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Decentralization and coercion

Etherum Reddit

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Regarding all the current hype about regulations and bans, this is just a quick reminder about what differs between decentralized crypto and banks.

Banks can be censored and they are censored by states. All the time. It's even clearer now than beforehand. This ability provides to states an incredible power.

Cryptocurrencies have been proposing decentralization specifically to provide self-sovereignty to people, so that no one can have their consentful transactions censored by anyone else. It's called censorship-resistance.

So, if any law can be enforced to prevent a crypto from working, then this crypto is coerceable, censorable and thus isn't decentralized. This crypto is just as much a tool of states as any traditional bank.

As such, I wouldn't spend too much effort trying to do anything against any law that tries to coerce any crypto, because it will only lead to finding vulnerabilities that will be fixed. Be it as fundamental as a consensus that needs a change, a bug in any smaller component of the network or anything else.

submitted by /u/Perleflamme
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