Are we not abusing decentralization?

[plvbob0070]

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.

Decentralization means no third party involvement and we all just want the idea of it that's why we're here. And it's not "us" who abuse decentralization rather "them", who have greedy hearts who only want the best for them. And we can't do anything about it if they let that "greed" eat them.

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[semobo]

But how bitcoin is going to regulated and who is going to do that since we never know who is satoshi nakamoto.If governments are making chances then they will just increase the tax amount and make moew burden to the investors and it is not going to make any changes with the current situation.

[Abiky]

Decentralization is meant to be this way that people can fork any coin they'd like, you may find it abusing but its what makes it decentralized. Anonymity is another thing to abused though. You just have to figure which project you can classify as stupid than fairly good and decide whether to send money to it or not.

Agree. A cryptocurrency that cannot be forked at will, as well as, lacking permission-less characteristics, is not considered decentralized. It's normal to experience thousands of forks from a single project, as it's beneficial for the maturity of Blockchain technology. There can be as many copies from Bitcoin within the market, but only those that are solid in development and innovation will most likely prevail in the future. If you're considering investing into an altcoin or Bitcoin fork, you need to decide whenever it's worth spending your money on it or not. This is done by researching about a specific crypto project you're interested into.

Eventually, there will be only one Bitcoin with a few altcoins within the market. There will be no use for thousands of cryptocurrencies on the market which serve no real purpose in life. The main intention of most crypto projects is to profit but not to deliver real usability for the mainstream world. Which is why, only a select few cryptocurrencies will stand the test of time, while the rest becomes forgotten by people.

Nonetheless, I don't think that we're abusing decentralization since it's normal that people can do whatever they want with any crypto project. That's the beauty of Bitcoin and other cryptos where no single entity can control them. Anyone can copy, redistribute, and improve upon an existing crypto project for the benefit of Blockchain tech. Just my thoughts

[franky1]

Decentralization is meant to be this way that people can fork any coin they'd like, you may find it abusing but its what makes it decentralized. Anonymity is another thing to abused though. You just have to figure which project you can classify as stupid than fairly good and decide whether to send money to it or not.

Agree. A cryptocurrency that cannot be forked at will, as well as, lacking permission-less characteristics, is not considered decentralized. It's normal to experience thousands of forks from a single project, as it's beneficial for the maturity of Blockchain technology. There can be as many copies from Bitcoin within the market, but only those that are solid in development and innovation will most likely prevail in the future. If you're considering investing into an altcoin or Bitcoin fork, you need to decide whenever it's worth spending your money on it or not. This is done by researching about a specific crypto project you're interested into.

this is sometimes where some people mis interpret and start to think the only way to innovate and have a strong project is to use forks to push out the weak idea's and then keep only the strong idea's as a single project under one teams control.

to insinuate that what you say means that bitcoin needs one lead team IS centralising.

the whole concept and revolution of 2009's invention is that different people do not NEED to split off when an idea is promoted.. instead the true "honest node" consensus is that changes to rules simply do no occur unless there is diverse agreement that the change is beneficial to the majority on the network.. without splitting up the network.

research byzantine generals.

so those trying to insinuate the only way to upgrade a network is to fork away opposers is literally abusing the bitcoins prime purpose of consensus.

yes people can make as many altcoins as they like. if they want to make their own altcoin. no one is forced to stay. but in th same breathe no one should ever be forced to leave before an upgrade purely to fake a majority.

that means a certain team should not get to control bitcoin and be ultimate lead by forking off opposers, forcing people off bitcoin just so one group gets their way is not consensus nor is it being a honest node majority.

if a certain team proposes an idea. and there is no HONEST NODE majority.. then the upgrade does not occur no harm no foul.. obviously the idea was not good enough... end of story move on

the proposer should then listen to the community, figure out the objections and find a solution that a majority would settle for.

