In an informal hearing by the US Senate Committee on Banking, Housing and Urban Affairs, the economist Nouriel Roubini, a long-time critic of the crypto space, said among other things that decentralization is ridiculous.
In fact, centralization has almost killed all humans several times by accident. What I'm I talking about? Incidents like during the Cuban missile crisis, of course, when a single Soviet submarine captain disobeyed orders to launch missiles with nuclear warheads into the USA and in doing so saved our entire species. Compared to such scenarios, industrial mass murder by the likes of Stalin and Hitler is small potatoes. As a Jew Roubini should understand the threat that centralized governments pose to minorities like the Jews. Centralization is also horribly wasteful because vast armies of law enforcement officers and officers of the court need to be employed to keep banks and other centralized financial institutions honest - and not entirely successfully at that. In most countries of the world, centralized governments are a grotesque joke as many Steemians can attest. Most governments of the world are utterly corrupt. At most, the government works at least somewhat like it is supposed to in perhaps a few dozen countries out the 200 sovereign ones that exist.
Roubini sounds like a mouthpiece of vested interests. Nothing more. Technology is irresistible like a force of nature. In many cases, distributed consensus is simply the superior way of doing things. Humans are naturally very weak at honesty and logic. Unless those things are enforced on a fundamental protocol level in the way humans interact, the majority of societies will continue to be mired in criminality and chaos. Government is not the answer because governments are made up of the same weak humans that are responsible for all the wrongdoing. The digitalization of everything is inevitable. It must be coupled with decentralization and distributed consensus or we will wake up to an Orwellian nightmare.
