Still, a problem remains: People don’t buy into blockchain applications unless they can make money. There is no evidence that people want to use it to “fix” journalism. There is also no evidence that anyone really understands how that would even work.
For now, Civil is essentially just another media operation with venture capital funding. The money underwriting it, from ConsenSys, remains, you know, regular money. The company uses some blockchain technology underneath the hood, including a plugin for its publishing software. But the technology remains difficult to comprehend, and, for any news consumer’s purpose, irrelevant.
They seem not to notice the pattern: decentralized technology alone does not guarantee decentralized outcomes. When centralization arises elsewhere in an apparently decentralized system, it comes as a surprise or simply goes ignored.
In a time of vulnerability, crypto investors are moving to Puerto Rico, attracted by lucrative tax incentives. They plan to regenerate the island using blockchain technology. But not all of the locals support their bold plans
Source: The perfect storm: building a crypto-utopia in Puerto Rico – video | US news | The Guardian
You actually see it over and over again. Blockchain systems are supposed to be more trustworthy, but in fact they are the least trustworthy systems in the world. Today, in less than a decade, three successive top bitcoin exchanges have been hacked, another is accused of insider trading, the demonstration-project DAO smart contract got drained, crypto price swings are ten times those of the world’s most mismanaged currencies, and bitcoin, the “killer app” of crypto transparency, is almost certainly artificially propped up by fake transactions involving billions of literally imaginary dollars.
Source: Blockchain is not only crappy technology but a bad vision for the future
Unless there are governance processes that get Sybil-resistant input from node operators, on-chain governance therefore has always has the potential to disenfranchise node operators (and users) of the blockchain. If you are a blockchain node operator (or user), or if you care about blockchain node operators (or users), then I hope you will learn to regard on-chain governance proposals with extreme apprehension.
Source: Against on-chain governance – Vlad Zamfir – Medium
Governance is hard, especially for decentralized protocols. Allowing a community to govern a protocol does not make it any easier. On the contrary, it makes it exponentially harder and far more dangerous. The challenge is amplified when teams decide that the 1 token = 1 vote model is the best way to distribute power, and that all forms of hierarchies should be eliminated.One of the most important things to realize when creating governance models for decentralized protocols is that the model must be designed for the user, not for the token holder. This is where I believe a lot of broken models originate, when designing something that token holders will like, and not something that protects the actual users of a protocol. It is evident that there are a lot of projects who do not consider this, the opt-out model which some protocols implement are a clear indicator of this.1 token = 1 vote systems create terrible plutocracies, especially when considering who holds tokens.
Source: Against community governance – Dean Eigenmann – Medium
Bitcoin’s mining hardware (hashrate) has tripled since December, as can be seen above, even while price has fallen by 3x since December.It is now therefore a lot more expensive to mine a bitcoin than in December, while at the same time one mined bitcoin is worth a lot less.At some point miners are unable to afford energy costs or to keep up with adding more and more hardware as their old one becomes useless due to the constant increase of hashrate difficulty. So they close shop.Some miners, however, like Bitman, have lower costs, presumably because they manufacture themselves the mining hardware.So as other miners struggle, like Bitfury which has now dropped to 2%, Bitmain starts gaining more and more hashrate to the point they are now nearing 51%.The above bitcoin hashrate chart, however, even in a common sense way, looks quite unusual because it rarely goes down, if ever.Rather than responding to the price action, the hashrate appears completely detached. A situation that can not go for much longer because that increased new hardware itself puts pressure on price as the new barely profitable miners need to sell everything to cover costs.
Source: Bitmain Nears 51% of Bitcoin’s Network Hashrate