Are we not abusing decentralization?

[Abiky]

Decentralization is not being abused if you ask me it is rather the security that is being tempered with and those who fall prey to all those schemes are newbies who fail to read more about how to safely interact and make transactions in this community. Decentralization however has not been fully achieved on most blockchain networks and that is exactly why i love the Proof-of-Stake consensus protocol being used on any blockchain network.

Exactly. Decentralization has not been abused itself, but rather tampered with. Since there's no central authority to regulate the entire Blockchain network, it's sort of the wild-west where anyone can do as they please. Which is why, the openness of cryptocurrencies brings a lot of bad actors into play. Knowing the risks of decentralization, should make you precautious when dealing with crypto transactions.

As a responsible person, it's your duty to secure your funds as much as possible against hacks or theft. There's really no way around it. The same way centralized systems experience hacks and many other undesired situations, the same way happens with decentralized cryptocurrencies like Bitcoin and Ethereum. The only difference is that the responsibility lies within yourself (in a decentralized system), instead of a third-party or middleman (centralized).

In terms of achieving full decentralization on blockchain networks, it seems to be practically impossible. One way or the other, consensus algorithms have a certain level of centralization within them. In the case of PoW, there’s centralization of power among mining pools, while in PoS, the rich become richer.

Nonetheless, it's hoped that Bitcoin and other major cryptocurrencies become as decentralized as possible to prevent censorship or single points of failure from malicious actors. Just my thoughts

[Alpinat]

No we are not. This is just right. Satoshi wants decentralization so we are doing it now. People who get scammed are the people who are not careful about what they are doing. They should research before investing in such ICO or something. It doesn't affect our relationship with the decentralization.

[kickdapa]

You have to accept these things. Because everyone has to be careful and wise about investing matters. If you choose an honest and real project, you will have zero percent scam fear, but if you choose a random project without a proper team or vision then you will be affected by the scam, so, it's all about you! Regulations can protect users from the hacker or scammers. But do you think if a strong regulation come in the crypto industry, Satosh't vision will be fulfilled? Don't you think regulations would kill the total crypto's decentralized nature?

[Oasisman]

I can say, its not really abused, rather it was being taken an advantage by criminals. Being scammed isnt something that'll happen without any wrong or mistaken decisions and actions done by the scammed person's edge. Decentralization has been used how its being designed by Satoshi from the start up until now. Sadly, in every investment platforms or any other platforms that involves money, criminals always find something where they can take advantage of.

[Astvile]

Most of us dont abuse the decentralization of bitcoin but there are some who uses its feature to steal peoples money and use for money laundering.They are taking advantage of bitcoins anonymous transaction and decentralization they are feeding and leeching peoples money

[Babylon]

Some of the people are abusing the decentralization that the other cryptocurrency are offering but for the majority of the user of crypto, I can say that we are not abusing the decentralization, we are really grateful of the decentralization because it helped us in a lot of ways and i hope that crypto will be consistent in improving and giving us a lot of advantages.

[djsugar]

Added to that, there are many bulk holders and they pretty much drive the price as well. This also defy the decentralisation aspect. The low volume and extra regulations are not healthy for crypto space. But this is likely to change in future with more adoption both at personal and business levels.

[richjohn]

These regulations are not hampering the decentralisation aspect of Bitcoin. No one owns or control bitcoin and that is enough for decentralization. We are living in a highly controlled financial system which will doom eventually. Bitcoin gives us financial freedom and in future more people will understand this.

[abstractednerve]

Yes, we are! Because crypto will not be accepted widely without regulation! Without mass adoption, the crypto market's aim will not be fulfilled too! Therefore, Centralized exchange has a higher volume than decentralized, so, we are doing KYC to buy ICO coins, we demand the project team's live AMA or kyc! So, by doing all of these things, we already break the decentralized nature of crypto. But I don't think it is ruing the Satoshi's vision. Because these things are needed to bring more people to the crypto! 

[Wayan_Pedjeng]

There is no such thing as abuse of decentralization, if in the first place bitcoin was made with decentralization. If there is anyone who abuses power here, I think it is the people who requires unannounced KYC in order to receive the bounties. Decentralization in cryptocurrency is just normal.

I would second that. There were instances when I was denied the rewards after my refusal to undergo last-minute KYC. Rather than using it to remove the scammers, nowadays KYC is widely used to cheat bounty hunters of their hard-earned rewards.

