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BITCOIN ECONOMICS APRIL 22, 2018 18:34
What’s Next for Cryptocurrency? Distribution of Power
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On this third and final piece about different cryptocurrency purposes and the role education plays in regulation, I aim to discuss why the concentration of power among cryptocurrency holders will dictate how bitcoin gets adopted. My expectation is that whatever I write makes you think on how could power be better distributed.
Hopefully, I’ve saved the best for last!
–this article shouldn’t be taken as financial advisement as it represents my personal opinion and thoughts. I have savings invested in cryptocurrency so take whatever I write with a grain of salt. Do not invest what you cannot afford to lose and always read as much as possible about a project before investing. Remember: you’re always responsible for your own money—
As a starting point, I think it’s important to understand that power structures come mostly from how organizations are formed. Firstly we need to understand there are two dimensions within the organization: infrastructure and governance. Infrastructure represents how data is distributed while governance represents how decisions are made.
Centralized organizations probably still represent 99.9% of all existing ones, I admit, but the shift did not happen sooner because the incentives weren’t there. I mean, they were there, but highly limited. A clear example of how only the right incentives have the power to overcome centralized structures is Wikipedia. On its early days no one would thought Wikipedia could ever become one of the most (if not the most) trusted source of information out there. The shift happened when people realized anyone could actually contribute to it.