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There are no decentralized cryptocurrencies. Like all other so-called "decentralized" coins, Bitcoin rewards economies of scale. That means that it tends towar

There are no decentralized cryptocurrencies. Like all other so-called "decentralized" coins, Bitcoin rewards economies of scale. That means that it tends towards centralization. Though of course Bitcoin has its own unique problems, like being deflationary (which is evil).

stale2002 7y ago
What? Are you aware that all commodities are basically deflation? Do you think it is "evil" to buy commodities? This is all about freedom of choice. If you don't like the properties of certain products, then buy the one that you like. But lots of people would apparently prefer to spend their own money on deflationary assets. Who are you to say it is evil to do this with assets that one owns?
- damnyou 7y ago
  Who are you to police me for saying that it's evil? You're welcome to your opinions, and I'm going to have mine. As you said, freedom of choice. Personally I think that modern fractional reserve banking and the Fed are great, and bitcoin maximalists are overall not very smart.
  - stale2002 7y ago
    Nowhere did I "police" your opinion. You are the one who doesn't support people's ability to buy deflationary assets. Instead I was calling your opinion bad and in opposition to free choice. How is owning crypto any different than just owning a commodity, which can be deflationary? And why would owning a commodity be "evil"?
buboard 7y ago
> There are no decentralized cryptocurrencies. Extraordinary claims require extraordinary evidence
- damnyou 7y ago
  Thank you for recognizing that calling a cryptocurrency decentralized is an extraordinary claim.
  - buboard 7y ago
    you are welcome, but that would be the "ordinary" claim
    - damnyou 7y ago
      I assert with exactly as much evidence as you (zero) that it is the extraordinary claim. Show me a so-called "decentralized" coin that is designed to not just be dominated by a handful of miners. It's a natural consequence of proof of work, isn't it? Large-scale miners will always be able to buy electricity for cheaper than your average person.
      - deleted 7y ago
        [deleted]
      - stale2002 7y ago
        Very few crypto currencies are censoring transactions. If we define "decentralized" as "the ability to send transactions that are unlikely to be censored", then pretty much all cryptos fulfill this requirement. Transaction censorship just isn't something that is happening on most cryptos. You can send whatever transactions that you want, and it almost certainly isn't going to be stopped by any centralized parties.
        damnyou 7y ago
        That's not my definition of decentralization, sorry. Censorship resistance is but one of many necessary requirements for me. Another requirement is that no single entity should be able to mine more than a small percentage of coins. A truly decentralized currency would have built-in protections against any sort of concentration of power, whether it's based on the ability to buy electricity in bulk cheaply or based on the ability to censor transactions. To date no currency is decentralized.

stale2002 7y ago

What? Are you aware that all commodities are basically deflation? Do you think it is "evil" to buy commodities? This is all about freedom of choice. If you don't like the properties of certain products, then buy the one that you like. But lots of people would apparently prefer to spend their own money on deflationary assets. Who are you to say it is evil to do this with assets that one owns?

damnyou 7y ago
Who are you to police me for saying that it's evil? You're welcome to your opinions, and I'm going to have mine. As you said, freedom of choice. Personally I think that modern fractional reserve banking and the Fed are great, and bitcoin maximalists are overall not very smart.
- stale2002 7y ago
  Nowhere did I "police" your opinion. You are the one who doesn't support people's ability to buy deflationary assets. Instead I was calling your opinion bad and in opposition to free choice. How is owning crypto any different than just owning a commodity, which can be deflationary? And why would owning a commodity be "evil"?

buboard 7y ago

> There are no decentralized cryptocurrencies. Extraordinary claims require extraordinary evidence

damnyou 7y ago
Thank you for recognizing that calling a cryptocurrency decentralized is an extraordinary claim.
- buboard 7y ago
  you are welcome, but that would be the "ordinary" claim
  - damnyou 7y ago
    I assert with exactly as much evidence as you (zero) that it is the extraordinary claim. Show me a so-called "decentralized" coin that is designed to not just be dominated by a handful of miners. It's a natural consequence of proof of work, isn't it? Large-scale miners will always be able to buy electricity for cheaper than your average person.
    - deleted 7y ago
      [deleted]
    - stale2002 7y ago
      Very few crypto currencies are censoring transactions. If we define "decentralized" as "the ability to send transactions that are unlikely to be censored", then pretty much all cryptos fulfill this requirement. Transaction censorship just isn't something that is happening on most cryptos. You can send whatever transactions that you want, and it almost certainly isn't going to be stopped by any centralized parties.
      - damnyou 7y ago
        That's not my definition of decentralization, sorry. Censorship resistance is but one of many necessary requirements for me. Another requirement is that no single entity should be able to mine more than a small percentage of coins. A truly decentralized currency would have built-in protections against any sort of concentration of power, whether it's based on the ability to buy electricity in bulk cheaply or based on the ability to censor transactions. To date no currency is decentralized.