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I feel like the real appeal of Bitcoin is the decentralized aspect. I am not totally intrigued at the idea of having a controlled system, even if it offers comp

I feel like the real appeal of Bitcoin is the decentralized aspect. I am not totally intrigued at the idea of having a controlled system, even if it offers complete privacy and faster transaction speed.

superquest 9y ago
Something like this could make sense for "petty cash spending"
- icelancer 9y ago
  I believe that was the intent of Stellar.
eridius 9y ago
If it works like Stellar (which it sounds like it does), it's still a decentralized network of nodes, but each individual user isn't a node. They pick a node to work with, and that node is then connected to a set of other nodes. Anyone can run a node, but there's just not any point to it for most users.
- babaganoosh89 9y ago
  Kinda like bitcoin thin clients?
- nileshtrivedi 9y ago
  How is that better or different from Bitcoin users trusting CoinBase?
  - eridius 9y ago
    You can't just spin up your own CoinBase if you don't trust coinbase.com. I mean, it's BitCoin, so you can run your own transactions, but you can't do any of the other stuff CoinBase does. But with Stellar or something based on its consensus protocol, you can run your own node if you want, or more likely, a bunch of public nodes can exist and you can pick the one you trust to work with. For example, if banks decide to start working with MobileCoin, then Chase could offer a node and, as a Chase customer, you could decide to trust their node (since you already trust them to manage your money) and use that one.
    - nileshtrivedi 9y ago
      > you can run your own node if you want, or more likely, a bunch of public nodes can exist and you can pick the one you trust to work with Still not getting it. If I don't trust CoinBase, I can go to any other online wallet that manages my private keys. With some effort, I can even start one myself. If Chase is running such a wallet, I can use them. How is a decentralized protocol not a superset of a "federated" one?
      - miracle2k 9y ago
        Every node in Ripple or Stellar works with the same global state. You have to trust Coinbase not to run away with your money, but your Stellar node cannot. The consensus system is more like a replacement for proof of work, ensuring that no one double spends.

superquest 9y ago

Something like this could make sense for "petty cash spending"

icelancer 9y ago
I believe that was the intent of Stellar.

eridius 9y ago

If it works like Stellar (which it sounds like it does), it's still a decentralized network of nodes, but each individual user isn't a node. They pick a node to work with, and that node is then connected to a set of other nodes. Anyone can run a node, but there's just not any point to it for most users.

babaganoosh89 9y ago
Kinda like bitcoin thin clients?
nileshtrivedi 9y ago
How is that better or different from Bitcoin users trusting CoinBase?
- eridius 9y ago
  You can't just spin up your own CoinBase if you don't trust coinbase.com. I mean, it's BitCoin, so you can run your own transactions, but you can't do any of the other stuff CoinBase does. But with Stellar or something based on its consensus protocol, you can run your own node if you want, or more likely, a bunch of public nodes can exist and you can pick the one you trust to work with. For example, if banks decide to start working with MobileCoin, then Chase could offer a node and, as a Chase customer, you could decide to trust their node (since you already trust them to manage your money) and use that one.
  - nileshtrivedi 9y ago
    > you can run your own node if you want, or more likely, a bunch of public nodes can exist and you can pick the one you trust to work with Still not getting it. If I don't trust CoinBase, I can go to any other online wallet that manages my private keys. With some effort, I can even start one myself. If Chase is running such a wallet, I can use them. How is a decentralized protocol not a superset of a "federated" one?
    - miracle2k 9y ago
      Every node in Ripple or Stellar works with the same global state. You have to trust Coinbase not to run away with your money, but your Stellar node cannot. The consensus system is more like a replacement for proof of work, ensuring that no one double spends.