If the incentives built into the protocol do not promote decentralization well before people are able to take big profits, I am not convinced they will align better afterwards. Centralization is more efficient as well as more profitable, as long as the authority is trusted.
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If history is any guide, people who rise to positions of wealth and power tend to seek out greater centralization the more powerful they become.
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I think this is basically the only strong argument I've heard about the Zcash Founders' Reward that I find compelling. Any thoughts on how to incentivize decentralization?
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I am not sure it's really possible once the incentives are so skewed and the stakes so high. Perhaps start over from scratch and avoid attempts at monetization until the network is mature.
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Replying to @eric_lombrozo @least_nathan and
It seems almost beyond human capability, though...to sacrifice so much and then walk away from a chance at fortune. This is one of the things that most sets Bitcoin apart...the legendary founder who stepped down and vanished. Totally different type of mindset than being CEO.
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Replying to @eric_lombrozo @least_nathan and
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@least_nathan I wish I could offer more constructive advice. But the more I see of these coins where profit comes from monetization of the coin rather than from building tech around it, the more cynical I get about this.1 reply 0 retweets 0 likes -
Are you saying Bitcoin had a similar problem but Satoshi Nakamoto just happened to be an extremely exceptional human?
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Replying to @least_nathan @eric_lombrozo and
BTW- if Bitcoin upgrades to pervasive mandatory privacy and full fungibility, I'd consider it mission accomplished, so there's two success routes, in my mind: decentralize a strong privacy system, or transition a strongly decentralized system to full privacy.
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Dear Nathan, what are some ways you plan / wish to see Zcash become more decentralized in the years to come?
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