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> Decentralized can have many meanings. What is important is that you can transact with anyone without a third party having any say. I understand the premise o

by hug0 9y ago

> Decentralized can have many meanings. What is important is that you can transact with anyone without a third party having any say. I understand the premise of decentralised transactions, it's just that if the value of the currency can be manipulated by small group, it is not removing the need for trust, just shifting it... > As long as they do not collude to destroy or disrupt the network it has no relevance at all. I thought the point of decentralisation was to remove the need to trust others... > As Bitcoin is practically useless due to high fees and congestion, I agree. But not because the reasons you gave. AGREE! 7tps vs Visas 4,000tps with a peak capacity of 56,000 tps...

lawn 9y ago
> it's just that if the value of the currency can be manipulated by small group, it is not removing the need for trust, just shifting it... I think there's different aspects to "manipulated". Large holders or exchanges can always manipulate the price, this is true for cryptocurrencies, the stock market and other things as well. Cryptocurrencies is however much less mature and more easily manipulated, but I foresee it to stabilize in the years to come. If we're thinking of the miners to manipulate the coin I think the real genius of Bitcoin is they are heavily incentivized not to. All miners are heavily invested in Bitcoin's success so it's in their best interest not to destroy Bitcoin's value. > I thought the point of decentralisation was to remove the need to trust others... To be clear: what miners can do if they collude is try to revert transactions or block new transactions. If this happens it would be obvious and Bitcoin's value would be severely damaged. There is trust yes, but it's more trust in the incentives behind Bitcoin than to specific miners themselves.
em3rgent0rdr 9y ago
> "7tps vs Visas 4,000tps with a peak capacity of 56,000 tps..." Lightning Network will far exceed 56,000 tps.

by hug0 9y ago

lawn 9y ago

> it's just that if the value of the currency can be manipulated by small group, it is not removing the need for trust, just shifting it... I think there's different aspects to "manipulated". Large holders or exchanges can always manipulate the price, this is true for cryptocurrencies, the stock market and other things as well. Cryptocurrencies is however much less mature and more easily manipulated, but I foresee it to stabilize in the years to come. If we're thinking of the miners to manipulate the coin I think the real genius of Bitcoin is they are heavily incentivized not to. All miners are heavily invested in Bitcoin's success so it's in their best interest not to destroy Bitcoin's value. > I thought the point of decentralisation was to remove the need to trust others... To be clear: what miners can do if they collude is try to revert transactions or block new transactions. If this happens it would be obvious and Bitcoin's value would be severely damaged. There is trust yes, but it's more trust in the incentives behind Bitcoin than to specific miners themselves.

em3rgent0rdr 9y ago

> "7tps vs Visas 4,000tps with a peak capacity of 56,000 tps..." Lightning Network will far exceed 56,000 tps.