> Fundamentally it's the antithesis to democracy.
What is this even supposed to mean? Strict state controls on economic activity are more within the realm of authoritarian regimes, rather than democracies.
What is this even supposed to mean? Strict state controls on economic activity are more within the realm of authoritarian regimes, rather than democracies.
You may view state control on economic activity as authoritarian, but that's a pretty extreme view. I personally think that a democratically elected government should be able to control the economy when necessary, even if I don't always agree on how that control is applied. Otherwise, power will inevitably accumulate in increasingly large corporations, to the detriment of everyone else.
Only in Proof of Stake. This is wby Proof of Work is still considered the most secure against centralization.
> Otherwise, power will inevitably accumulate in increasingly large corporations, to the detriment of everyone else.
Pot --- kettle.
How then, if democracy and state authority can check the concentration of power, did we end up here?
A PoS crypto only works if there is an initial pre-sale (many of the ICO cryptos), or starting with a PoW period (like Ethereum did, there was also an ICO) and then moving to PoS.
Without one (or both) of the above the tokens at stake are worth nothing
If we can get back to democracy and genuine state authority, as opposed to increasingly-gerrymandered districts, voter suppression, and "state authority only when it suits the moneyed interests," which is more or less what we have now, then we'll be in much better shape overall.
Is it really? Throughout history it seems to go hand-in-hand with massive human rights abuses. Case studies include the USSR, DPRK, China, Cambodia, Cuba, etc.
Disclaimer: I don't have any opinion on this, just reacting to the "completely illogical" comment.
It depends on whether the word "democracy" has any meaning. In a democracy, we get to vote on how economic activity is regulated. Crypto is a tool to avoid democracy.
Do you consider the Democratic People's Republic of Korea to be a democracy? The people in that country vote overwhelmingly in favor of authoritarian policies there. I believe it's reasonable to argue that true democracy is incompatible with authoritarianism.
only in matters of that cryptocurrency.
>more shares = more votes
Yeah, people without shares have no business (and no interest) in decisions concerned with that cryptocurrency.
It's like saying a game community is not democratic because only players of that game can make decisions about the future of the game and the hardcore players (early adapters) get more votes than the newbies.
I think crypto tech is exploring ways to reinvent democracy/society, but cryptocurrencies are not meant to do it (as the name cryptoCURRENCY suggests).
The entire point is that all institutions in an Authoritarian country are under the control of the authoritarian leader/party.
If the judicial system has independent power and can hold the rulers accountable when the violate the law, it isn't an authoritarian regime.
This is precisely why the US has a system of checks and balances and why the judicial system is an important part of that.
I don't think there's any way to do this without giving trust to some central entity without a public blockchain. The public blockchain does become the source of trust, but you need a resource (like energy), that is finite, to secure that network.
However, going back to your original comment, you said we are assuming a zero carbon footprint, so that would assume some future where this trust could be put on a network in a way that would be environmentally sustainable. All I'm saying is that there are more possibilities to this technology than I think you are acknowledging.
Good luck with that.
If that idenifier is unlinked to their identity, how do they cryptographically prove their identity when voting? How do you audit voter rolls?
This is a red herring anyway since I was specifically talking about cryptocurrency. In a purely decentralized cryptocurrency economy, taxation becomes impossible. You can't prevent pseudonymous economic transactions and the existence of privacy orriented cryptocurrenciesean that transactions can always route through that layer to turn that pseudonymity into anonymity.
The entire current use case for cryptocurrencies is literally evading the rule of law (and speculation.)
I have sympathies with anarchic ideals and issues with democratic processes, but please don't try to pass one off as the other.
This is a wildly extreme viewpoint, given that every single country has strict controls on economic activity, where almost every transaction of size needs to be reported.