Decentralized Currency: The Bait & Switch of Blockchain

            The recent advent of cryptocurrency has already made profound effects on the economic landscape. People have made millions of real dollars investing in digital currency. We are not just talking about Bit Coin which could be labeled the “reserve digital currency” of cyber space. There is every digital currency available from Aurora Coin to Z-Cash.

          To label proprietors like Bit Coin as “Decentralized” wouldn’t really be appropriate as each works within their own microcosm of a fiat system controlled by the creators. Someone has to update and maintain the thing. This is one of the main risks in investing in cryptocurrency as the company you purchased them from may be gone tomorrow. The great benefit of using cryptocurrency is the complete anonymity in transfers, which is very distressing to authoritarian governments. Anonymous currencies like cash are one of the last vestiges of freedom left in the world.

            Decentralized currency will only be created when it is an open-source system so that the software can grow to meet demand. Unfortunately we have no secure method of transfer as Blockstream’s side-chains technology are incentives incompatible. This means that for every participant in the system the currency becomes more centralized out of necessity because the system will not scale. This results in an end game where the “bank” and whoever has the most coin wins.

          This doesn’t mean we should abandon decentralized currencies altogether. This is the only way people can effectively take control of their freedom. There is not a Senator you can contact or law that can be passed that is more empowering to a free state. Those in power know that as long as they hold the purse strings they will also have the people in the palm of their wicked hands. The only place these cold hearted snakes feel hurt is in the pocketbook. Let’s bring on the pain.