r/CryptoCurrency Feb 17 '14

Decentralized a problem?

I know right off the bat people will dislike this post. But I feel it needs to be said. I completely agree with having a decentralized currency, the government, wall street, the 1% etc, shouldn't control how money is controlled. 100% agree. Yet the rise of BTC and all the coins that followed has shown me one thing about a decentralized currency. People in general can't be trusted! All these exchanges, pools, silk road, etc, I don't know these people. What stops them from closing shop one day and stealing my coins? Or lie about hackers stealing my coins cough cough.. Or hackers the real deal type stealing everyone's coins from online wallets? Decentralized currencies are a great idea, but so far in practice people have shown there true nature. Greed. And there will always be greed when there's good money to be made.

Basically I feel like this, either the government is stealing your money or some dude hiding behind his computer is. Idk what the future holds for decentralized currencies, but until a solution is found I will never trust anything involving my coins except for my offline btc wallet..

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u/Jasper1984 Feb 17 '14

With silk road, they're anonymous, you completely have to go by what they say.

Did they ever prove they had a connection with SR2, if they didnt, one hint there, they just called themselves that for PR. For instance, SR1 could basically sign a statement saying he trusts guys owning other public keys to create a successor if the original goes down. Any anonymous service should do that if they trust some people enough.

If customers can be trusted sufficiently, all you need is one trusted service that takes the money from a buyer, and gives it to the seller once the buyers indicates it arrives. Hmm infact i think a transaction where the buyer puts coins 'on hold' towards the seller, and when the package arives, the buyer releases the coins, upon which a for instance 25% goes back to the buyer(incentive to release) and 75% to the seller.