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by hwbehrens
1457 days ago
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> But that's just it: bad choices in the social layer become nearly irrevocable once a self-interested, powerful elite emerges. The bad choices put them on top and they will do anything to stay there. I would argue that this trait is not unique to blockchain systems -- in fact, if you presented this argument without context, I doubt many readers would put blockchain in the top 5 potential referents. See: economic systems, political power struggles, social structures, etc. |
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Satoshi thought bailouts were the problem, but concentrated power was the problem. The libertarian "cure" of stronger property rights only exacerbates power concentration because concentrated power is in the best position to exploit stronger property rights. Cue exponential growth.