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I think your misunderstanding is believing users are locked into a crypto system if its implementation is controlled by a small group. They are not - if the dev

by iSnow 8y ago

I think your misunderstanding is believing users are locked into a crypto system if its implementation is controlled by a small group. They are not - if the developers abuse their power, users are free to migrate elsewhere and take their funds with them (in fiat value or as a different coin). That's different to e.g. PayPal where your funds can be locked and there's nothing you can do. Decentralized control over name, logo, features or code of a crypto coin is extremely hard to impossible, if only because there aren't too many people alive that can discuss core crypto features with any meaningful knowledge (I know I can't). Some coins do have governance features, but none of those have profited very much from that.

snapdangle 8y ago
I believe the point being made is that the _value_ of the crypto system is largely controlled by small groups. Forks rarely achieve the value and status of the prior coin (considering ETC the "fork" here as it was the chain that didn't have the core dev approval). Furthermore, crypto value is beholden on whales not to just dumping their vast hoards of coins into marketplaces all at once. That is to say, the largest stakeholders in a chain have the opportunity to crush the value of that chain, which means that they have power over other users' choice of chain .
- SlowRobotAhead 8y ago
  That’s exactly right. And as to whales and who controls the largest amounts of coin. I think people are absolutely crazy if they think and coin since bitcoin doesn’t have the largest share holders as the devs themselves. It’s obvious why there are a million coins right now. Itslired by the great mystery of bitcoin, it’s like an appealing urban legend to say “we don’t know who owns all our coin by design! wink”. So this doubly makes the coin devs more powerful than “but it’s decentralized” people want to admit.

by iSnow 8y ago

snapdangle 8y ago

I believe the point being made is that the _value_ of the crypto system is largely controlled by small groups. Forks rarely achieve the value and status of the prior coin (considering ETC the "fork" here as it was the chain that didn't have the core dev approval). Furthermore, crypto value is beholden on whales not to just dumping their vast hoards of coins into marketplaces all at once. That is to say, the largest stakeholders in a chain have the opportunity to crush the value of that chain, which means that they have power over other users' choice of chain .

SlowRobotAhead 8y ago
That’s exactly right. And as to whales and who controls the largest amounts of coin. I think people are absolutely crazy if they think and coin since bitcoin doesn’t have the largest share holders as the devs themselves. It’s obvious why there are a million coins right now. Itslired by the great mystery of bitcoin, it’s like an appealing urban legend to say “we don’t know who owns all our coin by design! wink”. So this doubly makes the coin devs more powerful than “but it’s decentralized” people want to admit.