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The answer is not yes, and there is clear evidence that cryptocurrencies are cancelled and created democratically. https://vitalik.ca/general/2021/03/23/legiti
by jtolds 6y ago
The answer is not yes, and there is clear evidence that cryptocurrencies are cancelled and created democratically.
https://vitalik.ca/general/2021/03/23/legitimacy.html https://vitalik.ca/general/2021/03/23/legitimacy.html (https://news.ycombinator.com/item?id=26560626 https://news.ycombinator.com/item?id=26560626) talks about the Steem/Hive split, and explains how the community democratically overrode the network owner's undemocratic decisions.
- einpoklum 6y agoThat Steem example is interesting. I wonder what the basis for the voting system they have there, though. Anyway, when you have a democratic (or otherwise subject to popular influence) institution which can do things like "print more money", forfeit some part of existing money, levy taxes etc. - then indeed it's an interesting and potentially positive-in-my-opinion cooperative pooling of resources. Of course then you have the opposite problem, which is the tyranny of the majority, but "you can't grab the rope at both ends".