2 Comments

  1. Bitcoin is an oligarchy, just as modern Western society.
    Why?
    Because fundamentally, the consensus algorithm, whether applied in politics or computing, produces decentralized, but not distributed authority.
    The original, ancient Athenian democracy selected its leaders by random draw (“sortition”), not consensus–the two are completely different paradigms. For an example of a digital currency that uses purely a sortitive algorithm, rather than consensus, see the FreeMark by Worldfree.

    • Hi Kevin, thanks for the comment, preventing a cryptocurrency (and any currency) regime from descending into an oligopoly seems like a serious challenge.

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