Blockchain: decentralisation centralised on my coin.

Hint: the core of decentralisation isn’t about having a billion copies of the same database. It’s about a billion people each having their own, unique database.

PS. In a truly decentralised system, no one makes a billion dollars. *watches all the right libertarians make for the door*

PPS. A venture capitalist would never invest in a truly decentralised system. Why? See PS, above.

@aral Well I think this time you're wrong, a venture capitalist could invest in a truly decentralised system assuming he does not know the PS above

@aral decommodify all goods and services and you don't even need any protocol/token that behaves like money does ;) if nothing costs anything then money becomes worthless paper and metal, bank accounts are databases of arbitrary numbers, and cryptocurrency becomes meaningless cyphertext. money doesn't feed us, clothe us, or house us: the labour it only represents does all that.

@aral it's the scarcity aspect of the money that leads to centralisation and encourages investment and speculation.

Mutual credit based crypto like we're starting to see with a few projects is the seeds of a truly decentralised money mechanism.

Can you send me a link to where I can find such Mutual Credit Cryptos?

@revkellyn @aral Also I wrote a little booklet introducing mutual credit and scarcity problems for giving to people who are interested and new to the ideas:

@revkellyn @aral I really like the Credit Commons too: "The Credit Commons seeks to take the idea of Bitcoin further, incorporating trust and credit into the protocol to be freed from the constraints and injustices of commodity money. The Credit Commons as a protocol embodies a similar libertarian ethic to bitcoin, but instead of an open system without trust, it consists of private groups that can choose the degree to which they trust each other."

Yes! I've been saying the same thing! Blockchain technology is not decentralized. Mainly because the so called "distributed ledger" can only be updated by those who can afford to buy powerful hardware.
All crypto currencies are basically just a way to manufacture more gold in the current capitalist paradigm. If we truly want to move towards decentralization, we need to think less about exchange value and more about use value - 1/2

@aral Crypto doesn't really have much use value sadly. - 2/2

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