Decentralization will never be enough. Even if it is digital
And no amount of tech is going to change this fact.
A crucial issue of our age, that I often discuss here, but is never repeated often enough, is that we cannot throw everything away just because we have digital technology.
Today, stealing and commenting some great quotes from “We’re About to Enter the Cheap Money Era’s Final Phase”, I offer another explanation of why this is true (emphasis and parts in italic are mine):
As both crypto and managed democracy have shown over the last decade, centralized and decentralized systems possess the same fatal flaw: allowing sociopaths to harvest more wealth, power, and control (just look at “Big Tech”!).
If the crypto ecosystem is going to create any societal value, it must strive to purge bad actors and prove the decentralist idea of self-regulating markets will exile them for good.
But without regulatory oversight, what’s stopping another crypto cabal from taking over? Nothing (please note that this is exactly the same issue that makes blockchain useless to certify property)
And here comes the point of this post…
Cyber-libertarianism and anarcho-capitalism, the hidden doctrines behind decentralization and crypto, cannot defeat the existing power structure alone.
Thinking that withdrawing from the legacy system to a digital utopia will somehow resolve society’s troubles is an absurd notion.
[W]e’ll have to battle against the elites in the tangible world, not flee to its digital counterpart, to bring about a financial (or political, or social…) revolution.