Author: Monarch 2015-08-31 21:42:59
Published on: 2015-08-31T21:42:59+00:00
In a discussion about the importance of decentralization for Bitcoin, Allen Piscitello emphasizes that it is not an end-goal but rather a means to an end. The justification for the existence of bitcoin is rooted in its ability to function as a useful alternative without relying on the trust of third parties to process electronic payments. This requires decentralization and it is a requirement rather than a suggestion. Under a decentralized Bitcoin, systems can be as centralized as desired without affecting the parent, while under a centralized Bitcoin, there is no room to make it less centralized. Piscitello warns against hasty decision making for unclear goals and stresses the importance of properly bootstrapping a decentralized currency, as this may be the only shot we have to get it right.
Updated on: 2023-06-10T21:31:58.636163+00:00