if your mindset is still foolishly thinking bitcoin needs a leader and forks are needed and control from a central group is needed then please research the byzantine generals issue and the things that bitcoin solved when it was invented in 2009,, before trying to rebutt to insinuate that bitcoin can only function centrally via forking out opposing views

regulations and single lead team reference clients goes against the whole point of bitcoin.

if you want scam safety. try getting politics of countries(not crypto) to actually build laws that make it easier for users to sue/charge a scammer.
you dont need to regulate the currency/network. you need to make legal recourse in a courtroom easier to access for victims, and then education about self awareness, due diligence to help prevention of scams/theft.
regulations dont do either. but consumer protections does

[Abiky]

this is sometimes where some people mis interpret and start to think the only way to innovate and have a strong project is to use forks to push out the weak idea's and then keep only the strong idea's as a single project under one teams control.

to insinuate that what you say means that bitcoin needs one lead team IS centralising.

the whole concept and revolution of 2009's invention is that different people do not NEED to split off when an idea is promoted.. instead the true "honest node" consensus is that changes to rules simply do no occur unless there is diverse agreement that the change is beneficial to the majority on the network.. without splitting up the network.

research byzantine generals.

so those trying to insinuate the only way to upgrade a network is to fork away opposers is literally abusing the bitcoins prime purpose of consensus.

yes people can make as many altcoins as they like. if they want to make their own altcoin. no one is forced to stay. but in th same breathe no one should ever be forced to leave before an upgrade purely to fake a majority.

that means a certain team should not get to control bitcoin and be ultimate lead by forking off opposers, forcing people off bitcoin just so one group gets their way is not consensus nor is it being a honest node majority.

if a certain team proposes an idea. and there is no HONEST NODE majority.. then the upgrade does not occur no harm no foul.. obviously the idea was not good enough... end of story move on

the proposer should then listen to the community, figure out the objections and find a solution that a majority would settle for.

if your mindset is still foolishly thinking bitcoin needs a leader and forks are needed and control from a central group is needed then please research the byzantine generals issue and the things that bitcoin solved when it was invented in 2009,, before trying to rebutt to insinuate that bitcoin can only function centrally via forking out opposing views

regulations and single lead team reference clients goes against the whole point of bitcoin.

if you want scam safety. try getting politics of countries(not crypto) to actually build laws that make it easier for users to sue/charge a scammer.
you dont need to regulate the currency/network. you need to make legal recourse in a courtroom easier to access for victims, and then education about self awareness, due diligence to help prevention of scams/theft.
regulations dont do either. but consumer protections does

What I really meant is that a decentralized cryptocurrency is easier to be forked at will than a centralized one. Of course, you do have a point with the Byzantine Generals Problem, but the open source and decentralized nature of Bitcoin makes it inevitable for forks to happen. Even with opposing sides, Bitcoin is still the original Blockchain we've come to know since 2009. Nodes, miners, and the community have been well-unified compared to other cryptocurrencies like Bitcoin Cash and Bitcoin SV.

While I'm not comfortable with many Bitcoin forks, I believe that it's good to experience this as it will benefit the development of Blockchain technology. With different features, algorithms, and scalability solutions (LN, increase of block size, etc), Blockchain technology can be improved in many ways that were never thought possible. Things aside, I agree with you in some points where we don't need to regulate the currency/network or a leader for Bitcoin to work as intended. After all, Satoshi intended to remove third parties or middleman by creating a system that's trustless.

So far, many crypto projects have deviated from the "trustless" part and have been focusing on leaders and central control (like Bitcoin Cash, Bitcoin SV, etc). But in the end, only one Blockchain will prevail by remaining as decentralized as possible for the world. And Bitcoin fits the bill nicely. Just my opinion

[adzino]

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.

People gets scammed when using FIAT currency too. You can't blame crypto currencies only. Those who are getting scammed should be blamed too for being irresponsible. It was their fault partially that they got scammed. If they remained alert or did take proper precautions, then there would have been high chance that they could have avoided getting scammed.

