Quote from: domob on August 29, 2018, 06:08:37 AM

Quote from: Atherus on August 29, 2018, 05:34:51 AM

Quote from: HeRetiK on August 28, 2018, 07:58:36 PM

Federated trust as decribed by GeeqCorp is precisely how humanity has done monetary transactions for centuries. Merely throwing in a blockchain for good measure doesn't change anything. Getting rid of federated trust is what made Bitcoin so revolutionary. Returning to it seems rather regressive.

My opinion is that an authority on the blockchain should be present in order to avoid fraudelent and malicious actions. See what's it going on right now on the Ethereum blockchain and ERC20 tokens which is full of scams.
And also, if people are not so much in fond of federated trust, how is it possible that Ripple has so much support by users making it 3rd regarding Market Cap?

If you want an authority, why do you need a blockchain? Do you see a particular usecase that blockchain solves in a situation where you are fine with a trusted authority anyway? In my opinion, a blockchain would just be a very inefficient database and/or buzzword in such a situation.

Authority exists in every blockchain. Do you think there is not high volumes of authority in Bitcoin, when Satoshi holds a huge amount of BTC and mining pools the majority of the hashing power? They get the rewards of the transactions so the value is accumulated on them and coins are spread among few users.