Many will state that the average person does not care about decentralization. They do not mind a centralized world. After all, they are doing fairly well with the present system.
People are so unaware.
Each week, those of us who promote the idea of decentralization are reminded why we are advocates. The centralize entities cannot help themselves. Whether it is their greed, stupidity, or incompetence, the evidence is mounting.
There is an inherent problem that exists within the centralized realm. Under these structure there is a single point of access (or a few points). The advantages to centralization are gained by presenting the ultimate weakness: vulnerability.
Wells Fargo, in my opinion, is one of the most corrupt banks out there. They stand out in an industry full of thieves. That said, they made news again.
This week, they experienced a number of service outages.
People complained that their mobile banking app was inaccessible. Then others complained the online portal was intermittent.
While the explanation by Wells Fargo is plausible in this instance, it does underscore how a centralized financial system poses risk for the users. No matter what the reason, people were cut off from their funds. Their money was inaccessible to them. Leaving aside greed, corruption, and all the other games the financial industry does, the fact that smoke found while doing maintenance emphasizes how vulnerable a centralized financial entity is.
Decentralized systems have no single point of failure. Take Hive as an example. There are roughly 120 Witness nodes that have the software on them. The top 21 end up validating most of the blocks but other do as well. If one goes down, another steps in.
Over time, especially if the price of Witness nodes are reduced through development, we could see hundreds more opened up. This spreads the point of failure out greatly.
So while people do not care about decentralization, they do care about being cut off from their money. They also are starting to care about their data being sold. Or their personal information hacked and sold on the dark web. Or their credit card numbers stolen. These are what is upsetting to people.
We know people do not pay a great deal of attention to what is going on. Most do not know there is another option being construction. Blockchain is one of the alternatives that is going to make life very difficult for the centralized structures. The established entities simply do not stand a chance. Their inherent point of failure is impossible to overcome.
Centralization supports corruption. It is almost impossible for corruption to prevail in a decentralized system. It is through consolidation that power is amassed. This makes control very easy.
The Western world is not aware of the corruption they live under. There are a couple reasons for it. The first is they believe the media. This entity plays the division game but does not call the entire system out.
A second reason is people are comfortable. As long as they have some money placed in their bank account, they will keep going. Whether it is the measly paycheck or the government handout, they will be content. Sure they will complain yet do not do anything about it.
This is not the case in most of the world. Russians and Latin Americans are all too familiar with paper records that are changed by corrupt officials to take land from them. This is supported through the accompaniment of guns. The centralization of power makes this so.
These are the people who will start to embrace this. Those who live in areas where the bankers are akin to mobsters, they are open to something else. The ones with their land or businesses stolen because someone showed up with a piece of paper stamped by a corrupt official are willing to try new things.
This is where the change is going to take place. The worse the establishment behaves, the more open people are to different things.
Decentralization will take off at some point. There are too many in the world who are displaced for it not to.
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A little off topic, but blows me away how willing people are here in the states are to just give up there gun rights.
For wells fargo im sure it was just a cost benefit analysis. The chances of the backups going down outweighed the price of additional servers. Theyll be doing an investigation and either rethinking their risk, or fixing the fail safe that failed. Decentralization is good, but Im sure more vulnerabilities will be found and fixed in the decentalization world as well.
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There are many regions such as Africa or Latin America that will remain hopelessly corrupt and ripe for exploitation by their domestic elites and foreign actors, often acting in collusion - until decentralization realizes its full potential. How could China, for example, continue to rob dozens of developing countries blind by getting them to enter into agreements with China that are very unfavourable to them without bribing their corrupt elites? The West is at it, too, and has been for a much longer time.
I think this is one of the reasons why Western elites are so scared of decentralization. The Chinese elite is so scared of even the most primitive forms of decentralization that they're hell bent on building total surveillance. DAOs have the potential to enforce honest interactions like nothing else in history.
Even in generally corrupt regions, there are standout exceptions like Botswana in Africa or Costa Rica in Latin America.
But even the United States didn’t smell like roses in Transparency International’s latest Corruption Perception Index.
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The real truth is you never own something, it is simply an illusion like to own a house!
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Decentralization by means of sensible Agorism is in my opinion the way to go : by giving individuals at the bottom end a completely decentralized means to freely trade amongst themselves without having to resort to centralized entities funding them, they will be inspired to enhance their quality of life by being productive, thus restarting a true free trade economy that works from the bottom up, as opposed to the top-down controlled system we are currently suffering.
I am positive that it is possible to achieve this by means of the tech now at our disposal, allowing humankind to gently ease over time into a new era of peace and prosperity created by free spirits. There may be less peaceful ways of doing this, but non as effective over the long term.
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Another important reminder the limit on one’s monetary sovereignty in these traditional financial systems. Serves as an important detail of how cryptocurrencies can support self control of one’s assets.
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