Bitcoin, the only thing that stands on its lane.

[Who is John Galt?]

I would ask what fake decentralized projects you have been dealing with already? Some DeFi scam or yield scam? Why? What's wrong with just buying bitcoin and ignoring these scamming shitcoins and their scamming platforms?

I haven't dealt with any yet. I prefer to first understand what might have to be dealt with, which is why I ask these questions. Because indeed many claim to be called decentralized, and then it turns out that they are much more centralized than it might seem from the outside. Blockchain rollbacks and suspensions, say, don't look like something that should happen on a truly decentralized blockchain.

But ignoring should also be meaningful. Even if it turns out that there are no other sufficiently decentralized projects at all, I want to understand how to see it so that the decision is supported by knowledge, and not just a repetition of someone else's experience.

[tabas]

Bitcoin surely is incomparable from all of those examples that you've mentioned. As for Binance, I can't vividly remember if they have advertised before as a new project that they're like a decentralized project that shall disrupt the current technologies and market for exchanges. But that's like the pattern that most of the projects does. They're going to use the descriptions that typically used by most projects telling people how decentralized they are but in nature, they're not. If people are all for the decentralization, Bitcoin is the number 1 candidate of it. However, with today's movement in the market, it's no longer about the tech, about the privacy but more with profitability for which they're taking a leap of faith with the alts and projects of their choice.

[Sim_card]

It is absurd to see that centralized exchanges like Binance deceives people to make them believe that they are decentralized just to claim that they are the best. People that lacks the understanding of what a decentralized exchange is,will fall for them. As long as KYC verification is needed and you don't have control over your keys,it shows that you are dealing with a centralized exchange. It is impossible for an exchange to be decentralized and have centralized features. It is because these exchanges knows that bitcoin is decentralized and people knows,that is why they are claiming that Binance is decentralized to make people believe that they can store their bitcoin in their exchange. Whatever is not an open source is centralized.

[Doan9269]

I mean if Binance was decentralized right from day one, wouldn't this be cool? This is why I think decentralization is a complete joke in crypto today, any parties can just come out and they say they offer both.

It would have been the best decision if Binance went completely decentralized than we have them centralized today, but that shouldn't be an issue for now, we have the opportunity to go after any decentralized exchange and if any exchange that is centralized us claiming decentralized under new service introduced, we should not fall for such, they cannot be two at once, it's either they are custodial or non custodial, or maybe as some have assumed that bitcoin shouldn't be allowed on centralized exchages than a non custodial wallets.

[BIT-BENDER]

No way you think Coinbase is decenteralized just because it's now providing DeFi services. Coinbase allows you to connect your exchange account with your wallet and which makes it share the data of your DeFi wallet with Coinbase which completely removes any privacy or anonymity you had earlier. I prefer to use Metamask If I really want to go deep in DeFi or DApps. I would never use any wallet built by an exchange, similarly Binance has their own Trust Wallet. They named it Trust. That's a complete joke.

Coinbase, binance are centralized exchanges and they have been like this for a long time, regardless of the fact that binance offers peer to peer transaction you can see all the details of the buyer like their bank account details.

To register an account on binance you would be needed to present some identification details of users and this already has compromised your identity something decentralization Is against.

[lionheart78]

Could be the reason for the fail of other defi projects are less testing's, and security setups for the developers? finding bugs and other exploit are the developers responsibility, releasing projects early without proper testing and looking for bugs, is one way of telling these hackers that take the money its okay, a rush project is like a trash, i mean im sure there are security features that can be implement for security.

It is possible since developers are in haste in implementing their applications.  They rush to get profit while they do not fully test the functionality of the code for the glitches or exploits.  It is also possible that the vulnerabilities are intentionally left there so that they can milk the system by hacking it themselves in disguise as other people doing it.

I used to say wow about DeFi a long time ago but now for me, it is a haven for hackers, and avoided it as much as I can.  I would rather have a centralized service that is way more secure and has insurance than dive into a DeFi thing that can be hacked anytime and any losses are unrecoverable since there is no one to take the blame.

I never leave any funds on any centralized exchanges since I am using them according to the reason they are made, to exchange so I do not have any issue using them.

[The Cryptovator]

The only true decentralization is Bitcoin, all others aren't truly decentralized Anyway. You may call them semi-decentralized, not truly decentralized. Because almost everything is controlled by a team. I am not sure about the Coinbase platform since I haven't used it. But Binance p2p won't be decentralized, I don't know where they claim it. To be honest it's become hard to think of crypto without centralization. If you hold Bitcoin on a non-custodial wallet then you may claim it's fully decentralized. Though Bitcoin is truly decentralized, we can't control it unless we store our own non-custodial wallet.

[o_e_l_e_o]

Blockchain rollbacks and suspensions, say, don't look like something that should happen on a truly decentralized blockchain.

Absolutely. And the second most popular crypto in the world - Ethereum - has done exactly that. When the wrong person acquired some ETH, a small group of individual reorganized the entire chain to reverse that from happening. That's the whole reason there is a fork called Ethereum Classic. It was started by a group of people protesting against the complete centralization of Ethereum.

