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> * "This will decentralize ownership of a currency." Nope, it will move from having government control to having oligarchic control. In most places where olig
by JMTQp8lwXL 5y ago
> * "This will decentralize ownership of a currency." Nope, it will move from having government control to having oligarchic control.
In most places where oligarchs exist, they largely control their government. That is, they are one in the same, whether this is a formal or informal arrangement. Though they may be different subsets of oligarchs.
- jameshart 5y ago‘Oligarch’ doesn’t mean ‘rich dude’ - an oligarch is by definition someone (a member of a small elite group) who exercises control over a state. The point of op wasn’t that Bitcoin transfers power from states to existing oligarchs - indeed, that would be nonsensical, as by definition oligarchs already control states - but that it would transfer power from democratic state institutions to oligarchies. Ie it would create new oligarchies and supplant democracy.
- JMTQp8lwXL 5y agoIsn't having more power brokers healthier for a democracy than fewer? Today, the existing oligarchs control both the currency and all the laws. This at least fragments that further. The existing oligarchs still get the government; that doesn't change. The new ones get the currency.