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Author Topic: Bitcoin is NOT a decentralize currency  (Read 5388 times)
knight22
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June 24, 2012, 04:45:44 PM
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How a currency that approx 50% is held by a few people can be stated as a decentralize money? These people together can influence the value of bitcoin with their spending. In a way, they are in control of it's value and saying that it is fully decentralize is only a lie. The more the bitcoin will be valuable, the more they will be able to be in control. Unproportional holding of a currency is never good for the majority.

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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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Spekulatius
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June 24, 2012, 04:49:51 PM
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Who are those people knight, tell us!?
knight22
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June 24, 2012, 04:51:00 PM
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I guess Satoshi and his friends who stared the bitcoin

doeiqts
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June 24, 2012, 04:53:11 PM
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I do not think decentralized means what you think it means...
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June 24, 2012, 04:56:07 PM
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I guess

All I see there.

knight22
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June 24, 2012, 05:00:28 PM
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The problem is even bigger since we don't know exactly who they are

John (John K.)
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June 24, 2012, 05:01:23 PM
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How a currency that approx 50% is held by a few people can be stated as a decentralize money? These people together can influence the value of bitcoin with their spending. In a way, they are in control of it's value and saying that it is fully decentralize is only a lie. The more the bitcoin will be valuable, the more they will be able to be in control. Unproportional holding of a currency is never good for the majority.
What is your viable alternative, then? Are you proposing a communist-based system, where all money and wealth is distributed 'equally'?

If the wealth of the world is distributed equally amongst everyone, given that some time passes on the assumption that this is occurring in the market economy, disparities in wealth would occur once again. Some would use their wealth to beget more wealth, whilst others will immediately use their wealth for pure consumption, subduing themselves to poverty again.

See this enlightening article: http://afrodaddy.com/content/why-rich-stay-rich-and-poor-stay-poor

The reason why some people hold a lot of bitcoins is either:
A) They spent a lot of resources obtaining them, either by mining or exchanging using fiat
B) They adopted Bitcoin in its infancy when 10k Bitcoins were worth no more then a couple of pizzas
This holds the same as with any commodities/shares/store of value.

I could go on and on with this topic, but in a nutshell: Do you really understand what 'decentralized currency' mean?

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knight22
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June 24, 2012, 05:07:06 PM
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Between creating money out of thin air to create inflation and spend big holding of currency that create inflation, the result is the same. You're steeling peoples savings in their wallet.

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June 24, 2012, 05:26:16 PM
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Between creating money out of thin air to create inflation and spend big holding of currency that create inflation, the result is the same. You're steeling peoples savings in their wallet.

Holding money and not spending it (commonly known as: hoarding *cough*), creates DEflation not inflation. Maybe I got you wrong here. If so, pls correct me.

Also, It occurs to me that many in the community have unrealistic ideals about bitcoin and how its going to change society (SERIOUSLY Wink )
Many seem to think we are approaching a state of universal equality and happiness with the broad adoption of bitcoin. A world without banks and poverty. How is that even possible? The only thing thats gonna change is the medium of exchange, our increased reliance on technology, a quicker and cheaper form of money transmission made available and the further globalisation and ubiqity of the financial sector. Banks will still be needed to take loans (lenders on this forum are nothing different, they only differ in size and service range from common banks). Capitalism will still ravage the planet and its inhabitants, especially with less regulatory boundaries, by which its implications can be softened. People will not turn into better creatures, just because they can make financial transactions across in the globe in a blink of an eye.
I would wish for some of those changes to happen in the longrun, but bitcoin alone will not suffice to accomplish any of those achievements. A change in society and a change in mind has to take place on a local scale, for which bitcoin can be used as a tool to facilitate those, if used correctly.
drakahn
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June 24, 2012, 05:29:36 PM
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stupid, or just fudding?

