So Dan brought out an article that is pretty heavy hitting and counters a lot of my own arguments as of late. This is some hard hitting stuff actually. damn.
I am not sure if copying the article is going to be ok or not but I am about 80% sure its fine because medium doesn't have ad revenue model and Dan is probably not monetizing the article. Either way here is the part about the code of law myth which I think is pretty hard hitting stuff.
The Code is Law Myth
There is widespread belief that there is no “governance” of Bitcoin or Ethereum and that these protocols are decentralized. There is further a belief that the code should be law. In reality all blockchains have human governance processes that reveal themselves in emergencies and when the protocol upgrades. All code has bugs; and bugs in the law create injustice and violation of expected property rights.
Ethereum’s shadow-government hard-forked to fix the DAO hack. Bitcoin mining pools voted on which fork to support when a software upgrade introduced a long unintended fork. The Ethereum foundation has used Trademark law to define the official version of the chain that exchanges are allowed to list. Segwit was accepted due to a summit of community leaders who voted on a compromise that included increasing the block size only to be betrayed due to the phased-rollout plan that later abandoned big blocks.
Large miners have cornered the market on ASIC with the benefit of economies of scale. Mining pools have cornered the market on block production (2–3 pools control Bitcoin and Ethereum). Fees (aka producer bribes) have risen to be higher than bank transfers. Lightning networks create new bank-like-intermediaries and are vulnerable to censorship attacks by mining pools and ASIC cartels.
Every blockchain that has a “process for upgrading” has a governance structure that is capable of changing the rules, rolling back stolen funds, etc. It is the good-old-boy network of Github admins, exchange connections, and mining pool operators. The problem is that these processes are informal and less predictable and even less accountable than the governmental structures we hope the blockchains would replace. Insiders take stealth control of these informal processes while the masses perceive coordinated governance chaos.