Great! Start with the Federal Reserve and SEC settings rules in a somewhat transparent process, run by people appointed by democratically elected governments.

Great! Start with the Federal Reserve and SEC settings rules in a somewhat transparent process, run by people appointed by democratically elected governments. But people started doubting monetary policy, rule-making around securities, and the democratic process in principle. Lo and behold: someone creates a system with all of its ideology baked into an algorithm that cannot be changed. But that leads to rather obvious injustices. And where, previously, these were settled in the open court of law, now the response was a faint shrugging: "That's how it's supposed to work. Shoulda audited the 43,563 lines of code underlying your really smart contract", said one unnamed cryptobro incapable of distinguishing ex ante and ex post fairness[0]. So now we get yet another blockchain, which is almost like a democratic government. Except your wealth determines the power of your vote. (Plus, of course, it's also untested, and throws away everything the concept of democracy stands for except the faint resemblance of something not entirely unlike voting). [0]: Example: your parents decree in their will that their $100,000,000 fortune shall be distributed among your sister and you according to the following rule: Flip a coin. Heads: Jane gets everything. Tails: Bob gets everything. That process is fair ex ante because you enter with equal chances to win. But the result it produces is decidedly unfair. Good thing it doesn't matter, though: Your mother lost that fortune somewhere in the blockchain, which lead to that horrible horrible murder-suicide that brought you two here today)