Decentralized control of Cryptocurrencies

[suzanne5223]

Therefore, it is possible to control decentralized crypto at some point and no crypto can be decentralized forever.

Are you saying here that there will be a time that bitcoin will become centralized ? Like Satoshi will be discovered and things will be ultered like the white paper, the community and there will be claim of ownership etc. What do you mean with that then ? Can you explain better on the statement.

No, this is not what I mean but I want you to understand that if the NSA when finds out who Satoshi it's possible. Having said that, I was relating to the decentralization in the price of the market and mining of BTC not consensus.

Based on the concept, no censorship, and how Bitcoin was created it was the true and only decentralized cryptocurrency in the market but we also need to understand that after private organizations and institutions are the major investors in the bitcoin market its decentralization level has also changed.

I do not believe that is how the decentralized aspect of Bitcoin network works. Changes in the system are only possible through the collective decision by the majority of Bitcoin nodes, not by Bitcoin whales.

I'm sorry i don't clarify my messages but I believe you ought to understand I was referring to the decentralized control aspect of the market price and mining.
In the future, some change may happen in BTC mining if there's an organization that has 60% hash rate power.
Though it's not possible now.

Therefore, it is possible to control decentralized crypto at some point and no crypto can be decentralized forever.

No, that is incorrect. The system can be decentralized forever.

Yes, it all depends on the consensus.

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[Zilon]

The world has grown to trust the centralized financial system despite it manipulation and regulation and it might take longer years to break out of this grip, but don't you think the whales also control the decentralized finance as well this time by manipulating Bitcoin price for their own pleasure the repetition of trends is a clear example

[hatshepsut93]

Algorithmic stablecoins don't fail because they are trying to get linked to USD, they fail because their algorithms are flawed and can be abused. Is it possible to invent a perfect algorithm that can't be hacked? We don't know, so far no one studied the theory behind it, the shitcoin creators are building things because they can and they get rich in the process, regardless of the outcome.

[VictorProsh]

Algorithmic stablecoins don't fail because they are trying to get linked to USD, they fail because their algorithms are flawed and can be abused. Is it possible to invent a perfect algorithm that can't be hacked? We don't know, so far no one studied the theory behind it, the shitcoin creators are building things because they can and they get rich in the process, regardless of the outcome.

Algorithmic stablecoins fail precisely because they try to bind to the US dollar. They will always fail precisely because their algorithms are imperfect, it is impossible to measure decentralized finance by a physical quantity, Try to measure how much 1 bitcoin weighs in kilograms.
Decentralized finance is parallel to centralized, they do not have a single common point of contact. They can only intersect in different places, transform into each other.
To introduce a Fiat monetary system into a decentralized economy with the help of artificial stablecoins is absurd. The very principle of a decentralized economy is based on its openness and stability. An open source cryptocurrency is transparent and predictable, it can stabilize itself and even manage the Fiat economy.

[Leviathan.007]

What do you think? Is it necessary or possible to control a decentralized cryptocurrency or not.

Being decentralized has some meanings. Whenever we say bitcoin and cryptocurrencies are decentralized we mean they cannot and should not be controlled by any government and organization but even after this, having decentralized cryptocurrencies and bitcoin is not what governments want, they will try to get control over it and trace the transactions especially if the transaction is related to their people, but due to the nature of bitcoin, they are quite far from getting control over it.

[justdimin]

You do realise you just explained difference between centralised and decentralised monetary system? I’m not sure what’s the point here but yes that was the very much vision of satoshi and that’s what he already achieved through a decades timeline. Believe it or not we already have one way or other to use bitcoin as decentralised monetary system no matter how many rules and regulations are imposed throughout our country. There is decentralised exchangers or p2p platforms which would give you liberty from even centralised exchangers.

Decentralized needs to be reminded again these days because there are so many people who are investing their money into centralized projects. Projects where the team actually has a chance to keep on controlling the network.

