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TBH at this point I have more trust in a centralized cryptocurrency backed by a large corporation than in a decentralized one.
by tzfld 8y ago
TBH at this point I have more trust in a centralized cryptocurrency backed by a large corporation than in a decentralized one.
- tCfD 8y agoA centralized cryptocurrency is just digital currency. It may be cryptographically secured against unauthorized transfers/access, but if it doesn't employ some sort of game-theory based custodial sharing scheme which is intended to incentivize decentralization of control (successfully our not), it's not using the 'crypto' protection in the special sense that cryptocurrency implies.
- ramontayag 8y agoTrust in it to do/be what?
- hndamien 8y agoTrust in it to maintain its value if it is a stable coin. Alternatively, trust it not to be hacked or inflated if it isn’t. (As well as trust it to maintain whatever monetary properties they advertise to give it value as money.
- Erlich_Bachman 8y agoJust to be clear, do you expect for example Bitcoin to be hacked? In what way do you envision this? Breaking SHA256?
- ramontayag 8y agoI see. Thanks for clarifying!
- davnicwil 8y agoWhy is that? And what's a centralised cryptocurrency?
- scalesolved 8y agoCould you expand on this?
- superkuh 8y agoIf it's centralized there's no point in having it be a distributed consensus blockchain. The only reason to do so would be to play on people's ignorance for marketing reasons. That or maybe they really are ignorant themselves, but I doubt it.
- rakoo 8y ago"cryptocurrency" refers to a very specific type of currency that happens to rely on cryptography, but the defining aspect is its decentralization.
- votepaunchy 8y agoYou should learn the meaning of cryptography! https://en.m.wikipedia.org/wiki/Cryptography https://en.m.wikipedia.org/wiki/Cryptography
- rakoo 8y agoI don't see how the Wikipedia page contradicts what I said