Hi Hives,

The search-word "Decentralisation" is at its peak, ever since the 2017 boom. Decentralisation is now associated with any project that wants to touch the last mile users or investors. Decentralisation means the system is not controlled by a group of people rather it is governed by the community, entire people participating in it, interacting with it. But the question arises that is the decentralisation a form of democracy in crypto currency as well?

Image source - CSA Images

Decentralisation by it means have a lot of reputation when it comes to the governance. Every democratic political system harness it's power to establish a real meaning democracy. Decentralisation and democracy can be synonyms in political aspect. However it's not entirely true when it comes to the other systems.

Decentralisation is not democracy

When it comes to crypto currency, we can't take democracy and Decentralisation as synonyms. Rather decentralisation can be a "technical" feature of it but it does not mean that it is making a crypto environment entirely democratic. From democracy, I don't expect that everyone can participate explicitly, it's impossible. But democracy can establish a proper medium of communication, transfer of facts and authentic data, a extensive awareness where participants are aware of each other. When people are aware of happenings around them, they have a better chance of making better decisions for themselves as well as for the entire system unbiasedly.

Influencer-surfer model

Boom or Bamm I call it a Influencer-surfer model. Influencers create the waves of boom-bamm and surfers sustain it as long as new wave kicks in. Elon Musk is a prime example of it. Whenever he tweets, he is not only influencing prices only he is influencing the masses who participates in it. Last time he tweeted "20000" and the bitcoin community tried to sustain it.

What's good for influencers in this?

Let's take the same example of Musk. He is not signalling the next rally but rather he also checking the strength of herd following him each second. If I have to book my profit then I will also do the same, will build the herd, check it, use it, manipulate it. What's democracy in it?

Am Happy for teachnical features but sad for the system

There are lots of technical features for bitcoin and it's better than the traditional currency as well. But does the system, the governance, the participation in bitcoin is the same or better? Both the systems are equally flawed to me. To me it sometimes feels like the awares are making fools of unawares. Market crashes, LUNA, UST, etc. were the instances where the unawares got kicked out badly. And now we are in a cycle where we are waiting for the next wave of unawares hollow and highly influenced.