The Democratic Destruction of Ethereum, The Ethereum Network has unintentionally built an elite class of users (The Ethereum Federal Reserve) – March 31, 2021,
Socialists often attribute greed to Capitalists, but real capitalists use capital to purchase capital-producing assets. This fractional income-producing procedure capitalists focus their attention too often confuses the believers in a democratic system.
Socrates taught me that democracy is only as good as the people involved in the Democracy. A democracy of idiots is a democracy not worth investing in. A democracy that puts social justice ahead of sound economics is a democracy not worthy of my time, a democracy of greed which is what most democracies are, aren’t worth my time either.
The problem Etherum is having at the moment is a democracy of greed, because of modern cryptos guaranteed mining process it’s having to play this artificially created game of scarcity. When mining for commodities, the truth of the matter is that maybe nothing is ever discovered. I’ve bet on Gold mines that produced nothing, but you see that’s how a more natural deflation process is created, worked for that money and it was used to finance someone else’s failed idea.
In China, the Chinese Communist Party(CCP) often builds projects that PRODUCE NOTHING, in actuality, the Chinese Private sector derived from the Free market zones in China, pays for all of the CCP’s malinvestment. Many people have a had time to understand why the global economy is deflating and not inflating, but in the crypto space, their entire model is based on HOPEFULLY creating digital scarcity.
Creating digital scarcity is hard to do when as an example the system is creating an unnatural process. Even in Bitcoin, it’s 21 million GUARANTEED Bitcoins by 2140, which is kind of silly when you think about it, but if you don’t think about it too much, the idea works.
With Etherum everyone knows who the founder is, Vitalik Buterin is not a mystery, the man is clearly a genius, but well, the democracy of Ethereum puts the entire network at threat of being run by a bunch of elites. Money is still a CONVENIENT form of bartering, and with bartering, it’s all about how you use your assets.
People tend to forget one of the reasons taxation is theft is that if given the option, nobody in their right mind would use government money. Even in the modern era, the use of credit cards has exploded, people still hoard, gold, silver and use any of their acquired assets to purchase more assets, in hopes to not spend the or hoard governments taxable money.
Now, if most free-thinking people weren’t forced into legal tender laws, crypto-currencies wouldn’t have a leg to stand on. Why cryptos are worthy of consideration in the modern era is that governments are having a hard time finding ways to tax, regulate and confiscate them. Why I bring this up is because if you look at the Ethereum problem for what it is, their Democratic process is slowly making Ethereum less efficient and more resembling of a central bank.
The market should be the only democracy, not a group of elite individuals. The problem with taking a non-market-based approach to anything is that the people who decide the outcomes inevitably become elitists. No such mechanism exists in the bartering process, bartering is about creativity and IQ. Gold miners and miners, in general, are some of the best salesmen on planet earth.
Hey moron, I found this gold mine in such and such region, trust me there’s gold in them their hills, buy such and such stock and tell all of your stupid friends to do the same!
Sales is bartering, sell ice to Eskimo, but in the market, if you screw over your customers the price you pay is that you will get feer customers. Democracy is impatient in this regard because democracy wants a centralized figure to correct the puffing of salesmen. Capitalists argue, why can’t the education or the school of hard knocks correct things? That’s how got out of the caves, that’s how we evolved cultures, central authorities slow down everything in the long term.
I meet a lot of smart Muslims as an example that wants nothing to do with Muslim countries, why? Because a central authority/government has decided that the Quran should be interpreted in this way and this way alone, no wiggle room for all parties involved and the democratic process is an elitist one, I sure as shit am not going to vote against the ruling authority if I don’t have an escape plan in place.
Money which is bartering is simple = When I get such and such an asset, what can I do with it? As an example, currently, the price of gold is falling and it gets better for people like me, because overleveraged people tend to want to get rid of their assets because they imagine their wealth in fiat dollars.
I imagine my wealth in asset accumulation and I don’t bet on democracy, as a believer in extraterrestrial life, just observing the stupidity of the human race tells me everything I need to know as to why Alien life eludes us. Simple things like why the centralization of all power is a stupid idea have almost zero appeal to most humans.
Some humans do things better than other humans, why is this so hard to comprehend and accept? I see zero need for the Ethereum democratic process, especially if cryptos are trying to claim that they’re a viable replacement for a commodity-based dollar system.
The Ethereum Network is quickly making the argument for the Federal Reserve. Most people think Wealth taxes are something new, but in America as an example, they’re not. I like to make the argument about the inheritance tax being a wealth tax and in America, the wealth tax began at around the 1900s, well guess what soon emerged after the inheritance tax? The Federal Reserve in 1913!
When you’re one of the first to witness the creation of a tax, you’ll imagine the tax equation differently. You might even ask the ruling party to tax you more, because as many people know, the democratically elected government as an example contracts out most of the promises it makes to its voters.
If you’re one of the first to pay the tax, you start to see the benefits in the taxes, in fact, you can put yourself in a position to profit from the enforced tax because you’ll know where the taxed money is headed to next.
What The Ethereum Network is proposing looks like a tax to me, they’re already picking winners and losers, and because the outcome of the entire mining process is basically guaranteed, the only risk is if people abandon the network altogether, which looks unlikely at this point. Therefore what I’m seeing looks like a group of elites being formed in The Ethereum Network.
Interesting times ahead!
