It is in the hands of the devs to manage the output and direction of Libertycoin, not the community, not fudders, not fanboyz and not rational investors. The one person who was trying to do this management is no longer involved.
Libertycoin is an open source project and centralization is against crypto's principles. I do not recall Satoshi Nakamoto managing the direction of Bitcoin.
Let me change your sentence to how I see it:
It is not in the hands of the devs to manage the output and direction of Libertycoin, it's in the hands of the community.I fully agree it is open source. We may be a lot safer if it wasn't and the code was not so easily picked up by coinmakers and exploited for their own ends. I am referring to the host of coins that have failed in the past.
I am
NOT accusing Libertycoin devs of this. I am analysing their statements and deriving information.
But you misunderstand "centralization".
It refers to the
currency itself - specifically Bitcoin if you want to be picky, as they were running for 4 years before anyone else even noticed.
It does not, however, refer to the management of that coin or how any de-centralized currencies are managed - only how the coins are mined and held.
It removes the necessity for a centralized bank issuing FIAT currencies. The creation of wealth is done by the miners themselves, not a mint controlled by governments or private investors Take a look at Bitcoin - is their management imploding? Do they have shit fights in public? No.
They are not responsible for the market, nor any of the altcoins that have arisen.
Bitcointalk -
BITCOINtalk - was set up and is MODERATED.
The altcoin threads are NOT moderated and BCT are not responsible for the output.
If any coin -
ANY COIN - is
substantially pre-mined or targetted by gigahash individuals or groups, the de-centralization is
destroyed completely because the devs and high-order hashers become, in effect PRIVATE INVESTORS in control of the minting and supply of the coin.
Let me be clear - I am
NOT accusing the devs of pre-mining or being in control of high-end hash power. Others have made these accusations elsewhere, but I have not been one of them. I have no idea who owns what coins or where they are.
But the fact still exists in cryptos.
Release a coin, pre-mine a few %, point pool miners at them and hammer away until the supply is eaten up.
Get that coin onto an exchange, pump it up, dump the initial pre-mine, tell users there were problems with the pools, have users screaming in the forums for their coins meanwhile collect and dump the poolmined coins and exit.
A few mining pools have been guilty of this, often for many different coins.
If you see a new coin listed and there are a flood of posts from pool operators, you may want to wonder why.
The pool I mined with gave me 100% of my mined coins.
The problems are widespread and systematic. The exploitation is highly visible if you open your eyes and educate yourself.
And what happens to the household miner who bought a rig hoping to make a few quid who is forced to pool because of the gigahash output and is forced to become a currency trader just to pay for the running costs?
Liberty, it seems, is not for all, but for those with the biggest hammer.
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