macsga, always democracy is a power vacuum. And thus yes the elite will take control of Bitcoin. No doubt in my mind.
The only way I can see to avoid that is to use technological innovation to remove the need for consensus in crypto currency. Such as eliminating the 51% attack vector and enabling users to burn their coins and transfer them to another chain, so that value becomes orthogonal to chain protocol. Soon we will have this technology.
The only way I can see to avoid that is to use technological innovation to remove the need for consensus in crypto currency. Such as eliminating the 51% attack vector and enabling users to burn their coins and transfer them to another chain, so that value becomes orthogonal to chain protocol. Soon we will have this technology.
Flaws will always be present when introducing innovative technologies. First we had to remove human greed out of the monetary system. We used complex random matrix equations and distributed computing to do it. Now we face consensus; we will find a way to eliminate this as well. There's no doubt that technology is our friend but also a foe in many cases. We -as a species- must learn to overcome the obstacles. We've managed to do it throughout the last couple of thousands of years, why not now?
I'm thinking of a new type of Democracy. But first we must fix the currency. "Money makes the world go around".
