I am clearly for keeping the Bitcoin or even more important the Blockchain decentralized.
We should have learned from the past that no organization or institution should have any control over such important projects. Because I believe that, if that is happening greed and control/power - the two worse human habits will try to take over again [as per this article];
Decentralization – and anonymity – might be sacrosanct for decentralists, but that does not mean they are goals in and of themselves. Instead, decentralists cling to these properties because they believe the health of the Bitcoin network relies on them. It’s only through decentralization and anonymity that the system can remain free from outside influence, such as government regulation.
“Bitcoin achieves policy neutrality by decentralization of mining,” Back explained. “If one miner won’t mine your transaction, another will. It’s an additional benefit if miners are many, geographically dispersed and anonymous, since it’s complex to coordinate a policy imposition on many small geographically dispersed miners. And it’s even more complex to impose policy on someone who is anonymous.”
If, on the other hand, Bitcoin reaches the point where only a handful of professional miners will be able to profitably partake in the process of Bitcoin mining, and if these miners are no longer able to do so anonymously, decentralists worry that Bitcoin’s fundamental properties might be at risk.
“It is pretty clear that forcing the Bitcoin protocol to implement anti-money laundering policy and blacklisting of funds is a long-term goal of governments, which can be done by pressuring mining pools,” Todd explained. “Being able to tell regulators that pressure will simply cause pools to leave regulated jurisdictions is important, but without anonymity, there really aren’t that many jurisdictions to run to.”
Furthermore, once more that half of all hashing power is effectively regulated, authorities could even demand a complete freeze of certain funds, Back explained:
“If more than 50 percent of mining is subject to policy, it can actually censor any transaction by ignoring – orphaning – blocks made by other miners. We don’t know if that would happen or not, but given the fact that it would be within their technical power to do it, it should be expected that regulators demand their regulations achieve an effect.”
Moreover, once this sort of regulation does set in, decentralists believe it will probably be too late to fix. Bitcoin would be caught in a regulatory trap without even noticing it – until the trap closed.
“If Bitcoin is already at high policy risk – sort of effectively centralized but not experiencing the side-effects of that yet – and then the policy problem arises, the properties of Bitcoin are lost or eroded. How can you fix it at that point? Suddenly decentralize it? It’s uncertain that the parties who are at that point under central control over the Bitcoin network have the free choice to work to decentralize it. They would have been regulatory captured.”_ #bitcoins #blockchain #decentralization