[fudster]

Yep I believe we have abused decentralization. When a certain group has divided their idea, the solution is to fork and not to find a way to compromise what is to be compromised so they divide the community as well. It doesn't seem like we become decentralized in such a way but we seem to be bound to fail when all are divided but this again will fall to the discussion of greed and money. A forked coin was again forked, you can just do it forever I wouldn't wish to live by the time its the son of Roger ver that will fork another forked coin.

[shield132]

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.

Everything has it's pros and cons, we can't keep only pros. I think decentralization is abused on different way, not like you say. In abusing of decentralization I mean abusing of bitcoin's use. To my mind it wasn't meant for wide use so there were no regulations. Now it's abused, used by a lot of people, bitcoin isn't as decentralized as it was at first, price is manipulated easily.
There are some regulations on crypto industry and I think that's bad, we don't need it. Let's take care of our wallet and leave freedom too.

[Abiky]

Everything has it's pros and cons, we can't keep only pros. I think decentralization is abused on different way, not like you say. In abusing of decentralization I mean abusing of bitcoin's use. To my mind it wasn't meant for wide use so there were no regulations. Now it's abused, used by a lot of people, bitcoin isn't as decentralized as it was at first, price is manipulated easily.
There are some regulations on crypto industry and I think that's bad, we don't need it. Let's take care of our wallet and leave freedom too.

Exactly. Before Bitcoin was known to the world, it was a perfectly decentralized cryptocurrency. Now that it has experienced mainstream adoption back in 2017, it's been manipulated by centralized exchanges and whales. Also, there has been certain regulations which limits (sort of) the growth and adoption of Bitcoin and other cryptocurrencies worldwide. Too many regulations will cause the growth of Blockchain technology to stale, IMO.

Not to mention, Bitcoin has been forked several times with the purpose of making money or destroy Bitcoin's reputation. Because of this, I would say that we've been abusing decentralization. Satoshi wanted Bitcoin to become a decentralized cryptocurrency free from middleman or third parties. But the huge dominance of centralized exchanges and mining firms (like Bitmain) will make the vision of true decentralization just a dream.

Nonetheless, I hope that decentralization will win in the long run by eliminating the bad actors from crypto land (Roger Ver, Craig Wright, Bitmain, etc). Just my opinion

[romero121]

Cryptocurrency is no longer an exception, people find ways to scam the one next to him through different ways possible. When it comes to decentralization, scammers find it easy to get scammed. Here the true scammers were the one who fall on greed. Scammers target us, but we need to be clear about the market what can happen and what can't. In most of the cases, the multiplying of bitcoin is the much used term by scammers. People never think it is impossible, but they just rely and loss. Once after losing they begin to get back the loss from the others as they've got scammed. This is have scammers get spread throughout the cryptocurrency network.

[Ridwan Fauzi]

Have you heard a bank case that was robbed by a hacker? In my country many case about that. As you know, the bank has a centralized system that you may exert. Theft or robbery is not affected by the system which used, this is a security problem and I believe cryptocurrency assets are not very easy to steal, although it depends on the carefulness of the user himself. If the cryptocurrency assets that you have want to remain safe, you can take a path that cannot be stolen by hackers, such as using hardware wallets and I have never heard a hacker steal a cryptocurrency in a hardware wallet, I think it's a solution that you can use.

[SiDtHeBeSt]

People preferring decentralization are alow the ones who do not want any other entity to have control on their assets and there have been many cases where reputated exchanges and ICOs have fallen prey to attacks so people are preffering decentralization. And as you said in your statement about how man's greed has caused him to exploit his freedoms and rights in any situation, I 100% agree it to be true but we cannot help there are people who always try finding a way to take unfair advantage of any thing which is meant for the betterment of the society, they exploit it for their own benefits and that can't be helped it is the very nature of man itself.

[WUUEX79]

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 don't think so because that's the nature of what's called decentralization which we had previously admired because there was no third party/bank involved, but because there was no control from the authorities, of course the benefits of decentralization eventually tended to be misused.

