Inherently, a concentration of power, resources, or value (money) is a single point of failure for any business entity (e.g., banks, Blockchains, nation states, etc.).
^Image by Pexel
Naturally, it's a juicy target for hordes of blackhat operators.
"Decentralization and the Name Game" - Look past the name!
Just because something has "decentralized" in its name means nothing. Many blockchains, DAGs and DeFi projects are NOT decentralized.
The misdirection is by design.
It's the same "name-game-shell-scam" that Federal Express and the Federal Reserve (both privately owned, NON-FEDERAL organizations) have used to mislead the public since their inception.
Folks, your own due diligence can protect you from 99% of the scams out there. I know it might seem like a trip to a dentist or attending a funeral, but JUST DO IT.
The 1% not covered are usually the unforeseen, systemic or design flaws that lay dormant until conditions - not predicted, nor prepared for when created - occur (e.g., Meltdown and Spectre debacle).
I'd better stop now before my comment becomes a book draft!
May you and yours be well and love life today.
In lak'ech,
JaiChai
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JaiChai 12-26-2020. Simultaneous multi-site submissions posted. All rights reserved.
