If crypto takes over, how will the elite maintain the status quo? Will it really be that difficult? All they have to do is maintain the shape of the pyramid.

Cryptocurrency is already highly centralized, and the elite can easily leverage their position to centralize it even further. The path to a better future will be blocked until the weight of the old system finally caves in on itself.

Central banking was an amazing invention when it was first created. It actually was based on the tenants of decentralization. It took the power of wealth away from royalty and gave it to more people than was possible before its inception.

Today, this archaic system has had time to settle in and become just as broken as the power of kings and queens before it. The powerful always find ways to solidify their positions by burning the bridges behind them so that competition cannot follow. Will cryptocurrency follow the same path? Maybe.

If everyone on Steem today became a millionaire or billionaire would the world change for the better? The evidence suggests that a big portion of this population will simply abuse their position and 100% self-upvote no matter what happens. This is exactly what the elite expects to happen, and it is exactly why many of them aren't afraid of crypto. They know human nature.

They know crypto will be a hugely disruptive force that causes trillions of dollars to exchange hands, but they also "know" that the shape of the pyramid will always maintain its shape which will allow the greediest most evil psychopaths to ascend to the top. They have the monopoly on greed.

I've seen this behavior mimicked in the most unlikely of social circles. Join a guild in World of Warcraft and you'll see that the same nerds that got picked on in high school turn around and do the same thing after ascending to a position of social power, even if that position is simply one that exists in the confines of a video game. The smallest amount of power can go to the head of anyone and corrupt anyone.

Evening the playing field.

Crypto allows anyone to enter the space and compete for inflation within a more fair system than fiat. At Steem we only give witnesses 10% of inflation, and we control the other 90%. Even if we print 50 million coins in the last year (we did) for 20% inflation we can simply choose to self-upvote and reduce that devaluation to 2%, or we can choose to gift that money to others who we believe bring value to the platform. Scratch that, we can gift/nullify inflation to anyone we see fit for any reason.

What do we get in return for paying the witnesses 10% inflation? We get resource credits that allow us to transact on the blockchain. I'd say this is well worth the price. What do we get for allowing central banking 100% control of all inflation? Debt-based slavery. Seems like an upgrade, but it could still mimic the old ways in the long run.

Break the cycle

The only way to break the cycle is to come up with systems that no one is in charge of. If bid-bots are a problem, the answer is not to try ban/punish bid-bots and those who use them. This is the centralized "solution". The answer is to turn everyone into a bid-bot and create a free market with zero friction that pushes centralized rent-seeking services off of the platform.

Conclusion

If someone is in charge, then we are doing it wrong. Unfortunately, the problem is always easier to identify than the solution is to implement.

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