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But the weakness that causes people to take control of the Wild West isn't counterfeiting, it's just the inevitable end result of the chaos. The issue isn't fra
by bbctol 10y ago
But the weakness that causes people to take control of the Wild West isn't counterfeiting, it's just the inevitable end result of the chaos. The issue isn't fraud, it's that even people accumulating money honestly turns harmful over time; you acquire money because you're good at business, you use that money to buy out competitors, you pass that money on to your children as is your right, your children use it to consolidate more power... power is often a positive feedback loop, and no matter how solid the system of exchanges, it loops back to feudalism without regulation.
- visarga 10y agoSo redistribution of money is necessary to prevent the accumulation of power. Blockchain is trying to do the same thing essentially - not allowing a single actor to operate more than 50% of the computing power. When power concentrates too much, the system breaks down.
- Crespyl 10y agoAnd we already can seen bitcoin mining pools in China that collectively approach or exceed 50%. It's almost impossible to avoid concentration of power in any system that provides value to power-holders.
- spacehacker 10y agoIndeed, the most powerful agents do not have any correction signals to fear from above. They can rather impose rules on the system themselves. One can only avoid such dynamics by empathy (which is a very weak guarantee) or by making the government being controlled by the people and stronger than the most powerful players (which is democracy).