Hayek said, Economics is organic not a machine.
BTC is not gold, the latterâs physics/chemical property and distribution on earth is already designed by God and thatâs the reason gold stepped down from monetary throne! However, crypto is the technology leading edge and interactive with fast changing real world.
Without a proper voting mechanism, we see a farce of BTC community, they can not even reach an agreement. Fortunately we are DAC/DAO now, in future we may encounter disagreement, and even make a mistake of firing the right person just like APPLE fired Jobs in 1980s. but still much better than coma like BTC XT situation. Because an effective decision making workshop can correct errors, we are alive, an organic decentralized organization rather than a fixed/dead mechanism.
We are the real implementation of swarm by Kevin Kelly.
The great benefits reaped by the new economy in the coming decades will be due in large part to exploring and exploiting the power of decentralized and autonomous networks.
** --------Kevin Kelly in 2001**
If you are not in real time, youâre dead. Swarms need real-time communication. Living systems donât have the luxury of waiting overnight to process an incoming signal. If they had to sleep on it, they could die in their sleep. With few exceptions, nature reacts in real time. With few exceptions, business must increasingly react in real time. High transaction costs once prohibited the instantaneous completion of thousands of tiny transactions; they were piled up instead and processed in cost-effective batches. But no longer. Why should a phone company get paid only once a month when you use the phone every day? Instead it will eventually bill for every call as the call happens, in real time. The flow of crackers off grocery shelves will be known by the cracker factory in real time. The weather in California will be instantly felt in the assembly lines of Ohio. Of course, not all information should flow everywhere; only the meaningful should be transmitted. But in the network economy only signals in real time (or close to it) are truly meaningful. Examine the speed of knowledge in your system. How can it be brought closer to real time? If this requires the cooperation of subcontractors, distant partners, and far-flung customers, so much the better.
http://kk.org/mt-files/newrules/newrules-1.html
BTW, if the prominent group of bitcoin still love POW, their hash rate will fall into hands of Chinese too, sooner or later, because this country has the advantage of producing low cost product and enduring low gross profit. And the most important thing is, its government can do anything they want within nation boundary, including controlling those miner pools. Themselves are law itself.
