Bitcoin in the next decade

[Doan9269]

ever since the interest by government and institutions I feel we are losing on decentralization and privacy.

No, bitcoin privacy does not run by who is adopting it or how they are accepting it, be it institution, government or private individuals does not determines bitcoin privacy, this is what determines bitcoin privacy.

I think you don't get what @OP is concern about.  I agree at the current state Bitcoin network is fully decentralized, @OP's concern is what if the government pressure the developer to put a centralized protocol to Bitcoin network.  I can't deny that it is highly likely to happen when the government is fully into Bitcoin.

We know that the government wants to control, so when the government is heavily invested in Bitcoin, there is a possibility that they might require the developer to make adjustments for them.  We can take this as an example.

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Today a lot of hashrate is concentrated in the USA and the US based miners are ordered by the US government to attack one of the main principles of Bitcoin by censoring transactions, and yet nobody is concerned about it! You don't even see any topics on this 24/7 attack anywhere!

I dare say that it is not about the people not caring about these things anymore but it is that they don't even understand the problems to care about them!

In any case, Bitcoin is still the most decentralized payment system but centralization is slowly creeping in...

Thank you for pointing out the view more emphatically, but regarding the aspect of the government being fully involved in bitcoin investment may not be possible anytime soon, but I want to believe the likes of bitcoin reserves is what is drawing more of their attention on it.

Another thing i was thinking is this, if the highest percentage on hashrate is coming from the US, then the government are taking it hard on them, is it not possible that many of these miners and devs relocate to other l bitcoin enabling region or country like El-Salvador where they could experience a better regulation.

Your thought is appreciated.

[Churchillvv]

I don't even need to be influenced by anyone's opinion as I have once pointed towards this situation of bitcoin deviating from Satoshi's core intentions.

I also created a thread here (although was focused on the manipulative occurrence but it still points to the same angle) just pointing out that bitcoin is entering or has entered a new phase or challenge and in the next decade it is going to be obvious that the involvement of governments in bitcoin is for the opposite.

Decentralisation is gradually leaving the bitcoin eco-system, and it's very difficult for most blind guys to notice.

[Mrbluntzy]

Like you said, a lot of people are going into Bitcoin just to make profit while they don't care about decentralization but the question is, how can this problem be solved?
Why are people, a lot of people giving kudos to the government as if they are the light of Bitcoin? This is something I have witnessed from a lot of people, giving regards to the government for the success of Bitcoin and I don't understand why, meanwhile it's still this same government that doesn't want decentralization, it's this government that are banning every platform that is used to promote more privacy of Bitcoin, platform such as mixers or exchanges that failed to comply with KYC protocols. If anything goes sideways now, a lot of the people will lose their coins or privacy to the government because they don't even care about it.  But those that still have a perfect knowledge will abide by no KYC and decentralized adoption methods.

[HONDACD125]

I know we survived without government support and can survive without it but What are your thoughts on the direction we heading?

I think you are right. Most people these days are not interested in Bitcoin or cryptocurrencies because of their use cases. Still, they are only in it for the profits that they can get from them, and that's because the world is becoming a place where only money will be important. I think we are partly there because we often see people killing each other for money, and this happens even among blood relations. Imagine killing your parents or your siblings only so that you can have their share of the property, or have everything to yourself. That's how evil the human race has become due to the hunger for money.

Anyway, as you mentioned, governments are not going to let it slide easily, and allow people to just use cryptocurrencies with privacy and anonymity, if they had such intentions, they would never ban mixers, making the excuse that they could potentially allow money laundering, we all know the actual reason behind it. Most governments are showing a positive stance towards cryptocurrencies only to win over their people and make them feel like they are supporting them, but there must be a plot twist somewhere in that.

[Orpichukwu]

No matter how government try to influence the market with their position, the core definition of bitcoin and her decentralization cannot be tarnished. If government try to build something by inviting a developer to draft out a unique feature that will drive users toward feeling unsafe about their investment, i think such cannot be possible because every transaction will reflect onchain which can be traced and tracked for public visibility.

