Re: Bitcoin cannot be decentralized if the Internet is centralized
Satoshi's invention of a revolutionary form of money that would give people control over their funds back in 2009 (Bitcoin), turned out to be a success. While the cryptocurrency's PoW consensus is partially centralized (mostly dominated by the Chinese), it has a wide distribution of nodes all across the globe. Theoretically speaking, Bitcoin is decentralized where anyone can set up a node to support the Blockchain. With enough capital, it's possible to secure Bitcoin in our homes with sophisticated ASIC machines too.
So far, many people believe that Bitcoin is truly decentralized as "no one" controls it. But the harsh reality is that every single cryptocurrency and Blockchain network depends on the Internet to survive. It's no secret that in today's world, big companies like Google, Facebook, and even Amazon control the Internet. On the other hand, ISPs (Internet Service Providers) have a final say over what people can view or host using the Internet. This means that Internet is centralized, greatly defeating the purpose of Bitcoin and other cryptocurrencies of eliminating the middleman.
For Bitcoin to be truly decentralized, the Internet needs to be decentralized first. Once that's done, you could expect to achieve financial freedom that's out of the scope of oppressive governments, central banks, and large corporations alike. Until then, Bitcoin and all other cryptocurrencies will be subject to the risks of the Internet's centralization for years to come.
What are your thoughts?
"With enough capital, it's possible to secure Bitcoin in our homes with sophisticated ASIC machines too"So far, many people believe that Bitcoin is truly decentralized as "no one" controls it. But the harsh reality is that every single cryptocurrency and Blockchain network depends on the Internet to survive. It's no secret that in today's world, big companies like Google, Facebook, and even Amazon control the Internet. On the other hand, ISPs (Internet Service Providers) have a final say over what people can view or host using the Internet. This means that Internet is centralized, greatly defeating the purpose of Bitcoin and other cryptocurrencies of eliminating the middleman.
For Bitcoin to be truly decentralized, the Internet needs to be decentralized first. Once that's done, you could expect to achieve financial freedom that's out of the scope of oppressive governments, central banks, and large corporations alike. Until then, Bitcoin and all other cryptocurrencies will be subject to the risks of the Internet's centralization for years to come.
What are your thoughts?
If this is the case then what makes it truly revolutionary? It almost Seem like another pay wall to block people and exercise centralized control no (not intentionally)? I don't think that the internet will ever be completely decentralized, nor will the proof of work consensus algorithm be needed within the future. Proof of work is starting to look more and more like just a working proof of concept for the blockchain, demonstrating the capabilities of the Bitcoin network. it was good at the time and created a whole world wide movement, but I don't think Satoshi meant for it to last forever, why else would the code be open source, if not to be upgraded and re-written?
instead there should be a middle-ground where decentralization and centralization meet, as not to cancel each other out, but work in harmony. Freedom without order is Anarchy, while order without freedom is Tyranny.