Criticisms are valid but has there been anything more decentralized that exists today. The participants should have some incentive to participate and not mostly volunteers like Wikipedia. Genuine question.
I don't think there need to be financial incentives at all, in fact i'm absolutely tired of the crypto logic that tries to impose 20th century economic scarcity on the digital sphere.
very decentralized.
- Make loans that with less than 100% reserve backing (be a bank)
- Print up your own negotiable instruments denominated in an existing currency (sell gift cards)
- Create a new currency and hope others accept it (be a central bank)
It's more similar to Madoff actually. The amount of scams are truly unprecedented too - almost daily > 1 mil.