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June 24, 2012, 05:30:52 PM
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I guess Satoshi and his friends who stared the bitcoin

I also stare the bitcoin. I just can't help it, sometimes I stare at my wallet admiring the bitcoin.
Good to know I have something in common with Satoshi. We both stare the bitcoin. Satoshi did, I still do.
Who else here stares the bitcoin? Please tell me I'm not alone, now that Satoshi doesn't stare the bitcoin anymore...

mccorvic
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June 24, 2012, 05:32:10 PM
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I guess Satoshi and his friends who stared the bitcoin

I also stare the bitcoin. I just can't help it, sometimes I stare at my wallet admiring the bitcoin.
Good to know I have something in common with Satoshi. We both stare the bitcoin. Satoshi did, I still do.
Who else here stares at the bitcoin? Please tell me I'm not alone, now that Satoshi doesn't stare at the bitcoin anymore...

I stare. But then Satoshi and his friends stare it too and then rob me of my bitcoin.

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June 24, 2012, 05:38:16 PM
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I guess Satoshi and his friends who stared the bitcoin

I also stare the bitcoin. I just can't help it, sometimes I stare at my wallet admiring the bitcoin.
Good to know I have something in common with Satoshi. We both stare the bitcoin. Satoshi did, I still do.
Who else here stares the bitcoin? Please tell me I'm not alone, now that Satoshi doesn't stare the bitcoin anymore...
I stare so much people fear i'll go blind before the block reward halves

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doobadoo
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June 24, 2012, 05:40:17 PM
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I stare. But then Satoshi and his friends stare it too and then rob me of my bitcoin.

^^^  LOL!

Remember, the outcome of the value of a bitcoin is based on the observer!

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proudhon
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June 24, 2012, 05:44:51 PM
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How a currency that approx 50% is held by a few people can be stated as a decentralize money? These people together can influence the value of bitcoin with their spending. In a way, they are in control of it's value and saying that it is fully decentralize is only a lie. The more the bitcoin will be valuable, the more they will be able to be in control. Unproportional holding of a currency is never good for the majority.

Bitcoin's decentralization was never intended to apply to how fairly and evenly its units were destributed.  Rather, bitcoin's decentralization is that transfers happen without a single service provider maintaining and verifying a ledger of transactions and in that it can be made practically impossible for third parties to gain control over users' units of exchange.  The value of a bitcoin is a function of market forces and the protocol simply doesn't have anything say about it.  Frankly, I think you've completely misunderstood the meaning of 'decentralized' in this context.
hazek
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June 24, 2012, 06:08:24 PM
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Unproportional holding of a currency is never good for the majority.

Yeah, you'd like that fail socialist bullshit of everyone has to get the same portion wouldn't you. Piss off.

And I'm only this rude because of the fact that there's an untold amount of empirical historical evidence about socialism and how much suffering and agony it always causes that I have zero tolerance for anyone who still tries to spread that bullshit as some sort of ideal we should all be striving for.

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Matthew N. Wright
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June 24, 2012, 06:11:41 PM
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How a currency that approx 50% is held by a few people can be stated as a decentralize money? These people together can influence the value of bitcoin with their spending. In a way, they are in control of it's value and saying that it is fully decentralize is only a lie. The more the bitcoin will be valuable, the more they will be able to be in control. Unproportional holding of a currency is never good for the majority.

You're not a fan of quality, are you?

hazek
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June 24, 2012, 06:15:26 PM
 #18

How a currency that approx 50% is held by a few people can be stated as a decentralize money? These people together can influence the value of bitcoin with their spending. In a way, they are in control of it's value and saying that it is fully decentralize is only a lie. The more the bitcoin will be valuable, the more they will be able to be in control. Unproportional holding of a currency is never good for the majority.

You're not a fan of quality, are you?

Nor is he a fan of low prices.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
alatus
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June 24, 2012, 06:17:23 PM
 #19

Have first hand evidence from living in a communist country. Better not try!
kangasbros
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June 24, 2012, 06:40:52 PM
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There are many cryptocurrency alternatives already, with different distribution (inflation/deflation) parameters. What kind of distribution model do you want to choose? You are free to use any of the available currencies, or you can start your own cryptocurrency. But why would people choose your currency over others?

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