Is Crypto truly Decentralised?

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Written by
3 years ago
In community: Cryptocurrency and Blockchain(7b7f)

One of the biggest arguments for the adoption of Cryptocurrency is that we run a decentralised network. We pride ourselves in the fact that there is no central authority controlling the distribution of wealth. But a lot of happenings might point to a different direction that there is a caucus who control a chunk of the funds.

Many should still remember the whole Steemit and Hive and Justin Sun brouhaha, we learnt a big lesson from it all that the top guys can do and undo. All it took for Justin Sun to be able to dethrone the Steemit witnesses was for him to connive with the owners of Binance, Huobi, and Poloniex (which Sun owns) to give him users tokens. Incidentally or unincidentally, the owners of these Exchanges are Chinese just like Sun.

Also think back to Binance acquiring CoinMarketCap, now CZ Binance owns arguably the biggest exchange, the biggest price and market cap checking site and also once of the biggest Bitcoin mining pools alongside hands in a lot of other things. If this is not centralisation to you i don't know what else is.

Personally I don't like CZ and Binance (sadly I still trade there). But then if there is anything you can bet your Bitcoin on, it is that these men are silently (come to think of it, they are not even silent about it any longer), they are loudly centralising Cryptocurrency.

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Written by
3 years ago
In community: Cryptocurrency and Blockchain(7b7f)

Comments

🤔, your writings gives me a reason to believe that crypto isn't really decentralised

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User's avatar Bestie
3 years ago

Well crypto was meant to be decentralised, but just like every good thing that was created, there will always be those trying to hijack it. So it is decentralised, but I think and past actions has shown that there is a centralised caucus trying to pull the strings

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User's avatar Don_Christov
3 years ago

I'd counter with Binance has just 6% of the pool, and Binance is just one exchange, Paypal will probably have more customers than Binance when they launch. BCH is very centralized too, I remember the battle for hash rate between BSV and BCH, that really showed just how centralized they are. With all these new tech in DEFI like uniswap and the rise of DEX's like dydx, Centralized exchanges are basically dinasours right now.

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User's avatar thesatoshistore
3 years ago

Well they have 6% and growing. And about PayPal thats if they ever get running, we've seen alot who gave us hope and never ended up even starting in the first place, think back to Facebook and Libra.

And yes the new defi decentralised exchanges will surely give the centralised guys a run for their money but I think it will all fade. We all know that we would go to the centralised guys cos they have more liquidity and they offer more trading pair options. I use Uniswap too, but not for serous trading the way i use Binance sadly.

We know there is a centralised caucus but in a sad way there is nothing we can do about it

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User's avatar Don_Christov
3 years ago

I don't think defi is fading away, as a matter of fact, the volume on defi just keeps growing, I think more projects like uniswap might emerge and support more coins so let's not judge the space by just uniswap

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User's avatar thesatoshistore
3 years ago

Well they are growing quite alright but the centralised guys will alwsys be the easier to use and learn with more enticing offer. Binance is always running a contest every other week to reward users. And Coinbase same too, they reward people for reading about a project and stuff. These marketing tactics definitely affects users. And even though the defi guys keep growing, I still believe the centralised ones will still be in the lead.

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User's avatar Don_Christov
3 years ago
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