Can Bitcoin become a true decentralized currency?

[fiulpro]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

As long as we are living in a society with economic disparity and with such a little redistribution of wealth. Along with the corrupt governments who are too scared to let anyone come and steal their power. I do think we will have to deal with probelms related to true decentralization. People will use anything :
Money
Power
Fame
Who knows what else ? Everyone's goal is to make a lot of bucks, they are not even happy if they are in the world's richest top 10! There will always be something that they could not achieve. Therefore they will use anything that they can make money out of and during the pandemic *bitcoins* seems like the target for such people. We are not only dealing with people like Elon Musk using something as simple as twitter, but we are dealing with governmental laws here!! We will never achieved complete decentralization for sure. We do need an ideal world for it which is too far from the reality.

[The Cryptovator]

Technically Bitcoin always will remain a decentralized cryptocurrency. The aim was to introduce Bitcoin as a Peer-to-Peer electronic cash system that is fully decentralized. No middleman would control the transaction. There is no relationship between Bitcoin price and Bitcoin technology, to be honest. Even any whales won all the Bitcoin although it's not possible, but still Bitcoin will exist as a decentralized cryptocurrency technically. But sometimes we notice manipulation in the price, it doesn't mean Bitcoin is centralized. Keep in mind whales even not controlling Bitcoin, they just encourage or discourage us to buy or sell and that's how they manipulate the price.

[KingsDen]

You need on your own create a clear distinction between Decentralization and Price Manipulation. Stability of price is not a direct definition of decentralization.
I beg to fault OP.

[milewilda]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

Do you have a proof that whales are manipulating the crypto market? This can very well be a popular belief and may be far from reality. Till date we haven't seen any legit proof where the whales have manipulated the market. Obviously Elon Musk did and now his company's bitcoin holding is running in negative.

I don't think we have any other assets available which are greatly decentralized like bitcoin.

Come to think that if Bitcoin was decentralized in the first place then e wont really becoming this big. Government had been trying for years on to control Bitcoin literally on technical aspects
for manipulation in terms of price or value but same as you said it cant be proven out but we can presume that its there even on traditional markets like stocks and forex where these
manipulative actions can really be obvious for sometimes and thats a centralized market, how much more on a decentralized market where funds could easily flow?
Bitcoin is decentralized and its demand and support is the proof.

[carrigan]

Decentralized currency?
If it is about a currency, it will be something that relates to governance by the countries. And every country will have its centralized currency for each country.
However, Bitcoin is different, this coin is not owned by a government, nor by other parties.
We all are the holders or traders of Bitcoin, but we cannot regulate it.
The price will really depend on demand and supply on the market. Although there are many whales that are manipulating the market price, we can see, which whales? there are also so many whales, and we cannot say that one of them is regulating, because whatever their manipulation, the price itself will also relate to how the market at that time.

[sheenshane]

Bitcoin is decentralized but it doesn't mean it can't be manipulated, because the price varied on the demand and supply.  We have a large transaction tracker that we can always suspect as a Bitcoin price manipulation but yet we aren't sure if that was come from a manipulator or not.  It's really hard to prove the manipulation process because getting data from different various exchanges may not be enough to determine the manipulation effects because some price movement causes by the organic traders how they are actively doing trading in the market.

However, even how many times we heard about manipulation and even the most influential people involved in this.  Bitcoin remains the best form of investment asset and still spreading the adoption process because no one can stop even the government due to natural decentralization.

[Questat]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

What do you think about Bitcoin now?
It was decentralized since before and nothing had changed despite saying a manipulated price. Don't get doubt about it, Bitcoin remains uncontrollable but we are not sure for the next 100 years (if that still exists). I know that things can be changed depending on the development and market demand. And it won't be possible to happen if the community will agree and voted to have it change to a centralized platform.

But until this time, it was 100% decentralized.

[GreatArkansas]

You need on your own create a clear distinction between Decentralization and Price Manipulation. Stability of price is not a direct definition of decentralization.
I beg to fault OP.

+1. OP maybe is still confused about being decentralized digital currency and price manipulation. Which they are far different.
We can see a lot of price manipulation, even on decentralized assets, like in the stock market.
This thread and posts under the OP's thread could to enlighten the OP.

[tiCeR]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

1. Bitcoin is decentralized. This means that its network is decentralized. Get offline some miners and everything will run. Get offline some nodes and everything will run. No central point (of failure).
2. Bitcoin price is not related to decentralization. And even though it may be indeed manipulated, the manipulation is far from easy to be done.

Hm, are you sure Bitcoin's price is not related to decentralization? You may respond now that any currency being decentralized would then be as valuable as Bitcoin, but that argument doesn't hold true as Bitcoin is a forkable (don't know if the word exists, but you know what I mean) protocol, but not a forkable ecosystem. The fact that not a single entity can change the database at will gives Bitcoin value. The fact that only with the consent of the majority the database can be changed gives Bitcoin value. If it were to be decided that by August 1st there'd be one single entity in charge of keeping the database intact for the rest of the world would send Bitcoin's price on its way to zero. Or what do you think?

