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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 tran
by 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 agoExactly. 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 agoIs 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 agoKind 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 agoSame with Bitcoin. If say 30 individuals controlled 51% > of hashrate, then Bitcoin will arguably be more centralized than US Dollar.
- wuliwong 9y agoI believe the standard definition of centralized vs. decentralized currency has to do with the governing of the supply of that currency.