Are we not abusing decentralization?

[Reid]

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.

How can you be robbed in a decentralized way?
It cannot be done.
All of it are just foolishness, stupidity and lack of knowledge which all are just the same.

Exchanges now are centralized, they are being hacked because of that.

Another is phishing which could be prevented if you did the right thing?

Scams? What kind?
All of this could be prevented if you are doing the right steps.

[Altero]

It is not the regularization that could stop scammers to continue their evil works but it is our self who are giving them a chance to scam us. They can't be existed if we all are taking much care of our wallets but due to our own mentality which wanting easy money, instant profit( which is impossible), and huge gains without doing anything will simply makes us easily to scam. We better change that cause there is no easy money, we must have to work it hard in order to achieve of what we want to happen in our life.

[Kelvinikke]

Hello everyone, maybe i was not clear enough with my submission earlier but basically what i want to put across is that cryptocurrencies have actually been introduced to bring financial freedom to almost everybody. But the problem is that many people are using cryptocurrencies to do a whole lot of bad things which is tarnishing the image of cryptocurrencies and also making the global legalization of cryptocurrencies very difficult. I believe lack of adequate knowledge, greed are some of the reasons why some people fall for these scams and i believe also that it is our sole responsiblity as crypto enthusiasts to find the best solution that would help curb all these bad nuts in the cryptospace. thanks for sharing your thoughts guys. i really love reading them all!

[949miner]

why do you have the idea that we are abusing decentralization?  Decentralization is the tech version of democracy where we are in charge of our decisions we take in the financial ecosystem. Cryptocurrency (Bitcoin) introduced the world to an environment where people don't have restrictions in terms of sending or making transactions. Decentralization eliminated the third party system which restricted people with regard to the amount of funds they can send within a given period. This system was financial slavery. People are just appreciating the financial freedom decentralization gives them and  not abusing it. You only get scammed when you make yourself vulnerable by not making enough research about a project before buying into it.   

[Tylev]

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.

Certain regulation of cryptocurrency by the states is inevitable in order for the cryptocurrency to be legalized in each country. However, such regulation should not affect the fundamentals of the functioning of a decentralized cryptocurrency, because the meaning of its existence will then be lost. The state can only establish the order and conditions of circulation of the decentralized cryptocurrency inside the country. In this part of the anonymity and confidentiality of the person may be lost. However, the state should not interfere with the principle of decentralization of cryptocurrency. It has the right to release its own centralized cryptocurrency and manage it.

[VitKoyn]

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 its own drawbacks because there are no perfect systems, and there will always be people that will abuse it for their own benefits, in this case hackers and scammers are abusing the decentralized nature of Bitcoin so they can be almost impossible to be traced but there will be no activities like this if people will not let it happen. The reason why people are being victimized by this is because there are people that are not knowledgeable enough on how they can secure their Bitcoins, while some are being scammed or hacked because they are careless on where to put their Bitcoins, thinking that 3rd party wallet providers are safe to store their Bitcoins in long term. And even with good regulations this kinds of illegal activities will still exist.

[Lpim01]

We are not abusing it, instead we use its benefits and enjoy the thing it was. I may in good of being decentralized market as nobody have taking control of the flows. Due to anonymity of individuals have brought something disadvantage to us leading into scam and some other illegal activities just like frauds and money laundering. I may afraid that this cause a huge problem in the community and may regularization will stop it.

[bots1]

I think many people don't understand how decentralization works, even now we have to believe in smart contracts that don't have any guarantees. Decentralization is actually only owned by bitcoin because the decision to renew technology in Bitcoin requires consensus with a joint decision. When there is a cryptocurrency that is only controlled by the development team, I think they are not part of decentralization.

[South Park]

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.

This was going to happen no matter what, not only for the reasons you specify but for others as well, people are used to be protected by banks that they do not really take the time to secure their digital information, but now that we are our own banks securing our information is up to us and now people are finding out that it is way harder than what they thought, so we need a change in the habits of people towards their digital data, something that is not easy as anyone that has tried to eliminate a bad habit knows.

[Fredomago]

It is not the regularization that could stop scammers to continue their evil works but it is our self who are giving them a chance to scam us. They can't be existed if we all are taking much care of our wallets but due to our own mentality which wanting easy money, instant profit( which is impossible), and huge gains without doing anything will simply makes us easily to scam. We better change that cause there is no easy money, we must have to work it hard in order to achieve of what we want to happen in our life.

More and more scammers are showing up due to this lack of securities,more crypto followers are just aiming for quick money and forget about observing how things are doing from the current situation, we can't change that but we can do avoid it to keep happening, by starting to change your idealism to this industry and begin to manage things in the right ways.

[magneto]

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 fact that people are getting scammed has nothing to do with bitcoin's decentralisation. Scams will happen regardless of what currency is being used.