And let's never forget that Binance wanted to do the same thing on Bitcoin to reverse one of the many times they were hacked. Of course the community told them to GTFO.

The only true decentralization is Bitcoin, all others aren't truly decentralized

There are a handful of projects out there that are truly decentralized, such as Bisq and JoinMarket, and one or two other coins, such as Monero.

[Abu-Naim]

Bitcoin protects it's investors, there is never a hack on bitcoin blockchain, but because many projects are ready to deceive the masses in the name of DeFI and Decentralization that's why some people believe them.

We all want decentralization on crypto space to be more than just Bitcoin only, but the truth is I believe there won't be another.

Some people lack adequate perspectives regarding the distinction between decentralization and centralization, which leads them to believe other projects that claim to be decentralized. How can a new project produced by a multi-person team be decentralized? It is not possible since we have a conflict of interest that could lead to problems within the team.

What exactly is the distinction between exchanges that require KYC and those that enable trading without it?
Do they become decentralized just by not requiring KYC?
Is it wise to invest our money in them?

[Jegileman]

There is no coin that can be as decentralised as bitcoin when discussing centralization and decentralisation. The only decentralised cryptocurrency currently in use is bitcoin, and it will continue to be the only one for many years to come.

Using the word decentralised does not imply that a company, projects, or exchange is entirely decentralised; rather, it is a marketing term used to draw customers to them. If you grasp it, you won't always fall for their enticing statements because it is only a marketing strategy.

Advertising a project is acceptable, but not at the expense of lying, but who is to say they won't lie in marketing to attract more customers?  Without a doubt, no one, and the pattern will remain unchanged. Simply remember that Bitcoin is the only decentralised cryptocurrency and that’s it.

[Who is John Galt?]

Simply remember that Bitcoin is the only decentralised cryptocurrency and that’s it.

If bitcoin could do this, what should prevent some other coins from doing the same sooner or later? The fact that, as experience has shown, many coins were created for completely different purposes, and only for advertising purposes they talked about decentralization, while they themselves made every effort to maintain centralized control, does not mean that the success of bitcoin in the field of decentralization can not be repeated at all.

Decentralized solutions can be useful to us for a variety of purposes, and one bitcoin cannot solve all problems at all, so I would like to hope that other truly decentralized projects will still appear.

[Jegileman]

Simply remember that Bitcoin is the only decentralised cryptocurrency and that’s it.

If bitcoin could do this, what should prevent some other coins from doing the same sooner or later? The fact that, as experience has shown, many coins were created for completely different purposes, and only for advertising purposes they talked about decentralization, while they themselves made every effort to maintain centralized control, does not mean that the success of bitcoin in the field of decentralization can not be repeated at all.

Decentralized solutions can be useful to us for a variety of purposes, and one bitcoin cannot solve all problems at all, so I would like to hope that other truly decentralized projects will still appear.

This is something I also hope for too but I can’t see it coming soon. As long as new projects keeps imitating decentralisation when they’re not, do you think we can see a new project as decentralised as bitcoin coming soon?

[YUriy1991]

If we notice Bitcoin trading performance has been marked with a lot of volatility lately. Chinese traders are in the system. Now many of these companies have been alerted to inadequate financial market infrastructure and basic oversight of existing exchanges for digital currencies. Yes. at least we should probably stick to a safer investment portfolio because All confirmed Bitcoin transactions are included in the blockchain so that the Bitcoin wallet can calculate the total of our most important balance (Privacy).

[Who is John Galt?]

This is something I also hope for too but I can’t see it coming soon. As long as new projects keeps imitating decentralisation when they’re not, do you think we can see a new project as decentralised as bitcoin coming soon?

The level of Bitcoin decentralization that has been achieved is largely based on the fact that there are already many miners that require huge computing power to find the hash. This is what Satoshi Nakamoto predicted in the White Paper. Initially, bitcoin was much more vulnerable.

Therefore, I will not undertake to predict whether some other decentralized project will appear in the near future. After all, even if it has already appeared and is starting to work, in order to reach the level of Bitcoin decentralization, it will need to become quite popular. And at the initial stage, even a promising project can be compromised.

[jcojci]

Yes I don't really like anything CeFi and Centralized, but it seems these people are calling us stupid, why?

It depends on each person's point of view. And don't feel offended if someone calls us stupid.

How can a centralized platform that have build up its name and reputation in crypto space claim they have a decentralized feature to offer people?

It was to attract the attention of new people who joined their platform, and they succeeded.

If they are already well known how can they successfully run decentralization? You want examples? Here we go

Coinbase for example now have a swap exchange that they claimed its true decentralized, running on base, a project layer 2 from the coinbase team.

Binance, another centralized exchange, offering a peer to peer service, something that should happened between two people only, even if because of successful transaction to be carried out, why centralized entity involvement?

The two exchanges you mentioned are centralized. And when they claim that they have a decentralized exchange, it is not completely decentralized but still centralized. And why is there involvement of a centralized entity? Because they want to get more money from the costs made by those people.

I mean if Binance was decentralized right from day one, wouldn't this be cool? This is why I think decentralization is a complete joke in crypto today, any parties can just come out and they say they offer both.

