Post
Topic
Board Altcoin Discussion
Re: The state of crypto - The only serious thread on the subforum
by
r0ach
on 09/09/2015, 20:24:52 UTC
Delegated is not the same as decentralized.

Satoshi created Bitcoin as a proof of concept and didn't actually engineer any of the end game variables in his system.  The result did not lead to decentralization.  If it wasn't proof of concept, it would have been engineered a specific way from start to finish, but it wasn't, there's far too many loose ends and unaccounted variables.  It's unknown if he was even adamant on forcing the system to run on PoW forever.  He seems like a relatively smart person, so I kind of doubt he would purposely engineer a system to consume something like one fourth the world's power if it became world reserve currency on purpose.  At that point, it would be the equivalent of designing the system to create nanorobots that turn every atom on the planet into paperclips.

I've seen Gavin quotes talking about porting Bitcoin to some form of PoS system in the future (not standard Sunny King PoS), so other people seem to agree on that point, that everything is entirely open ended, it's all proof of concept, and nothing is set in stone.  Decentralized is an ambigious term that means nothing.  Even Kelsey, "the Litecoin troll", acknowledged this.

Trying to claim a system like DPoS isn't decentralized and saying PoW Bitcoin is, is the biggest red herring in the room.  It's trading one set of pros and cons for another, then you weigh what you gained and what you lost and find the winner.  If Bitcoin's current implementation with PoW was buzz word "decentralized", then it would have never hit 50% or more hash rate at Ghash, and Peter Todd wouldn't have sold half his Bitcoin when it happened:

https://www.reddit.com/r/Bitcoin/comments/281ftd/why_i_just_sold_50_of_my_bitcoins_ghashio/

If Bitcoin PoW was "decentralized", then China wouldn't currently control Bitcoin with an iron grip, having 70% of the hash rate in one country, mostly run by 3 pools.  Anything you can count on one hand doesn't exactly sound "decentralized" to me.  There's no such thing as decentralized, everything is just pros and cons.  Satoshi is an excellent cryptographer, mediocre engineer, and great bullshit artist.