Decentralised technologies are promising a better world. Yet they seem to be recreating the same power structures that exist in our world today.
The main problem with the crypto-economy is that they are based around the concept of “one token one vote". As each token has a monetary value, this means we are tending towards plutocracy. And as the price is trending upwards, it gets more and more pronounced.
This plutocratic element is also coded directly into the security mechanism that these systems depend upon — the principle one being “proof of stake". With a proof of stake security mechanism, the more money you have the more rewards you receive. Your reward for securing the system is proportional to the amount of tokens you have. Thus we also have plutocracy.
In our world, the primary reason for social problems is due to inequality. This has been proven in study after study after study. The more unequal society is, the more social problems there are.
Bitcoin promised the decentralisation of the central banks. It promised to hand back the power of money creation back to the people. Yet, all it is doing is recentralising that power in a different location.
Is it better than the existing system? Yes. But then again, serfdom is better than slavery.
Of course, those shouting the loudest will keep shouting as long as numbers go up. And numbers will keep going up for as long as BTC and the rest of the shitcoins are better than the alternative. But they are not going to create the redistribution of wealth neccesary to eliminate global poverty. They won’t halt climate change. And they won’t decentralise the money supply.