4 ms·

>The USD is pretty decentralized already People are insane. Fiat currency is the definition of centralized currency

lukasm 9y ago
It really depends what you mean by that. If you compare it to currency in a game which can be removed with a bug that sets a few bits then USD it's quite decentralized in some respects.
abakker 9y ago
Please define what you mean by Centralized and Decentralized. I believe you and the OP are talking at cross purposes. the USD is decentralized in that P2P transactions are accepted with almost anyone in the world without needing a centralized intermediary.
- meri_dian 9y ago
  Exactly. I'm realizing now that we need to be much more precise when we talk about centralization of currencies to have meaningful discussion.
- JumpCrisscross 9y ago
  > P2P transactions are accepted with almost anyone in the world For a startling Exhibit A, consider that North Korea [1] and Iran [2] hold and transact with large quantities of U.S. dollars (in physical cash) despite American sanctions. [1] http://www.cnn.com/2017/10/16/asia/hong-kong-north-korea/index.html http://www.cnn.com/2017/10/16/asia/hong-kong-north-korea/ind... [2] https://www.wsj.com/articles/a-tally-of-iran-sanctions-relief-includes-more-than-10-billion-in-cash-gold-1483112751 https://www.wsj.com/articles/a-tally-of-iran-sanctions-relie...
- komali2 9y ago
  Is it centralized in the sense that a single organism can exert more control than anyone else on the real value of the USD by printing more?
  - abakker 9y ago
    Kind of, though in some sense the value of a dollar is a matter of consensus, relative to the consensus value of other currencies and assets, as determined by exchanges. Modifying interest rate and money supply try to change the denominator, but value is technically preserved.
  - jhwang5 9y ago
    Same with Bitcoin. If say 30 individuals controlled 51% > of hashrate, then Bitcoin will arguably be more centralized than US Dollar.
- wuliwong 9y ago
  I believe the standard definition of centralized vs. decentralized currency has to do with the governing of the supply of that currency.

It really depends what you mean by that. If you compare it to currency in a game which can be removed with a bug that sets a few bits then USD it's quite decentralized in some respects.

abakker 9y ago

Please define what you mean by Centralized and Decentralized. I believe you and the OP are talking at cross purposes. the USD is decentralized in that P2P transactions are accepted with almost anyone in the world without needing a centralized intermediary.

meri_dian 9y ago
Exactly. I'm realizing now that we need to be much more precise when we talk about centralization of currencies to have meaningful discussion.
JumpCrisscross 9y ago
> P2P transactions are accepted with almost anyone in the world For a startling Exhibit A, consider that North Korea [1] and Iran [2] hold and transact with large quantities of U.S. dollars (in physical cash) despite American sanctions. [1] http://www.cnn.com/2017/10/16/asia/hong-kong-north-korea/index.html http://www.cnn.com/2017/10/16/asia/hong-kong-north-korea/ind... [2] https://www.wsj.com/articles/a-tally-of-iran-sanctions-relief-includes-more-than-10-billion-in-cash-gold-1483112751 https://www.wsj.com/articles/a-tally-of-iran-sanctions-relie...
komali2 9y ago
Is it centralized in the sense that a single organism can exert more control than anyone else on the real value of the USD by printing more?
- abakker 9y ago
  Kind of, though in some sense the value of a dollar is a matter of consensus, relative to the consensus value of other currencies and assets, as determined by exchanges. Modifying interest rate and money supply try to change the denominator, but value is technically preserved.
- jhwang5 9y ago
  Same with Bitcoin. If say 30 individuals controlled 51% > of hashrate, then Bitcoin will arguably be more centralized than US Dollar.
wuliwong 9y ago
I believe the standard definition of centralized vs. decentralized currency has to do with the governing of the supply of that currency.