[morrisgonzalez]

It's depends on users how they use decentralisation and where they use it. Some of people are abusing decentralisation on the wrong way such as scam, cheating etc. Basically it's depends on us how we use or abuse decentralisation. Everybody know what happen with cryptocurrency in last year. Not only everyone but also few people's are abusing decentralisation.

[Potent]

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

Freedom is important than abusing. Because freedom is a universal value that everyone loves but abusing depends on individual values.

[Babylon]

There is no such thing as abuse of decentralization, if in the first place bitcoin was made with decentralization. If there is anyone who abuses power here, I think it is the people who requires unannounced KYC in order to receive the bounties. Decentralization in cryptocurrency is just normal.

I would second that. There were instances when I was denied the rewards after my refusal to undergo last-minute KYC. Rather than using it to remove the scammers, nowadays KYC is widely used to cheat bounty hunters of their hard-earned rewards.

I see KYC as a good way to avoid abuse or cheating. KYC are good for bounty hunters because they know that there is a fairness in the bounty campaign such as signature campaign, social media campaign and so on because it is like having more chance of getting a higher reward because there is no way that a person can cheat in KYC since they need to submit some documents.

[Astvile]

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

The question is who will make the regulation and who will implement?its easy to say each idea but what will be the implications?
But i am very awaiting for the regulations because this is the only way for bitcoin to grow further and with the help of government intervention,lets make things appropriate and accept the reality that we wont win against government

Most likely that who will implement this regultion is the government,if the government somehow take control over bitcoins or bought the network from "Satoshi" then it can easily be implemented.

[AztecGoldHero]

that is so interestıng, bıtcoın born as decentralızatıon but day by day ıt becomes more central through exchanges lıke bınance,

all crypto coıns tells decentralızatıon but all crypto coıns tradıng at central exchanges thıs ıs so funny  decentral world tradıng ın central world , also another funny thıng people talks about decentralızatıon but they dont stop usıng central excahgens, also they become funs of central exchanges whıle they talkıng about decentralızatıon

[Wayan_Pedjeng]

There is no such thing as abuse of decentralization, if in the first place bitcoin was made with decentralization. If there is anyone who abuses power here, I think it is the people who requires unannounced KYC in order to receive the bounties. Decentralization in cryptocurrency is just normal.

I would second that. There were instances when I was denied the rewards after my refusal to undergo last-minute KYC. Rather than using it to remove the scammers, nowadays KYC is widely used to cheat bounty hunters of their hard-earned rewards.

I see KYC as a good way to avoid abuse or cheating. KYC are good for bounty hunters because they know that there is a fairness in the bounty campaign such as signature campaign, social media campaign and so on because it is like having more chance of getting a higher reward because there is no way that a person can cheat in KYC since they need to submit some documents.

Do you believe that KYC is good for bounty hunters?

There are a number of bounty campaigns that had made KYC mandatory for the participants here in Bitcointalk. As far as I can see, they haven't fared any better when compared to the other campaigns. With so many KYC documents being made available on the dark markets, don't you think that the KYC requirement can be misused?

[kpcian]

Decentralization is one of the greatest dreams of Satoshi looking at the how the blockchain technology and its immutable distributed ledger has been designed. Well it saddens my heart that the greed of men has led to the abusing of this freedom and liberty that Satoshi wanted us to have in the financial industry. Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization. I think we've all had it to the peak, how about we have some level of regulation with the activities in the crypto industry. Share your thoughts commrades.

there is abuse in our economic system ,there is gap in banking system too.people abuse by finding holes in the system.bank defaulter also abuse the system of modern banking system in many country's.so don't blame the decentralization system of bitcoin.the bad guys always abuse if they find holes in the system.

[Asmonist]

Everything has its downfalls or weaknesses that gives opportunity for the abusers. Its regulated by knowledgeable individuals and abused by another knowledgeable abusers.

[Sled]

Everything has its downfalls or weaknesses that gives opportunity for the abusers. Its regulated by knowledgeable individuals and abused by another knowledgeable abusers.

That's ridiculous mate, they are all knowledgeable in different aspects..everything have its own contrary and we can't stop them.
Decentralization give us freedom but somehow it feels like that we are still lock up in cage and can't move freely cause there is something controlling our works. And even we wanting to have huge increase but still it won't. 

[bigmelons25]

A lot of these newer coins aren't even decentralized, we have stuff like EOS and Ripple which kind of go against what bitcoin stands for.  They still might be great investments but they are fundamentally different from the early days of crypto.