[clarkmoody]

I also believe in Bitcoin, but there may be a case against legitimacy at this point in the game: future changes to the protocol might become subject to state scrutiny.

Scenario:

(a) Regulators approve Bitcoin for use in banking, let's say

(b) Some change is proposed to the Bitcoin protocol, improving privacy

(c) Regulated firms are not able to do proper KYC/AML stuff if the upgrade activates

(d) Firms and regulators (and maybe legislators) push back against the upgrade

Now you have core protocol changes subjected to the scrutiny of the broader political process, which would be a total nightmare and may permanently stop development of the protocol.

[mihaifm]

Ultimately I think that's one the big issues with crypto. Even though most altcoins boast decentralization, their development is only controlled by a few people who have commit rights to the git repository. When someone disagrees with them, it usually ends up in forking a new currency. Perhaps someone with more experience in the crypto space can shed some light on this...is there a way to truly decentralize development as well?

[cdiddy2]

The only coin really trying to tackle this governance problem is Cardano in my opinion. Charles Hoskinson does a great job explaining their goals with this.

https://youtu.be/Ja9D0kpksxw?t=33m39s

https://youtu.be/cfD6efJ7KHA?t=9m56s

[Forbo]

Both Decred and Gridcoin have governance voting built in.

[xur17]

And Tezos.

[TheSpiceIsLife]

> core protocol changes subjected to the scrutiny of the broader political process, which would be a total nightmare and may permanently stop development of the protocol.

It could be argued this would be a good thing.

As it stands, if someone nabs your crypto you have no means of recourse, this is a bad thing.

[tobltobs]

How do you want to solve this problem without giving up decentralization?

[TheSpiceIsLife]

I don't.

I'm pro-centralisation in the sense that it comes with regulatory protections that are a net good for the average person, in my opinion.

If decentralisation comes with the risks that cryptocurrencies presently present, I'm not really interested.

[clarkmoody]

The most important aspect of cryptocurrency is censorship-resistance, accomplished through decentralization.

Reading your comment, I don't know why you would be interested in cryptocurrency at all.

[vkou]

The answer is that you can't, but that's not an answer liked by the people who:

1. Are optimistic about bitcoin.

2. Want to see it be useful for something besides speculation.

[SilasX]

You have the same recourse that you would if someone took your physical cash, which Bitcoin seeks to mimic properties of. Do you make the same arguments against physical cash, or is there some other substantive difference, are you singling out Bitcoin?

[JumpCrisscross]

> You have the same recourse that you would if someone took your physical cash

People don't speculate in physical cash. Also, cash being physical constrains the speed at which it can move. It also makes things like cameras useful.

[SilasX]

I don't see the relevance of those points to the distinctions being made on this thread?

[s73v3r_]

Someone taking my physical cash means they have to actually come to me, or come to my home which has security cameras.

[TheSpiceIsLife]

Or your business, which would probably (should?) have insurance against cash theft; time-delay safes; and professional cash transport services.