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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

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
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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.
  - sedeki 7y ago
    If you had 51% of the CPU power within the Bitcoin network, would you a) choose to cheat with a rather high chance of crashing the exchange rate, or b) use the CPU power to collect rewards while leaving the exchange rate ”unaffected” with probability = 1? Satoshi considered this scenario. It is also a public ledger, ie even if you don’t mine it is easy to track everything.
buboard 7y ago
some currencies have different consensus protocol, e.g. stellar. others are actively fighting it, e.g. monero. and even in the case of a takeover, forks are possible , ensuring decentralization it's not just decentralization, it's competing decentralized currencies in a free market.
- damnyou 7y ago
  Well, this sort of meta-decentralization applies to all currencies including Libra. I think you can either say that no currencies are decentralized or that all currencies are. In practice any currency gives up some axes of decentralization.
  - buboard 7y ago
    > applies to all currencies including Libra. Yes, i m positive on Libra as long as it is possible to exchange it for any other crypto. I 'm afraid it's not going to be the case.

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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.
- sedeki 7y ago
  If you had 51% of the CPU power within the Bitcoin network, would you a) choose to cheat with a rather high chance of crashing the exchange rate, or b) use the CPU power to collect rewards while leaving the exchange rate ”unaffected” with probability = 1? Satoshi considered this scenario. It is also a public ledger, ie even if you don’t mine it is easy to track everything.

buboard 7y ago

some currencies have different consensus protocol, e.g. stellar. others are actively fighting it, e.g. monero. and even in the case of a takeover, forks are possible , ensuring decentralization it's not just decentralization, it's competing decentralized currencies in a free market.

damnyou 7y ago
Well, this sort of meta-decentralization applies to all currencies including Libra. I think you can either say that no currencies are decentralized or that all currencies are. In practice any currency gives up some axes of decentralization.
- buboard 7y ago
  > applies to all currencies including Libra. Yes, i m positive on Libra as long as it is possible to exchange it for any other crypto. I 'm afraid it's not going to be the case.