It's annoying and this is why Bitcoin is different, I think nothing can really be decentralized as Bitcoin again.

If an exchange already asks for KYC, they are a centralized exchange. In the past, Binance didn't ask for KYC like now and only email. But after pressure from regulators, Binance asked its users to carry out KYC. The same thing happened to Poloniex and Bittrex in the old days.

[CryptopreneurBrainboss]

How can a centralized platform that have build up its name and reputation in crypto space claim they have a decentralized feature to offer people?

It's called jumping on a trend and everyone is doing it but just because everyone is doing it doesn't make it right. Whenever there's a new trend in the cryptocurency industry, every company wants to do what's trending because that's where the money is and that's why all this popular centralized exchanges now have their own (so called) decentralized exchange and P2P exchanges. They do this because they know people are looking to participate in what's trending and considering they already have the reputation and numbers, if they say they're offering those services they'll get people to use their exchange and make them more money. Guess what, many people don't care if what they're using is truly what it should be but provided they get what they wanted or feel a sense of belonging, they'll keep using it and that's why people are using these exchanges P2P and their (so called) decentralized exchanges while others don't truly know the difference.

I mean if Binance was decentralized right from day one, wouldn't this be cool? This is why I think decentralization is a complete joke in crypto today, any parties can just come out and they say they offer both.

It's annoying and this is why Bitcoin is different, I think nothing can really be decentralized as Bitcoin again.

It won't have been cool because they would have deceived more people and that's that why I'm glad they made their name been centralized and this make it easier to tell anybody trusting them to open their eyes to reality. Binance has been centralized from the very begining and no matter what they call the name of the service they're offering it doesn't change that. Changpeng Zhao wants to control the crypto industry and it's a good thing that he isn't succeeding. Bitcoin will always be the only true decentralized cryptocurency because it was created for the people and made popular by the people and not because of big money backing by influencers used by most other crytpo projects.

[Coyster]

How can a new project produced by a multi-person team be decentralized? It is not possible since we have a conflict of interest that could lead to problems within the team.

That is not an accurate way to determine if a project is decentralized or not, you don't even know if Satoshi is just a single person, or a group of 5 people, you don't know how many persons were involved in creating Bitcoin. A project can be created by one person and be centralized, the same way a project can be created by 20 people and be decentralized.

A project is centralized when its users can be censored by the creators, like Binance, another way to identify a centralized project is if it can be shut down by those who created it or by a different entity, like Coinbase. There are many other examples, and decentralized projects like Bitcoin are immune to all of these, because even Satoshi cannot shut down the network or censor any user.

[Mpamaegbu]

-Defi
- P2P
- Privacy

The first one on that list is absolutely but unnecessarily over bloated. Just like every new lingo in the crypto space, DeFi instantly became a buzz word. Again, because it has decentralized to it, it became an instant hit like when this industry had ICOs, IEOs, IDOs but it's obvious now that DeFi was just a thing. I bought a few tokens with the DeFi tag in them in the past but they didn't turn out well. None did well. As for the P2P, that's one of the major excitement points in this space and for Bitcoin too. That one is able to transact smoothly with others in exchange without middlemen shows the gains Bitcoin (cryptos) has over traditional financial institutions. In addition, the issue of privacy for me is a personal thing. I'm of the opinion that there's no way anyone in this industry can claim with certainty that they haven't in any way compromised their privacy ever in the past, except they're just starting out now.

I mean if Binance was decentralized right from day one, wouldn't this be cool? This is why I think decentralization is a complete joke in crypto today, any parties can just come out and they say they offer both.

I still duff my hat for CZ Binance for what he has been able to achieve with Binance. No matter the criticisms against him, we should remember that the excitement and trust we still have on exchanges is partly because of him and his innovations.

[o_e_l_e_o]

A project is centralized when its users can be censored by the creators, like Binance, another way to identify a centralized project is if it can be shut down by those who created it or by a different entity, like Coinbase. There are many other examples, and decentralized projects like Bitcoin are immune to all of these, because even Satoshi cannot shut down the network or censor any user.

This is the point I was making earlier - is there a single point of failure? Even if all the Bitcoin Core devs and maintainers conspired to push some malicious changes to the next version of Core, then every node on the network can respond by doing absolutely nothing and continuing to run their current version of Core, and the network will continue to run completely unaffected as if nothing has happened.

If the person or people who wrote any of these so called "DeFi" smart contracts or run the various "DeFi" platforms decide to rug pull and steal everyone's coins (which has happened literally countless times), there is absolutely nothing anyone can do about it.

We already have decentralized finance. It's called Bitcoin. "DeFi" is almost universally a scam.

[Rikafip]

I still duff my hat for CZ Binance for what he has been able to achieve with Binance. No matter the criticisms against him, we should remember that the excitement and trust we still have on exchanges is partly because of him and his innovations.

What are some of the innovations that CZ brought that improved crypto industry?

Regarding "trust and excitement", you are saying like this is a good thing. People trust exchange way too much already so anyone who makes people trust them even more is not doing a good thing.