news Cryptocurrency Markets May Be Decentralized, but They’re Still Accountable

[Gluttony 1775]

We know that crypto currency is still improving itself and the program of the systems running to it is also continuous upgrading themselves so that the features would always still new and relevant to the needs of every user that uses crypto currency. I would like to say that this kind of suggestion may be taken in to account for future reference since it is also a great feature for crypto currency to have something like this but I think since it is a crypto currency, it would be hard because of decentralization and block chain technology. These two were actually the reason why crypto currency is more popular and used by many users compared to fiat currency because it offers the users to become anonymous and be free to any transactions they would do in the digital space using crypto currency.

[Oxygen99 1930]

On 10/20/2020 at 2:20 PM, Irungu said:

It does work perfectly so we need to work as hard and put together everything in an Amazing the right effort the right idea  is to still be sure that we have something everything in the good issues of the market the good thing is that crypto currency does work perfectly

Yes my friend nothing good in this world is easy to access and since we all know that there are many challenges in the cryptoworld definitely we have to work hard to achieve what we are here for.

[Cryptomint 433]

I think it is not easy thing because there is many platforms are there and counting of them is not easy thing so I think it is not accountable.

[Mella 3680]

I am think this is dependent on many things. If there is a network that allows illegal activities then do we shut it down? The internet is a network like that, there are illegal trade and website but it does not shut down because of the many positive that are more than the few negative.

[annayks 2314]

The crypto markets should be accountable when they are centralized. Bitcoin as well as defi are accountable only to the users. The code is open source and those that want and have the knowledge can look it and see it is not something that is a threat to anyone.

[abohasnn9 2401]

My friend, I do not deny the existence of central control over the trading of cryptocurrencies, which are basically decentralized, but only now cryptocurrencies maintain their own centralization, which is the most important advantage of cryptocurrencies despite the many attempts to do so. Thank you.

[bogdanoff 3173]

Many exchanges that are centralized are doing some things that wouldn't be legal in any other market, as informing a few whales for listings to be in better position from the rest and inflating volumes with wash trading. These need to stop as it makes problems of trust for the cryptocurrency markets.

[percare 3192]

What matters is to be decentralized, this will help more the user as it increases security and removes the centralization problems that occur when someone is in control and the manipulation of the central systems. Decentralized can't be manipulated this is the importance of having decentralization in markets.

[Frodler 943]

I think accountability should not be something to question when it comes to decentralised entities, the centralized entities can easily manuplate or even hide details but it's virtually impossible in a decentralised settings 

[Froshk 1828]

Accountability is one of the fundamental principles that guides the blockchain technology, an the blockchain technology is the basis of which the decentralized networks are built, therefore I think decentralization and accountability are not some that can be separated from each other. 

[Fixfin 2569]

We have cryptocurrencies that are centralized and require trust, like USDT as we have seen them blocking accounts perhaps even after a government ordered it, so there is this opinion that trust or centralization should exist, although the trustless systems maybe working better as it happens in Bitcoin.

[BraveHeart01 1569]

there are some benefits of cryptocurrency but you cannot say that it is all good there are some disadvantage of it too so it is you don't need to decide if you want to use it or do not want to.

[Whited35 15285]

On 6/15/2020 at 9:57 AM, kyoukage01 said:

Cryptocurrencies like Bitcoin are decentralized, but still, there is a need for a convenient platform for exchanging them to each other and to other valuable commodities like fiat; hence trading platforms like cryptocurrency exchanges exist.

That's why scammers or crypto criminals are getting caught everyday according the investigations made by blockchain analysis companies. For example once crypto criminals steal funds from the exchange, he will be seeking the way to cash out by exchanging his crypto against fiat but unfortunately, activities on any sorts of exchange sites will be traced and they are accountable 😂!

[kyoukage01 3181]

10 hours ago, Whited35 said:

That's why scammers or crypto criminals are getting caught everyday according the investigations made by blockchain analysis companies. For example once crypto criminals steal funds from the exchange, he will be seeking the way to cash out by exchanging his crypto against fiat but unfortunately, activities on any sorts of exchange sites will be traced and they are accountable 😂!

And to think that there are still people today who synonimize cryptocurrencies with being a tool for criminals 😒 . They should realize that this is normally not the case, especially with Bitcoin where addresses are private but transactions are public. In the case of your example, the other exchanges can simply block and/or freeze suspicious accounts once they are alerted to the news.

 

The danger that centralized exchanges pose though is when they do moves that will only benefit themselves and not the customers (at least at first glance), as what happened with Coinbase which was mentioned in the article on the topic post. In Coinbase's case, they may have done it with the best of intentions, but users aren't buying that excuse. Facebook has been accused of sending personal information to other parties like the US government, and there is no guarantee that Coinbase will not do the same.

 

[Whited35 15285]

1 hour ago, kyoukage01 said:

And to think that there are still people today who synonimize cryptocurrencies with being a tool for criminals 😒 .

They really have misconceptions regarding Bitcoin and its usages for the criminal activities. In reality, I am pretty much sure more than 95% such criminal activities are based on USD. If Bitcoin will be  genuinely recognized in this world, it will itself help to prevent the crimes as no data from blockchain will bi eliminated. 

1 hour ago, kyoukage01 said:

Facebook has been accused of sending personal information to other parties like the US government, and there is no guarantee that Coinbase will not do the same.