One of the most famous ones has been XRP, because there is a company called Ripple that basically controls it for good, and that should scare people enough that they should have never invested into it. And that is an old one, we are talking about brand new things where people ended up doing some investments based on the centralized projects that ruins people. So just stay away from centralized ones, and go with satoshi's decentralization.

[Hydrogen]

all countries of the world build their financial policies on the same principle, focusing on the $ USD exchange rate because the world does not yet know another better system.

Everyone with a concept of a better system. Can publicize their idea and request funding to make it a reality on kickstarter. Other avenues of more discrete funding are available from many different sources. Making it easier to develop and deploy new financial concepts today, in contrast to previous eras. Free markets can then decide the value of the new system and whether to adopt it.

Formulating new ideas and formats is the easiest and least time intensive part of this process. Which is counter intuitive in terms of it also being the most neglected aspect of development. Most do not wish to reinvent the wheel or develop a better mousetrap. They're satisfied with incremental improvements over the status quo.

Developing a better financial system runs contrary to many standard industry practices.

[VictorProsh]

all countries of the world build their financial policies on the same principle, focusing on the $ USD exchange rate because the world does not yet know another better system.

Everyone with a concept of a better system. Can publicize their idea and request funding to make it a reality on kickstarter. Other avenues of more discrete funding are available from many different sources. Making it easier to develop and deploy new financial concepts today, in contrast to previous eras. Free markets can then decide the value of the new system and whether to adopt it.

Formulating new ideas and formats is the easiest and least time intensive part of this process. Which is counter intuitive in terms of it also being the most neglected aspect of development. Most do not wish to reinvent the wheel or develop a better mousetrap. They're satisfied with incremental improvements over the status quo.

Developing a better financial system runs contrary to many standard industry practices.

You are absolutely right, all financial developments in the field of cryptocurrency are focused on the Fiat system. Everyone is trying to repeat it in a decentralized version, not realizing that it is simply impossible for them to have a different nature of existence. Fiat cannot exist without management, and decentralized finance is inherently unmanaged by anyone in particular and no public consensus will solve this problem. If you cross a hedgehog and a hedgehog, you understand what happens in the end.
I have proposed an alternative solution for the development of decentralized finance, which does not rely on the Fiat exchange rate, but transforms it into a cryptocurrency without fear of losses. No one has refuted it yet.

^{A timeline for the development of decentralized finance.}

[Ucy]

Decentralized control via Network Consensus (for example) means no single person or thing has ultimate control over the Network without being approved by network participants.    This is why it's important to avoid making it hard for your Network to have as many participants as possible who should be able to freely take part in network consensus as long as they are bounded by good rules of the Network.   I consider Networks that limit this free participation as potentially rogue and centralize networks. This limitation comes in form PoS consensus mechanism for example

[fiulpro]

Control ?
Yes but it comes at various levels for sure there are few things that we have to consider :
1. Control from the developers
2. Control from the inventor
3. Control exercised by the government itself indirectly
4. Control due to individual banks banning them or Allowing them
5. Control from various companies like pay pal.

Now the control can he direct and indirect ofcourse and most of the times the direct control will be coming from government and also the inventor but talking about decentralized currencies I do think that it's better to understand that they cannot be fully controlled for sure.

[SirLancelot]

Decentralized control via Network Consensus (for example) means no single person or thing has ultimate control over the Network without being approved by network participants.    This is why it's important to avoid making it hard for your Network to have as many participants as possible who should be able to freely take part in network consensus as long as they are bounded by good rules of the Network.   I consider Networks that limit this free participation as potentially rogue and centralize networks. This limitation comes in form PoS consensus mechanism for example

Crypto is basically done based on that, decentralization and no single person having any type of power over this is the real reason why we are in a good market right now. That is exactly the reason why I am in crypto and that is why I am making so much investment that would mean a good profit for me and that is why I care about it so much.

After decades of being in the horrible banking world and knowing the type of shit they do, anyone who gets into crypto would know the greatness of crypto world, and that is why it is such an awesome thing. Decentralization is the thing that differentiates crypto from fiat, and all the centralized cryptos are horrible to me.