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The very existence of "the node" makes it not a cryptocurrency
by vinniejames 7y ago
The very existence of "the node" makes it not a cryptocurrency
- Uberphallus 7y agoIt's a cryptocurrency, just not decentralized.
- kim0 7y agoThat makes it a PayPal not a crypto-currency
- byte1918 7y agoI would have agreed with you but after checking wikipedia, decentralization is actually the first requirement for it to be called a cryptocurrency. > 1. The system does not require a central authority, its state is maintained through distributed consensus. https://en.wikipedia.org/wiki/Cryptocurrency#Formal_definition https://en.wikipedia.org/wiki/Cryptocurrency#Formal_definiti... https://www.merriam-webster.com/dictionary/cryptocurrency https://www.merriam-webster.com/dictionary/cryptocurrency
- true_religion 7y agoThe codebase doesn't require a central authority, but in practice all keys for top level auth are held by the same entity.
- bawolff 7y agoSort of like how society doesn't require me to not be a billionaire, but in practise i'm not a billionaire. Code not deployed and probably never tested (perhaps never even worked) does not count.
- lawn 7y agoDecentralization is one of the defining traits of a cryptocurrency. It's like saying a car is an airplane, but without wings. It just doesn't make sense.
- ClumsyPilot 7y agoActually it does - even a centrally run crypto has verifiability and other properties that naive "central-database" system does not. Furthermore, you can run like a consortium style crypto currency, where its jointly controlled by multiple organisations.
- bawolff 7y agoI doubt it. What properties specificly? Hell even bitcoin doesn't have a great notion of verifability (verify what? No double spending? Lets hope your opponent doesn't control 33% of the hash power.). Central-db systems can issue recipts (like humans have been doing for thousands of years). Centralized cyrptocurrencies basically offer the same protection at best and much less at worse.