Is Blockchain Truly Decentralized?
Decentralize
Blockchain, being a P2P network, LESS centralized and out of the hands of a central banker printing what they wish.. Technically..1. to distribute the administrative powers or functions of (a central authority) over a less concentrated area.
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Photo creds: Blockgeeks.com
In accordance to the BROAD definition. It is a redistribution of a concentrated area, MONEY. However, that's quite vague.
So now the question shifts, to HOW #decentralized is blockchain?
The same as we observe the bottleneck effects of building a computer, we must observe how #decentralized we are.
1. Central forms of power.
Currency is the most governed and centralized market there is. Completely controlled by the central reserve.
https://qph.ec.quoracdn.net/main-qimg-41f4d01664cf69efb7c1c10a867c1311-c
The U.S. Treasury decides to print money in the United States as it owns and operates printing presses. However, the Federal Reserve has control of the money supply through its power to create credit with interest rates and reserve requirements.Aug 25, 2015
https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp
The control and #printing of money has a direct link to #social #engineering by creating a #memetic #reliance on a concept that is subject to #inflation.
That means, the market is influenced, and foundationally built upon a non-decentralized controlled network. For blockchain to be free or liberated from this, the block chain must control how fiat works. Seeing as fiat is a 300Trillion $ market, this is nowhere near the case yet. At any time, a big government or large fund could destabalize any market.
2. FIAT Systems of control
For blockchain to be #free or #liberated from the #fiat system (From the Latin word for "let it be done" https://www.merriam-webster.com/thesaurus/fiat), blockchain must figure out how to keep the #federal #reserve and other centralized authorities OUT.
"According to the Bank for International Settlements, the total amount is about $5 trillion. According to the CIA, the total amount is $80 trillion if you include "broad money." Mitchell Hartman, Marketplace.org
http://www.businessinsider.com/heres-how-much-money-there-is-in-the-world-2017-10
At any time, any agency with access to large funds can destabilize ANY market regardless if it claims to be 'decentralized' or not. This means they still have the power.
JPMorgan then went ahead and was the biggest purchaser in the dip.:
https://news.bitcoin.com/after-the-boss-calls-bitcoin-a-fraud-jp-morgan-buys-the-dip/
(they bought more than what is shown there)
Next up, Blockchains run on #nodes.
Alot of them.
A fully decentralized network would be #peer-to-peer. To exchange physical dollars all you need is one person to hand another person #cash. A miner based network requires a third party (to 'mine') or "miners", who then verify #transactions.
Decentralized or Not?
These #miners are compromised due to the network they rest upon. The #internet. In the USA #net #neutrality just got smashed to pieces.
I don't remember seeing very many #bankers actually MINING for gold during the gold rush... do you?
The implications are that #banks will TRY to find a way to compromise the gateways of the network once again.
https://blockgeeks.com/guides/what-is-blockchain-technology/
Stay tuned for "Nodes biggest challenge, the government controlled resource"
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Exceptional article! Thank you.
Short and to the point, very well documented, presented with clear graphics and an even clearer explanation of concepts normally very nebulous and hard to understand. Thus, you get a full 100% upvote, a well deserved resteem and a sharing as well!
I look forward to reading the next article, namaste :)
Fantastic article. I am a total newbie to crypto's and this was written in a way that helped me understand more. Thank you for all the links and diagrams.
A blockchain can be decentralized without being fully peer-to-peer.
Would love more info. So Mysterious. :)
Same.
Lol it's not really that mysterious. De-central-ize means "to make not central". If the power shifts from a central authority to thousands of nodes (eg Bitcoin), the it is decentralized.
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interesting post....thanks for your information
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