Because cryptocurrencies, like any currency or store of value, entail transferable value, the exercise of power over that value inevitably leads to centralization through economies of scale.
Source quote, verbatim
Because of the store of value entailed in cryptocurrencies (and really any currencies or store of value), exercise of power over such value inevitably leads to centralization due to economies of scale.
From
Wulf A. Kaal, Decentralized Commerce – A Primer on Why Decentralized Reputation Verification Systems Are Needed (2019), VI. Decentralized Reputation as the Solution, p. 7 https://ssrn.com/abstract=3405401 · source PDF
Cite as
Wulf A. Kaal, Decentralized Commerce – A Primer on Why Decentralized Reputation Verification Systems Are Needed (2019). SSRN: https://ssrn.com/abstract=3405401
Holds when
any transferable store of value, including fiat currencies
restateskaal:claim:3266953-012 Because power exercised over a store of value inevitably produces economies of scale, cryptocurrencies and any...
extended_bykaal:claim:3406323-023 Because cryptocurrencies embody a transferable store of value, the exercise of power over that value inevitabl...
extended_bykaal:claim:3411897-028 Because cryptocurrencies embody a transferable store of value, the exercise of power over that value inevitabl...
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