How Do We Curb Incessant And Bad Actors Running The Show In Blockchain Technology And Centralised Exchanges?
One of the major reasons why cryptocurrency might lose credibility is as a result of insecurities, scandalous and scrupulous events as well as uncertainty. Truth is, bitcoin has been the original cryptocurrency and over the years it has grown in adoption and acceptance because of the fact that it brings pure decentralisation, speed and transparency of which is likely the things we need in most important sectors like banking and finance.
I likely do not know anything technical about bitcoin and blockchain technology but I'll tell you this; people understands the importance of decentralisation and why it's important for everyone to be in charge of what they own, but if singular entities starts creating scandals, running around and destroying the image of cryptocurrency because they have billions then people who aren't even into blockchain or cryptocurrency might see this as a warning to stay away.
Cryptocurrency and what it stands for will become compromise should it becomes possible for singular entities to dictate how things are run especially with blockchain technology which should be free and immutable. Thing is, sadly exchanges have a lot of part to play, I fear corruption and greed is one flaw that might hamper blockchain technology and this is of course one way of making it an oligarch movement rather than something people can adopt and financially free themselves from taking part in it.
I'll sadly say the future looks bleak and arbitrariness and total control is something no one should have when it comes to cryptocurrency and blockchain. Everyone is suppose to control what they can control and not influence beyond what they should. Sadly Ned Scott isn't the visionary we think he is, because of his singular greed, he's compromised decentralisation by auctioning such a beautiful project as steemit to the highest bidder and thereby steem is on the brink of capitulation. What's suppose to become the world's topmost blockchain in a few years time is now a joke.
One thing I'll like to add is that web 3:0 will be for the people taking charge of their lives and benefiting tremendously from it. It's essentially to cement trust and I believe blockchain will be formally adopted all over the world but then we need innovative actors that can set the records straight. Having centralised exchanges manipulating things, collecting bribes to help perform acts of theft and thievery is something blockchain should make sure doesn't happen. I'm devastated this morning and definitely not happy about how everything is capitulating.