[NeuroticFish]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

1. Bitcoin is decentralized. This means that its network is decentralized. Get offline some miners and everything will run. Get offline some nodes and everything will run. No central point (of failure).
2. Bitcoin price is not related to decentralization. And even though it may be indeed manipulated, the manipulation is far from easy to be done.

Hm, are you sure Bitcoin's price is not related to decentralization? You may respond now that any currency being decentralized would then be as valuable as Bitcoin, but that argument doesn't hold true as Bitcoin is a forkable (don't know if the word exists, but you know what I mean) protocol, but not a forkable ecosystem. The fact that not a single entity can change the database at will gives Bitcoin value. The fact that only with the consent of the majority the database can be changed gives Bitcoin value. If it were to be decided that by August 1st there'd be one single entity in charge of keeping the database intact for the rest of the world would send Bitcoin's price on its way to zero. Or what do you think?

Maybe I should have phrased this better: "Bitcoin price manipulation is not a measure of its decentralization."
But you could also have read my post in the context I wrote it.

All in all, you just told me the sky is blue. Thank you.

[imstillthebest]

btc is now spread across nations and with different people holding it , manipulation will now be harder .
 its high price can also makes it harder for whales to manipulate btc and no this dont remove the decentralization feature of btc  .
we can lessen the effects of manipulation if we can contribute buying and hodling more btc and we should ignore fuds and stop panic selling  .

[LogitechMouse]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

Manipulation and decentralization can't be combined .

Manipulation can happen at any market. Whether it is stock market or crypto market. Manipulations by whales can happen. Stock market is centralized and yet it can still get manipulated.
Decentralization's definition can't be connected with manipulation at any case . Decentralization is something that doesn't have any central authority to govern something which in this case, no one is governing us so its safe to say that Bitcoin is decentralized in any way.

Overall, whales can manipulate any market although there are no concrete evidence that they are but it doesn't mean though that if a certain market is manipulated it isn't decentralized.

[aysg76]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

It's not centralized which means that Bitcoin transaction and network is not dependent on any centeral authority and is operated by all the nodes and miners across the network and even some of them leave it btc would still be functional.It cannot be shut down from any server and you can send instant payments to anyone globally without any third party intervention and that's what is called decentralised currency.

Talking about the prices they are determined by the market forces of demand and supply and when whales dump thousands of coins they are holding it can cause temporary dump in market but they cannot control the network or forge the transactions with any super computer also so that's the main point.The other altcoins which are centralised are controlled by any company can make changes and limit the supply and make rules for you and moreover thier most of the supply is concentrated to small wallets and they can make permanent dumps in market like Dogecoin but it's not the case with Bitcoin.So that make bitcoin different from others which is why it's most popular currency.

[fuguebtc]

Bitcoin is real decentralized.No whale can control bitcoin.Whales can only influence the price of bitcoin for short periods of time, and manipulating the market price has nothing to do with bitcoin's decentralization.

[choechristian00]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

Bitcoin has grown in popularity and acceptance by promising consumers a completely decentralised and low-cost virtual currency system. In this essay, we demonstrate that Bitcoin's most important processes and choices are not decentralised.

[Renampun]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

don't speculate on things you don't understand, Bitcoin is pure decentralization...



if Bitcoin has a center then you can say Bitcoin is not decentralized. if you give an example that the dots are whales, then Bitcoin cannot also be called centralization.

[Keremgor]

 This is constant flow.. From Decentralization to less Decentralized or Centralization. Bitcoin started as Less Decentralized, mined 16 million coins with few early lucky adopters,only within 2 years.. Now constitutions and large funds acummulating again it goes to Centralization becuz of it is capped supply.

To become more Decentralized, it should be like GOLD 'mined thousand years' and distribute to every corner of WORLD.

 So by this well put 'capped supply'' trap to lure profit oriented people and large money elits, Satoshi convinced WORLD the idea of CryptocurrenCy. Now what is NEXT?

[Ucy]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

I guess you mean whales manipulate the price.
Well, the price is based on demand and supply...so certain people would try to exploit/manipulate this for selfish reasons and to the detriment of the Bitcoin community/users.
If you allow Bitcoin to have a robust internal and fairly independent economy, and/or have better decentralized mechanism for checking price manipulation (which creates extreme price volatility), we wouldn't be worrying much about manipulation.
Besides, I wonder what currency/asset can't be manipluted if you allow people to attack/exploit it without being penalized.
Even Gold price seem suppressed and that sounds like manipulation to me, yet gold is fairly decentralized.

[davis196]

The whale manipulates its value and is so easily manipulated. Is this decentralization?

Decentralization has nothing to do with the market price.Read more about BTC,instead of asking newbie questions that were asked a million times.
Decentralization is about who can control the blockchain and decide which transactions to be confirmed.
Decentralization is also about controlling the amount of newly mined Bitcoins.
Gold price is manipulated,is gold "decentralized"?
Every market can be manipulated.

[fara_buduk]

So far, crypto assets carry decentralization, which means there are no intermediaries in transaction activities in them. ... Here, the digital payment system takes place peer to peer or from the sender directly to the recipient. so you have to understand first what is meant by decentralized bitcoin, I think op should learn a lot more about blockchain technology by reading and asking questions in this forum so that you know the direction in question