Preston Byrne, an attorney and a libertarian explains that the decentralized social network is by no means the remedy to the entire financial system. Most people bear the decimating fallacy about the cryptos that this will eventually solve the financial crisis that we face today according to Preston Byrne which is totally absurd. Byrne states that the system that people think will inspire to further progress will not only lay waste to their hard work they have done so far but it will also cause serious anarchy. The decentralized environment sure is a safe from any higher authority from viewing the inner transactions, it is also prone to inside scamming and fraud attacks which can dismantle the entire system if struck by force. BlockPublisher attempted successfully in extracting some words from the concerned person himself over the matter.
The global fix for the financial crisis being termed as the decentralized social network will be nothing short of an imminent fail. The entire systems oozes anarchy and mob rule out of it where every scammer and fraudulent agent can thrive.
The moment bitcoin surfaced the financial globe, there were critics which branded the system as destined to be doomed but the system nevertheless, prospered and prospered well too. This leads us to being around the time where cryptos have turned more of a requirement instead of a fashion although it still is following the trend situation for many users. The important thing to note is that Byrne’s statement focuses over the basis which forms the crypto grounds i.e. decentralization.
Decentralization has been hailed as being emerged out of the cryptos as the genesis bitcoin bore the very concept as the roots with the blockchain technology holding it upright with nodes as the users. Byrne is of the view that there is no doubt that the system speaks democracy out loud, the problem lies that out of the view of any regulating authority the system is more prone toe scamming and hacking attacks with no one to turn to as the system would belong to no one. This would be difficult for the official authorities as they would be unable to take measures to promote the system eliminating the flaws.
In a nutshell, the system bearing decentralization will eventually be clogged by users who will try to manipulate the system into gaining their own benefit hurting the entire financial system leaving us stranded to the place where we wander as of this moment.