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.

In my opinion this's very important like KYC or something like that, unfortunately we don't know exactly the people behind it, so don't be surprised if its existence is often doubted by us, including the people in this forum.

[levyashin]

Actually, we are not abusing decentralization, we are abusing the concept of it. For somethings, there is no need for decentralization.

By the way, anybody wants to invest in my decentralized bakery?

[Godric-Gryffindor]

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.

It is worth noting that it is not because of the anonymity and decentralization approach of bitcoin that we more likely to experience scam and robbery, we can get scam without using such service anytime. It is the primary responsibility of the virtual currency owner to protect his or her fund to the best of his or her ability.

It is also good to mention that as much as I like to believe that you are in good terms with bitcoin's decentralization approach, at the last part you like to put some level of regulation, which means you wanted to employ a trusted third-participation to IDK, to limit the possibility of scam? Again it is the primary responsibility of the owner to protect his or her fund.

[arpon11]

Maybe  we would have to understand this bitcoin in future because of the ways many have take it as a channel of scamming investors and traders.  Decentraliziation bring stability and trust and if we decided to used bitcoin as it ought to be then we most build trust and transparency in cryptocurrencies transactions.  The anonymous nature of bitcoin and blockchain technology has been taking advantage of by the criminals to scam and steal hard earned money of investors.

[Mcdacillo]

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.

In my opinion, I think we are not abusing the decentralization of bitcoin. Since bitcoin has started it is decentralized and I think once bitcoin is centralized we will not be able to experience the bull run or the unexpected change of bitcoin to its highest peak or its lowest. If bitcoin is decentralized, we could expect the best and the price that we want. But I think those who are scammers so called. Uses the technology to take advantage or to abuse the decentralization of bitcoin.

[FaireumOfficial]

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.

Even though many have been scammed through the anonymous nature of blockchains, it most definitely has brought more good than harm since people now have autonomous power and control over their assets through decentralization. No bank can access your funds because pk is secured. The only major problem are scam ICOs and I believe STO would definitely solve these problems. But at the end of the day, smart investment has always been the shield protecting people from scams and frauds.

[Abiky]

Actually, we are not abusing decentralization, we are abusing the concept of it. For somethings, there is no need for decentralization.

Exactly. Decentralization is not an All-in-one solution for everything. Sometimes, centralization is needed to make things work as it should. I believe that the term "decentralized" has been greatly overhyped and abused, especially by startups and companies. This is true because, nearly every new cryptocurrency or blockchain project uses the "decentralized" concept to attract users to them. For example, Ripple claims that XRP is decentralized when in fact, it is not.

On the other side of things, we've been abusing decentralization by creating too many forks out of Bitcoin that are not necessary. Therefore, in some sort of way, we've been abusing decentralization for quite some time.

It is worth noting that it is not because of the anonymity and decentralization approach of bitcoin that we more likely to experience scam and robbery, we can get scam without using such service anytime. It is the primary responsibility of the virtual currency owner to protect his or her fund to the best of his or her ability.

It is also good to mention that as much as I like to believe that you are in good terms with bitcoin's decentralization approach, at the last part you like to put some level of regulation, which means you wanted to employ a trusted third-participation to IDK, to limit the possibility of scam? Again it is the primary responsibility of the owner to protect his or her fund.

Yes. You can't blame decentralization on something that's your responsibility. Being decentralized means being free. Because of this, there are many risks involved that one needs to have in mind. Of course, scams and hacks or theft are all over the place. However, following the right guidelines could make you nearly invulnerable to such caveats. Despite this, decentralization has been largely abused as scammers have taken the opportunity to affect other crypto users. Just my thoughts

[zeze18]

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 people who are being scammed is everywhere in this world, because there are always the bad guys.
The important things that we must consider is improving the security of the decentralized wallet too keep it more safe and no more scams.
But back again in the fact of the internet.. no system is safe.. everything that is on the internet are hackable even it has a very good security