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Centralize decentralized (cryptos) (lemmy.ml)

submitted 1 year ago* (last edited 1 year ago) by danileonis@lemmy.ml to c/anarchism@lemmy.ml

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Does the Satoshi revolution need more time?

Most governments are introducing taxes on wallets and NFTs, and all content creators in the industry care to teach you to pay your taxes properly.

The biggest threat to global finance embedded in the system, in general indifference.

Wasn't this supposed to be in every person's hands? Off-grid, decentralized as it is in its nature?

(edit)

Yes, I haven't read "Mutual Aid: A Factor of Evolution" by Kropotkin wich I discovered only recently.

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[-] BetaDoggo_@lemmy.world 5 points 1 year ago

Crypto hasn't been decentralized for a very long time. For most coins large miners/pools have control over the transactions. Proof of stake is far worse. Most coins are traded via centralized exchanges as doing anything on chain is slow and often has high fees.

Blockchain in its current form is not the answer for decentralized value exchange. I'm not sure if a proper decentralized currency can even work in practice. Currencies must be backed by something to have a stable value. In nearly all cases you need a central entity that will guarantee a currency's value.

[-] danileonis@lemmy.ml 0 points 1 year ago* (last edited 1 year ago)

Do you think large miners/pools can actually manipulate the blockchain? (Genuine question btw)

[-] BetaDoggo_@lemmy.world 2 points 1 year ago

For smaller coins probably, for larger ones probably not. The issue is more about the centralization of power. If a group of large miners decided to get together and mess with the chain there's not much the average small miners can do. They could do a hard fork from the main network but if the general public doesn't switch their new chain will have no value.

[-] danileonis@lemmy.ml 0 points 1 year ago

What do you think about anonymous exchanges, could they have a relevant role in this particular phase?

[-] BetaDoggo_@lemmy.world 1 points 1 year ago

I'm not sure how much they differ from regular exchanges, but if a central wallet is involved I don't think it really solves any issues.

[-] danileonis@lemmy.ml 1 points 1 year ago

Uniswap for example is an open source decentraized exchange.

this post was submitted on 15 Oct 2023

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