Let’s not forget the most important principle that gave us cryptocurrency: Decentralization.

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Let’s not forget the most important principle that gave us cryptocurrency: Decentralization.

“The root problem with conventional currency is all the trust that's required to make it work.”

– Satoshi Nakamoto

Cryptocurrency is a technological marvel and solution to one of the oldest problems that has plagued mankind- all the trust required in third parties to store your value and transact freely with one and other. Being a trusteless and decentralized system is fundamental to solving this. Without decentralization crypto networks lose their most important qualities of being trustless, permissionless and censorship-resistant — that is, that anyone can use the network and anyone can build on top of them.

I have been seeing a lot of talk about the rise of centralized BNB and it surprises and saddens me how less people care about what it represents. Greed has taken over. The whole point of Bitcoin, Ethereum, and any true blockchain is that nobody has special permissions or control of the network itself. There is no back door for someone to mint extra coins at no cost or kick someone off the network or otherwise restrict or control usage. Once you have your BTC/ETH, they are yours and nobody can mess with them. This is not true with BNB. Binance literally runs all the nodes. It is the antithesis of the crypto mission. The point of cryptocurrency and blockchain was not meant to be just some database in Malta.

Decentralization is the whole point of any of this, we could do everything much more efficiently with traditional databases if we're willing to trust a central authority and wouldn't need to pay any fees for anything. We've been doing it for decades with centralized finance. BNB is literally a money printing machine for Binance and their friends because nobody they don't approve is allowed to mint it.

I know most people here are purely in for the money, and that’s completely fine but I just wanted to share a reminder of the core tenets of why we have cryptocurrency. Remember the message that Satoshi encoded in the first genesis block. All of this has a purpose, it wasn’t a get rich quick scheme, it was to give power to the people through decentralisation. This is truly a peaceful financial revolution based on a core principle, and we just happen to be getting fabulously wealthy along the way. And that’s great. But let’s not lose sight of what got us here and what is truly important.

submitted by /u/dragondude4
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