you don't intend to mine coins, just to be able to make transactions you are supposed to run a full node. Yeah, there are some workarounds, such as using third-party master nodes or whatever they call them, however, almost all of the available approches are not recommended by security experts. When you don't have your own full node you are relying on someone else's fairness. And, as you may know, humans are not the creatures we can blindly trust.

• Low protection against criminals

        In a fully centralised system we know who is responsible for all the good and evil things. If somethings goes wrong (e.g., your money was stolen), you will still have a chance to resolve the issue successfully, because you are protected by the law, and you know the entity you should press charges against.
        In a decentralised system you are on your own. If somethings goes wrong and your money's gone, nobody will help you. It's sad, but (at least in current implementations) the only thing you can do in this case is...to move on.

• High complexity

        In a centralised system the most important security decisions (e.g., 2FA, MFA, Oauth etc.) were already made for you. In a decentralised world you should invest the time to ensure that your savings are protected taking into account all recent advancement in cryptocurrency infrastructure.

• Possibility of 51% attack

        Basically, there is no way to prevent someone from controlling more than 50% of the network's mining hashrate, or computing power. And if this happens, all your coins value will be dropped down to zero because you are no longer protected by the blockchain.

• Hard to implement refund policies

        It's hard to image a shop that successfully operates without providing clear refund policies. If you are not 100% satisfied with your purchase, you should have a right to return the product and get a full refund. With constantly increasing complexity of cryptocurrency systems it's getting more and more difficult to incorporate refund features into the shopping flow.

That's what I can tell you regarding disadvantages right off the bat. Personally, I believe that all or almost all of the aforementioned points will be resolved in the future by some talented people who always come up with unpredictable and bright ideas.

[Thyristor]

Idex,Etherdelta,Forkdelta is most favorite Decentralized exchange. But now many peoples don't believe those exchange for fraudulent activities.
There are no regulation in DEX exchange i think it's big problem like Suspicious transaction.

[Huskarls]

We know the advantages of decentralized however what are the disadvantages of the Decentralized system that we should take note of while using this technology?

in my opinion the most difficult thing in this decentralized system is that it is difficult to implement in the real world, the reality is that there are still many things that are not suitable to be implemented but are forced and in the result, it only gives unimportant features and does not even have an impact on the decentralized ecosystem

[romero121]

Idex,Etherdelta,Forkdelta is most favorite Decentralized exchange. But now many peoples don't believe those exchange for fraudulent activities.
There are no regulation in DEX exchange i think it's big problem like Suspicious transaction.

It is really a hard thing to achieve cent percent decentralization on everything. When it comes to decentralized exchange, it is a must requirement for the growing decentralized cryptocurrency network. Unfortunately quite often some sort of hacks make the users fear much about holding the assets even on the decentralized platforms. The security risk keeps growing as hackers are more intense towards cryptocurrency looking its growth happening with time.

[johnny508]

We know the advantages of decentralized however what are the disadvantages of the Decentralized system that we should take note of while using this technology?

There are disadvantages too and it is common for any new technology and for decentralized blockchain technology what I see as disadvantages are,

1. Lack of authority to control price fluctuations - Unlike central banks for major fiat currencies to control fluctuation levels bitcoin and majority of crypto has no party to step in and balance the situation
2. Lack of acceptance from governments and other centralized organizations because many afraid to trust a system that has no leadership so even decentralized digital currencies are potential majority of governments refuse to accept them

Above are not problems for us or that we cannot eliminate with time but are major facts why a certain percentage of the world haven't still accept our community

[jcarlo]

We know the advantages of decentralized however what are the disadvantages of the Decentralized system that we should take note of while using this technology?

Bitcoin have advantages on decentralized system because government regulation can not touch bitcoin and government can not control the transaction data. But the disadvantages this decentralized system is government can not issue regulation on bitcoin if used as currency.

[johnny508]

Decentralized mean there is no authority to guide or control the system under any circumstances which can give benefits to its users such as low transaction fee, efficiency but also gives disadvantages like non reliability, lack of support services and other which are provided by administrators in any digital system but that kind of service comes with a prices so there are both good and bad for users when using a  decentralized system