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RE: Musings on cryptocurrencies

in #cryptocurrency6 years ago

I'm in two minds about this. I understand the applications of the decentralised databases and computing to further enable technological advances in other fields (including monetary/financial). However, I'm not convinced that this idea that it will decentralise power is correct, I think that all of the crypto projects attempt to decentralise power, but in fact they are merely concentrating the power in a different way and (wilfullly or not) being blind to this.

For instance, the power shifts heavily to developers/programmers (BTC/ETH or forks and debates about the direction), or early adoptors (STEEM), or miners (BTC again). These are definite power centres without a doubt, and to ignore it means that we might end up with a governance system that is less and not more transparent and accountable.

There are chains that include some form of voting/governance in their protocols, but voting without reliable information is not an adequate solution, and in the case of informed voting, where does that information come from (it would be those that you vote for or are advocating a particular platform).

Anyway, I am definitely not against crypto (I am invested into it), but I fear that we are running ahead, blinded by ideals and good intentions, too eager to throw out the status quo for something that might not be different. In principle I agree with you, but I'm not sure the practice is holding up...

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Yes, I can see where ignorance is a problem. We have that pretty much everywhere. That comes down to education.

So on one hand I'm an optimist in that I think with enlightenment (education), people will do the right thing. But I also know it's going to take awhile to see people move beyond just personal gain. I've seen study after study that says pretty much the same thing: natural selection does not favor selfishness over cooperation.

We may reach a turning point where more than half the world see value in cooperation over selfish conflict.

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