Government are only be able to build centralized platform where your portfolio are controlled, minimum and maximum amount of withdrawals are imposed on your assets, kyc verifications are occurred for their own benefits and many more but at the end every waves of transaction are reflected onchain for public awareness, thats what government is not happy with, thats their point of weakness.

Institutions are only influencing the market price to favour them, but at the same time favours the holders too as well, so its win win for everybody not only big ventures.

You underestimate the government to what extent they can go and what they can do. Currently, they have great influence in pushing a narrative on how they want institutional investors to interact with Bitcoin. They are also now fully involved in acquiring and holding larger portions of Bitcoin.

You talk about how they can influence the price to go up, but their power doesn't just stop there. They can also, without stress, control and manipulate the market to react positively, and what you call a win-win for all will affect few.

That's about price, but on a serious note, the government, as I see it, is interested in making a profit from Bitcoin, but that's not their major concern, especially the US government.

They don't like what they can't control, and Bitcoin's censorship resistance is what they don't like and have been pushing the narrative of looking for a way to make censorship possible.

If everyone is quiet and focuses only on what they are doing with price, it will get to a time where they will have to decide for miners situated in their land what to process and what not to process, and when it gets to that point, is Bitcoin still considered to be completely decentralized?

[alastantiger]

Don't get me wrong, I love to see Bitcoin price rising and adoptions but it's like the reason is rising is flawed. People joining for sometime now are only in it for the potential price increase and care nothing about a decentralized system.

It's impossible for the government to take out the decentralization in Bitcoin. It's Bitcoin's core value that without it, Bitcoin won't have succeeded. Anything centralized can be attacked but since Bitcoin isn't like that then Bitcoin is above the attacks. Although Bitcoin is increasing now because of price speculation but that won't be the fate of Bitcoin in the next decade. The government are going to have no choice but to accept Bitcoin the way it is, the same way Bitcoin code are created, no government can successfully carry out an attack on the Bitcoin Blockchain. In the next decade, the government are going to be more involved but they won't still be dominating the market. The cryptocurrency market is quite different from what people are thinking it is. Let us allow the future to take care of itself and enjoy what we have now while we still can.

[WatChe]

With patience I believe we could have gotten all this and it wouldn't feel this inorganic.

This has to happen at some point because anything that is going so good attract attention of everyone. Initially Bitcoin was ignored by government and centralised institutes but seeing it's popularity everyone is now jumping in to get there share. I don't think the interference of centralised institutes will lesson with time now because price of Bitcoin has gone up enormously and nobody wants to miss the big share. 

[CryptoBuds]

Like you said, a lot of people are going into Bitcoin just to make profit while they don't care about decentralization but the question is, how can this problem be solved?
Why are people, a lot of people giving kudos to the government as if they are the light of Bitcoin? This is something I have witnessed from a lot of people, giving regards to the government for the success of Bitcoin and I don't understand why, meanwhile it's still this same government that doesn't want decentralization, it's this government that are banning every platform that is used to promote more privacy of Bitcoin, platform such as mixers or exchanges that failed to comply with KYC protocols. If anything goes sideways now, a lot of the people will lose their coins or privacy to the government because they don't even care about it.  But those that still have a perfect knowledge will abide by no KYC and decentralized adoption methods.

As you said, because people only care about profit, nothing more.

I have said this many times, but many people still deny it. Although people often talk and praise the decentralization of bitcoin but at the end of the day, what they care about most is the price of bitcoin. To put it bluntly, most of us are after profit, not many care about privacy or decentralization.

And as long as profit is our top priority, not privacy, there will be no solution to this problem. Things are going to get worse, and I wouldn't be surprised if no one is talking about decentralization anymore in the next decade.

[pooya87]

Is that really happening? Could you please provide a source of that info? I would like to read more on it.
What you have mentioned is very true as people don't even understand the rising problems these days.

