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Coinbase 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 dec
by anthony_d 6y ago
Coinbase 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.