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> For Venmo, you might make changes to facilitate more access. yeah, and you might commit those changes to Venmo's own repos. and if Venmo's leadership sells o

• nickpsecurity 9y ago
  You don't commit them to Venmo's repos. You make a Venmo-like system controlled by one or more cooperating non-profits acting in countries with strong legal systems for dealing with financial fraud. The protocol and code are open. The charter of the non-profits addresses common concerns about fees, disputes, and so on. In other words, you use established forms of law and incentives to make organizations that protect their members' interests. You can further decentralize the scheme by having diverse sets of such organizations that have to agree on changes for participation to continue. Each problem is solved in the simplest, most-legally/technically-proven way possible. One can also make the individual customers voting members on things like charter changes that can add more protections later. "why deal with the middle-persons?" The author of the original article addressed that. Even the crypocurrencies have middle persons don't most of the stuff that middle-persons do in traditional systems. They're just getting worse results so far in the new model.