On the other hand, why haven't you created any topic on this incident?
I don't mean to criticize your or anything but wise people like you should open such discussions as it will enlighten others about the real problems.

Others provided links and I'd say MARA pool is the most well known case of such censorship since they celebrated it themselves in their own announcement! I've also been talking about it a lot in various topics; maybe you are right and I should have done more to increase awareness.
I started a topic last year to share some thoughts about traces of centralization in general (not just in mining): https://bitcointalk.org/index.php?topic=5494280.0

[Leahized]

With patience I believe we could have gotten all this and it wouldn't feel this inorganic.

This has to happen at some point because anything that is going so good attract attention of everyone. Initially Bitcoin was ignored by government and centralised institutes but seeing it's popularity everyone is now jumping in to get there share. I don't think the interference of centralised institutes will lesson with time now because price of Bitcoin has gone up enormously and nobody wants to miss the big share.  

You're right, you are most often at the beginning of any coin launch. For example: Bitcoin was thought to be trivial in 2009-2011. And many also thought it was scam. And many governments declared it illegal, what their cruel joke when they see that Bitcoin prices are rising day by day and popularity is increasing. Just then the investment is starting and jumping for profit. For this reason, most of the government is currently approved by the government, so that Bitcoin can be legalized and can lead to success in the future.

[yhiaali3]

Hard facts but they are the truth, and we must acknowledge them for what they are. Yes, all most people care about is price increases, regardless of decentralization, and all governments care about is eliminating decentralization in some way.

I don't think governments will ever truly accept decentralization. Governments that failed to ban Bitcoin are trying to contain its core features (decentralization and privacy) by imposing regulations on third-party services (KYC, AML, etc.), which undermine decentralization and privacy.

Satoshi did a good job of hiding his identity so that governments wouldn't force him to do what he didn't want. Developers would also do well to do the same thing Satoshi did in preserving their privacy.

[Mia Chloe]

I know we survived without government support and can survive without it but What are your thoughts on the direction we heading?

Now let's start with the obvious fact basically decentralization and privacy is on a losing streak currently this is because government controls literally a lot of things and that includes how centralization is being expressed generally. They are just a few privacy and decentralization enthusiasts out there and they are quite limited in most of their actions take a look at exch like you mentioned.

Also for the aspect of privacy take a look at monero for example literally no CEX accepts monero currently and that is basically the play of the government since they can't control something as private as that.

[fikrett]

I know we survived without government support and can survive without it but What are your thoughts on the direction we heading?

Now let's start with the obvious fact basically decentralization and privacy is on a losing streak currently this is because government controls literally a lot of things and that includes how centralization is being expressed generally. They are just a few privacy and decentralization enthusiasts out there and they are quite limited in most of their actions take a look at exch like you mentioned.

Also for the aspect of privacy take a look at monero for example literally no CEX accepts monero currently and that is basically the play of the government since they can't control something as private as that.

CEXes are not for that, they only want everything that is regulated and not as free and private as Monero.

More interest from bigger entities - their bigger part in the space, but it's okay, as long as the core principles of BTC are okay.

[crwth]

Well, this is just the real world. There are important factors why governments are trying to regulate the instrument to make sure that there are no bad actors using it. It really defeats the fact that it is private, but I think it is better for the majority.

Imagine people getting scammed because they don't know any better. The majority of it is coming from laypeople who are not really into tech-savvy stuff. Who are they going to blame if not Bitcoin? They didn't know any better, and they should be helped to get back some of their investment. I think this regulation of cryptocurrency is to prevent scamming.

[hero_the_bossman]

Well, this is just the real world. There are important factors why governments are trying to regulate the instrument to make sure that there are no bad actors using it. It really defeats the fact that it is private, but I think it is better for the majority.

Imagine people getting scammed because they don't know any better. The majority of it is coming from laypeople who are not really into tech-savvy stuff. Who are they going to blame if not Bitcoin? They didn't know any better, and they should be helped to get back some of their investment. I think this regulation of cryptocurrency is to prevent scamming.

