Centralized Decentralized Currency

geoffd84 (52)in #cryptocurrency • 7 years ago

Is it really decentralized? Being the Libertarian that I am, I'm a firm believer in cryptocurrecy and removing centralized control away from government and especially the banking institutions.

Is crypto really decentralized? The Altcoins are, sure, but how do you buy the Altcoins mostly? You likely buy Bitcoin, Ethereum, or Litecoin, transfer it to an exchange and buy into your favorite Altcoin.

To cash back out into fiat, you likely sell for Bitcoin, maybe buy into Ethereum or Litecoin to avoid the pricey transfer fee with Bitcoin and cashout in Coinbase or Coinmama.

I'm not sure about Ethereum or Litecoin but literally a thousand people own well over half of all the Bitcoin in circulation, which is currently around 157 billion out of the around 500 billion market cap and that's just Bitcoin. That doesn't seem too decentralized does it?

Now JPMorgan owns some 20,000 Bitcoin, Wall Street is involved, and many billionaires are involved. Every couple of weeks I see FUD selling on a large scale and FOMO buying. All that shows me is the whales are causing dips that induce panic selling and they buy it all back and more for pennies on the dollar. Price rises and FOMO buying occurs, devaluing one's principle investment and enriching the whales even more. Eventually they'll control it all.

I still believe in crypto. I think it's the future but like everything else, they want complete control. Buy and hold. Ignore Fear Uncertainty and Doubt and most importantly stop the Fear Of Missing Out! Buy the DIP!