I don't understand why you think decentralisation is being abused. The irreversibility of bitcoin can also be seen in various other transaction methods, not just bitcoin, and I don't think scammers using bitcoin can count as "abuse of decentralisation". Decentralisation is what makes bitcoin have potential in the first place, and taking away from that makes no sense.

I do think though that regulation in bitcoin businesses, in particular exchanges, should be welcomed. Although, the fact that most of these regulations do absolutely nothing in terms of regulating the security, reserves, and customer service of businesses, but rather focuses on draconian KYC/AML measures means that they are pretty much useless at this stage.

[Abiky]

How can you be robbed in a decentralized way?
It cannot be done.
All of it are just foolishness, stupidity and lack of knowledge which all are just the same.

Exchanges now are centralized, they are being hacked because of that.

Another is phishing which could be prevented if you did the right thing?

Scams? What kind?
All of this could be prevented if you are doing the right steps.

Exactly. Most scams or loss of funds are largely because of misuse among everyday people. They are not aware of how to properly secure their cryptocurrencies against hacks or theft by never leaving their coins in an exchange and doing several other practices. Because centralized exchanges have the most liquidity on the market, they are widely used worldwide. This brings a single point of failure, where centralized exchanges become honeypots for hackers. For people that are newcomers into cryptocurrencies, they could easily lose their coins by leaving them on an exchange.

However, all of this could be avoided by taking the necessary precautions to secure your coins. It's not decentralization's fault, but rather the lack of education among average people within the mainstream world. If everyone were to follow the right guidelines in securing their coins, then it'll become nearly impossible to get robbed. Decentralization brings unmatched security, but the greatest flaw of it is the user himself.

Nonetheless, I believe that there needs to be regulation in order to put an end to scams once and for all. Just my thoughts

[cabron]

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.

[trashman43]

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.

Please help me understand this post you made. What do you mean by we abusing decentralization ? Decentralization is just an environment that provide people in it with a peer-to-peer system and also an atmosphere where they can decide on how they trade or make transactions without any third party. This is called the financial freedom. You are just overthinking this, just accept nature of blockchain technology and everything will be made clear to you...

[ETHICKNINE]

When Decentralization was introduced using blockchain technology with bitcoin, Ethereum and many other altcoins they provided freedom for everyone who started to use them with no involvement of a centralized organization and that gave some criminals specially hackers an opportunity to steal and rob others without getting caught to anyone and that is why wee see like it has been abused by people who are in both bitcoin and cryptocurreny markets which has become unavoidable

[denzkilim]

Look at the way people are being scammed and robbed in broad day light just because crypto is embedded in anonymity and decentralization.

no, they are being robbed and scammed because they chose a centralized place to put their decentralized bitcoin. in other words they got scammed the day they decided to leave their bitcoins on exchanges and not have control over their private keys. and this has nothing to do with decentralization!

That's is correct, people got scammed or hacked only when they got exposed just like what you have said about exchangers. if a person sends his/her Bitcoins to an exchanger it is already at risk because if that market is being jeopardized expect that those Bitcoins that a person sends will be in danger too.

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.

so you start by talking about decentralization but then demand centralization through regulations?!

LOL, maybe he does not fully understand what he is saying because at first he is talking about decentralization and all in a sudden comes up with a centralized idea coming out of nowhere.

[Ucy]

- Blockchain enables you to spend your money without going through third-party.
- It enables you to own a currency that is not tied to debt nor  effected by inflation.
- It enables you be your own bank in a more secure way.
- It Censorship resistance.
- you fund is securely held in a decentralized way.

Blockchain or decentralized platform does not stop you from giving your money to crooks just as banks don't stop you from sending your money to crooks.

[Halmater]

Even if there are some disadvantages of Bitcoin being in decentralized structure, it can easily be seen that the advantages are more in comparison with the overall framework. Even though there were people who had benefited from these disadvantages and gained unfair gains in the last period, market players have matured and the frequency of such cases is decreasing.

[mornabo]

Some form of abuse is always to be expected in any kind of new technology unfortunately. Also adding the fact that bitcoin and most cryptocurrencies are pseudo-anonymous, the scams and hacks are definitely to be expected. For now, pretty much all we can do is to deal with it, until probably a better solution of handling private keys becomes invented. Something that could potentially easily convince the majority to hold their funds on their own wallets; in contrast to holding funds on exchanges and online wallets.

Yeah I think we should be fair with that, even if the financial system is centralized, there is still a lot of misuse, because the decentralization transaction is a transparance and decentralization can actually be used to reduce crime, depending on how they use it well or not,

[Ezenwanyi1]

I agree with your assertion that the decentralized structure of Cryptocurrency is being taken advantage of by some individuals.
For instance , some people now use it for money laundering, to sponsor terrorism, for drug trafficking and scamming activities.
This is all due to the fact that there's no way of linking this online activities to their offline addresses.
Talking about some kind of regulatory control over Cryptocurrency activities, I think it would be great and also will reduce the incidences of this criminal activities.
But the question is, how will the regulation control be implemented since what we have is not a centralized structure?