It's to control what can be done from their side - mostly. The good part is what you described - nonsavvy people would have all the resources to be helped up initially, but, clearly, they would be able to do the same by themselves, if only there were enough passion for it..

[serjent05]

Another thing i was thinking is this, if the highest percentage on hashrate is coming from the US, then the government are taking it hard on them, is it not possible that many of these miners and devs relocate to other l bitcoin enabling region or country like El-Salvador where they could experience a better regulation.

Your thought is appreciated.

When the government is getting strict to a certain industry and company in this industry are capable of moving elsewhere then yes, they will surely relocate to a more appreciating environment with of course cheaper, electricity or create one for themselves.

I agree that this can be a solution for these mining farm owners who want to get out from the grasp of the tight regulation of the government but surely the migration won't be that instance since they have to process everything before the relocation.  This way decentralization of the network is preserved.

Imagine people getting scammed because they don't know any better. The majority of it is coming from laypeople who are not really into tech-savvy stuff. Who are they going to blame if not Bitcoin? They didn't know any better, and they should be helped to get back some of their investment. I think this regulation of cryptocurrency is to prevent scamming.

I think it is to control the cryptocurrency in disguise of preventing scams.

[Sticky Bomb]

Actually, centralization is having its way because The entities that tries to centralize bitcoin is closer to the masses adopting it. Centralized platforms are always taking their marketing seriously while decentralized platforms have no visibility at all, so the masses goes with what they know and what they see constantly. TBH most people and institutions that buys bitcoin does so for the profits sake and care really less about decentralization.

Maybe more enlightenment channels should be introduced to keep more people in the know about the importance of privacy and decentralization in bitcoin, else the next decade might be a lot messier and FYI we are loosing the battle against centralization gradually.

[betswift]

Actually, centralization is having its way because The entities that tries to centralize bitcoin is closer to the masses adopting it. Centralized platforms are always taking their marketing seriously while decentralized platforms have no visibility at all, so the masses goes with what they know and what they see constantly. TBH most people and institutions that buys bitcoin does so for the profits sake and care really less about decentralization.

Maybe more enlightenment channels should be introduced to keep more people in the know about the importance of privacy and decentralization in bitcoin, else the next decade might be a lot messier and FYI we are loosing the battle against centralization gradually.

As long as they hodl less than individual Bitcoiners - we will be fine.

And even then - no entity would be the one to hodl the most. It's a scenario worth considering, but not awaiting it in our lifetime

[Obim34]

With patience I believe we could have gotten all this and it wouldn't feel this inorganic.

This has to happen at some point because anything that is going so good attract attention of everyone. Initially Bitcoin was ignored by government and centralised institutes but seeing it's popularity everyone is now jumping in to get there share. I don't think the interference of centralised institutes will lesson with time now because price of Bitcoin has gone up enormously and nobody wants to miss the big share. 

Using ignored in the sentence eased the tension of the situation, Bitcoin was hated by the government with sanctions. I remembered when my country lifted the ban on Bitcoin (Cryptocurrency), they did not place the ban directly to Bitcoin, but it was applied towards financial institutions dealing with Bitcoin, if these bodies do not function, how do we pass through our P2P service without getting our money confiscated.

Bitcoin was created as an alternative to banks, which is controlled by the government, If it is not part of the plans, how do they come close to adopting Bitcoin when it initially supposed to be against them. It's hard to trust the government, they no longer creep centralization they jump into it, i fear because the government are whales and we know how fast whales can affect the market.

[Apocollapse]

It's an interesting discussion.

Bitcoin developers are getting help from centralized institutions until now and we haven't see where Bitcoin developers launch something that likely to support centralization. For now it's still safe, but we wouldn't know what will happen in the future.

I was hoping Bitcoin developers should run their own mining farm, so they can make money from their mining, not just relying on donation.