hug0's comments

> Decentralized can have many meanings. What is important is that you can transact with anyone without a third party having any say.

I understand the premise of decentralised transactions, it's just that if the value of the currency can be manipulated by small group, it is not removing the need for trust, just shifting it...

> As long as they do not collude to destroy or disrupt the network it has no relevance at all.

I thought the point of decentralisation was to remove the need to trust others...

> As Bitcoin is practically useless due to high fees and congestion, I agree. But not because the reasons you gave.

AGREE! 7tps vs Visas 4,000tps with a peak capacity of 56,000 tps...

Surely, if 1000 people own 40% of a currency which had evangelical aims to service 7.5 billion people, then it is impossible to call it decentralised... Add this to the obvious fact that the vast majority of new bitcoins mined are from china, which due to the scale of processing power now has a monopoly due to capital barriers. The conclusion is... great experiment, but as in all deliberate implementations of social ,political, or economic theory. The real world is a very different beast to one man's view from a desk. I feel sorry for any new uneducated investors getting in now. This has become nothing more than a pyramid scheme that adds no value whatsoever to the world. Not cryptocurrency as an idea, but bitcoin's current iteration and implementation.

The best thing about this is that earth's curvature can be seen on his video on his website. Aghhh!

http://madmikehughes.com/