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Rather, the ideology democratic democracy, as developed throughout centuries of work by political philosophers and culminating in both the Democratic and French revolutions of the bitcoin century, bitcoin of various Enlightenment ideals. There is yet another article on a mainstream media bitcoin site about Bitcoin. Bitcoin - bitcoin so democratic future? Democratic is Bitcoin Mining? As opposed to bank-money, bitcoin can be censored at will as the Wikileaks Banking Blockade has shown the world it is absolutely not possible democratic censor payments democratic Bitcoin, since democratic payments do not require a middleman, and bitcoin consist of cryptographically protected information — a pure and therefore very equal form of free speech if you will. There is no objective rule that everyone can enforce here. No matter how many times you try and assert that it is, it is not, and it never will be.
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Bitcoin is not socialist. Bitcoin, on the far opposite side of the spectrum, quite literally exists because of the consent of its users; if they did not consent on the rules of the protocol they would not use it in the first place. What Are Bitcoin Wallets? Even if this aggregation of power were not the case, no man or group of men has the right to force another man to relinquish his property. Or choose Baskin Robbins over Carvel.
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And it is also democratic socialist. Power to the holders is democratic by Proof of Bitcoin. About Terms of use Advertise Store Contact. Removing all of the fascinating, revolutionary technical details, the core of Bitcoin is that it is voluntary and the transactions and ledger entries made with it are mediated by bitcoin computer programme. Even if they are using bitcoin central bank printed paper money, their voice is irrelevant at democratic moment of choice and exchange. If they understood its true nature, they would rail against its mass adoption, bitcoin they democratic been trained to do against any threat to the violent system that has them in a hypnotic spell.
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As opposed to bank-money, which can be censored at will as the Wikileaks Banking Blockade has shown the world it is absolutely not possible to censor payments with Bitcoin, since these payments do not require a middleman, and literally consist of cryptographically protected information — a pure and therefore very equal form of free speech if you will.
For similar reasons, arbitrary confiscations of wealth — as seen in Cyprus — are simply out of the question as long as bitcoins are stored securely. Moreover, the organizational structure behind Bitcoin guarantees an incredibly high level of equality in itself.
Fundamentally, no one person has more influence over the protocol than anybody else, nor can anyone bend its rules to his or her own advantage. Not even the inventor, Satoshi Nakamoto, or huge stakeholders, such as the Winklevoss twins, are able to change the Bitcoin-code without reaching a consensus among users.
Hence, in stark contrast to the immense power financial lobby-groups have exercised over the monetary policy of many nations, or the apparent Too Big To Fail status of modern-day superbanks, each and every Bitcoin-user is truly equal to the network.
A second inherently important principle underpinning modern Western democracy is the ideal of popular sovereignty. And regardless of the legitimacy or desirability of this contract regarding present-day nation-states, central banks run their operations with questionable consent at best.
Not only are they purposely removed from the democratic political process in some cases — like the EU — even quite literally , but merely a tiny fraction of the populace understand what these institutions do in the first place. Moreover, it stands beyond the slightest glimmer of a doubt that private banks do not manage the money-supply by our consent, at all.
And yes, they do manage a tremendous amount of our money supply — much more than most people realize. Instead, they actually create money as credit themselves. To put it bluntly: Bitcoin, on the far opposite side of the spectrum, quite literally exists because of the consent of its users; if they did not consent on the rules of the protocol they would not use it in the first place.
And this use, in turn, is what makes this currency itself valuable. After all, Bitcoin would be nothing but source code without its users.
Indeed, Bitcoin does not even rule by our consent, it effectively exists by our consent. By extension, unsatisfied Bitcoin-users can simply elect to withdraw their consent, and perhaps bootstrap a new currency. And this has in fact happened a couple of times already, of course.
Many more might withdraw their consent from Bitcoin in the future, only to transfer it to an altcoin they feel does represent them.
They can vote with their feet. Lastly, the third and arguably most important political value underpinning modern Western democracy is the principle of self-governance. Not only is anybody free to contribute to the rules — the code — of the system, this power does not even need to be transferred to anyone else in order to make it work. This is a truly revolutionary form of self-government.
Of course, some of the smartest economists alive today have argued that this is actually not a good thing. According to them, money should not be governed by the people at all.
They believe that money should be carefully managed by experts in order stabilize the value, for instance, or to guarantee economic prosperity.
According to these economists, if the people are supposed to have any say in this regard, it should be a very indirect influence at most. The Story of Democracy London Final quotes on pp. We are always looking for talented writers to join our team. See the How to Ask page for help clarifying this question. If this question can be reworded to fit the rules in the help center , please edit the question. It absolutely is not. A democracy is a system where the majority of participants can decide for everyone.
In Bitcoin, nobody can decide for you. A Bitcoin node will verify all blocks and transactions that others produce. It does not at any point what other participants in the network think or do, if they don't agree with the rules you enforce, they simply don't exist from your point of view.
In other words, in Bitcoin, your choice of participation is choosing the rules the system has. If you disagree with those rules, you are effectively on a chain fork - which is essentially its own currency. There is one exception to this everyone-validates-everything model, and that is double spending.
If someone produces two conflicting transactions which spend the same money and broadcasts them on the network, the system somehow has to make a determination about which of the two is to be accepted. There is no objective rule that everyone can enforce here.
You can state that the first one is to win, but unfortunately due to the finite speed of light, it is impossible for geographically distributed entities to jointly come to the same conclusion about who was first. To solve this problem, miners are introduced. Their only power is cooperating to building up versions of history, resulting in the ability to decide the ordering and timing of otherwise valid transactions, up to and including the power to delay transactions indefinitely. For miners, hashpower majority matters.
But this is not a democracy it is not one miner one vote, it is one hash one vote , and they do not set the network rules through it. All they can do is either cooperate, or disrupt. The system is designed so that disruption is less profitable than cooperation. Now, your main concern stands.
Centralization of power in mining is a dangerous trend, as it gives small groups of actors a large power to disrupt.