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That's fine. Your bank doesn't pretend to be decentralized. Cryptocurrencies do. And in doing so, shift the responsibility of safeguarding the keys to the user.
by tromp 6y ago
That's fine. Your bank doesn't pretend to be decentralized. Cryptocurrencies do. And in doing so, shift the responsibility of safeguarding the keys to the user.
- iamben 6y agoI wasn't making a point about centralised or decentralised currency/money/finance? It was regarding the 'regulation' thing. Cryptocurrency is only ever going to work for John Everyman if the industry starts to mature a bit. Blaming the user when another exchange gets ripped off doesn't exactly scream 'legit', does it?
- anthony_d 6y agoCoinbase also doesn't pretend to be decentralized and the bank analogy holds pretty well for them. I'm not sure it's meaningful to say cryptocurrencies are decentralized. Decentralization is more of a social phenomenon than technical, e.g. cash is decentralized but socially we've found advantages to centralize.
- hulahoof 6y agoCash is most certainly not decentralised, unless you are using some uncommon definition of 'cash'
- asimpletune 6y agoHow is cash not decentralized? I can pay anyone anywhere for anything and I don’t need any centralized infrastructure.
- nayuki 6y agoThe issuance of gold is decentralized. The issuance of cash is centralized, unless you believe in counterfeiting. However, the transacting and storage of both cash and gold are decentralized.
- alasdair_ 6y agoThe centralized issuing authority can decide overnight to make the cash worthless. This happened fairly recently in India, for example.