There are virtual currency investors who are very subjective

The centralized apps are absolutely trusted

Right now, there are painfully harsh truths about how the cryptocurrency market works.

Metamask Wallet is a cryptocurrency storage application with over 30 million monthly users. It can be said that most cryptocurrency investors of blockchains like Ethereum, BSC use it.

A centralized, developer-controlled application like Metamask that is used and trusted by users is extremely dangerous. There is no guarantee that such an application is secure or fraudulent. What if party A doesn’t transfer money to party B, but Metamask shows yes?

The same goes for Etherscan, a blockchain transaction retrieval platform that has 20 million visits per month. Most investors use it to test transactions and smart contracts. But if the platform is hacked or cheated, causing false transaction information, while users continue to trust, what will happen?

In the programming world, people often talk about the slogan “In code we trust”. But in my opinion, 99% of users only read the source code which is hosted and verified on websites like EtherScan, BscScan. Most investors do not verify themselves, but trust other websites completely. People say they only believe in code, but in reality they put their trust in the content displayed on those websites.

Cryptocurrency projects take decentralization lightly

On May 13, while the price of Terra’s UST and LUNA tokens plummeted, the project operation team made the decision to stop the network to save the price of the digital currency. This is certainly not a manifestation of the element of decentralization often preached as a strong point on blockchain.

I bet millions of Vietnamese, tens of millions of people around the world participate in the cryptocurrency market but only use Binance, Coinbase to play long and short (derivative market) without understanding what blockchain is and how it works. how. I think these people are just gambling with the house.

The Solana network, one of the largest blockchain platforms in the market, is down for hours on end. In theory, by the time it was halted, that blockchain network was dead and no longer existed. When they rebooted, it was treated as a brand new network. I don’t understand how Solana team can do it continuously and casually.

I know there are many blockchains running with billions of dollars worth of coins/tokens, but only a handful of validating nodes, managed by the same team. This means that the network can collapse just because of a hack, fraudulent or fraudulent founding team. The decentralization of blockchain is no more, it is just a keyword for them to communicate.

In the early stages of blockchain, the community was not as large as now, users really care and focus on the decentralization of the blockchain. At that time, it was truly distributed.

Now, blockchain has grown too big, but its most important properties are neglected and left with fatal holes. It can be said that the development of the cryptocurrency market has killed and will kill the most beautiful features of the blockchain. This is a very sad thing.