Lol, Coinbase already into it brother. Fortunately, I just found a link from bookmark that suggests Coinbased has passed users' details to the government. Check the more details here https://www.coindesk.com/coinbase-uk-users-taxman-report

 

[khan22 3478]

Crypto market is decentralized but so many coins which are in the amrket are centralized and peoples will invest their money in that coin and they just wait for the bull becasue in the crypto market in future the centralized coin make the huge price becasue peoples will believe on that coin.

[Khan 1414]

13 hours ago, Luka12 said:

I believe that trust in the cryptocurrency world comes from the fact that cryptocurrencies are built witj blockchain technology which is the basic structure of most cryptocurrency syestem as a provide security. I hope that in the future, we will reach completed decentralization in the world of cryptocurrencie.        

Crypto currency is still not trustable and can't be legal until the trust issue has been solved. This is the greater blunder in the crypto currnecy that it can't be trusted by common person.

[Jromz 2158]

I think is we shouldn't let these terms to confuse us. It is great that most cryptocurrencies are decentralized and that we indeed have a wide offer of exchange platforms, which ideally should be making an effort to offer their clients the most competitive services in order to not lose them. In reality, is a bit different and many exchange are really mediocre in their offer, so I personally lean towards those exchanges with the best offer, which of course included Yobit.

[kyoukage01 3181]

21 hours ago, Whited35 said:

They really have misconceptions regarding Bitcoin and its usages for the criminal activities. In reality, I am pretty much sure more than 95% such criminal activities are based on USD.

It's not as if your car broke down and you are alone in a highway, an armed robber suddenly came to you from behind, and instead of demanding cash and personal possessions, he demanded your BTCs, right? 😂

 

Until the time comes where the majority of reported petty crimes involving cryptocurrencies becomes the regular content of TV news, the notion of the connection between crypto and crime remains a topic that should not be further stressed upon by crypto haters.

 

21 hours ago, Whited35 said:

Lol, Coinbase already into it brother. Fortunately, I just found a link from bookmark that suggests Coinbased has passed users' details to the government. Check the more details here https://www.coindesk.com/coinbase-uk-users-taxman-report

Thanks for the link. So, what are the UK-based crypto users' reactions to this?

 

As written in the article,

Quote

"In the U.K., cryptocurrencies count as an investment asset and are subject to capital gains tax, which for high-income earners can come to approximately 20% on gains. "

- https://www.coindesk.com/coinbase-uk-users-taxman-report

it seems that the UK government accepts cryptocurrencies on the condition of taxation. So Coinbase may have been forced (or happy??? 😅 ) to oblige. And crypto users who received a certain minimum amount of money were notified, at least. Was the public reception (UK) on this news positive, or were there negative responses like UK-based crypto users moving their assets out of Coinbase?

 

Edited December 15, 2020 by kyoukage01

[Whited35 15285]

3 hours ago, kyoukage01 said:

It's not as if your car broke down and you are alone in a highway, an armed robber suddenly came to you from behind, and instead of demanding cash and personal possessions, he demanded your BTCs, right? 😂

Lol, quite relatable as he will be attempting to remain anonymous but his main intentional would be again to cash out in fiat currencies 😂 !

3 hours ago, kyoukage01 said:

Was the public reception (UK) on this news positive, or were there negative responses like UK-based crypto users moving their assets out of Coinbase?

Coinbase still has active operational branches in UK. As coinbase operates its services by adopting the regulations from the UK government, I think they were compelled to provide users'(who were attempting to evade taxes) details to the law enforcement. I guess frustrated users have decided to go for non-custodial wallets to hold their assets and maybe, so many Coinbase users from UK were/are not happy with Coinbase 🤣 ! 

[Nicole018 4548]

Crypto exchanges by far has gained trust of crypto users worldwide. Both yobit exchange as well as binance continue to deliver good quality facilities and services to the users in terms of cryptocurrency transfer as well as security measures offered. they are definitely accountable to some extent to the users in order to provide the right services and protection.

[Syedbesharat 5423]

On 6/16/2020 at 1:09 PM, kizz said:

It is better that a crypto currency is decentralized because no one handles it and there are many advantages being a decentralized crypto market than centralized.

Crypto is a not centralised and decentralised. If crypto is under control many people will not have it under low price because the price of low and high will  under control and when people wanna buy they higher the price. So it's depend on demand and supply the more adoption the higher price of crypto the less adoption the less price. The biggest advantage of crypto is not controlled and price changes not fixed like fiat. 

[progma 326]

having to be in all that of being decentralized comes in great control of power as having to establish end to end points on having to have security on this decentralized  systems, the issuance of crypto have certainly brought in trust, as well as many investors on this field

[pablomarwan 3082]

Despite the characteristics that cryptocurrencies have, it does not mean that you are free. Financial institutions will not let you do what you want. If this is the case, countries will become ill of many fraudulent operations, smuggling and other illegal transactions, and conditions will turn out. This is why these platforms impose some control on their customers in order to reduce these transactions and organize the market.

[Hanbal 359]

I can't confidently state that a centralized system is better than decentralized system each has it advantage and disadvantage in a decentralized system if you loose your money you have no who to lay your complain because it is decentralize unlike a centralize system.