How crypto could bring one of the most important concentrations of power the world has ever seen.
The more I think about crypto, the more I get scared about our future.
On the one hand, cryptocurrency seems like a libertarian dream. The technology allows transacting money — or anything of value — over the Internet without any third parties involved. Crypto is all about empowering individuals. Projects like Bitcoin are open source, permissionless, borderless, censorship-resistant and beyond the control of anyone. They put the existence of banks into question and hint at a world of radical self-governance.
On the other hand, cryptocurrencies could also be used by governments to gain terrifying power over the population. More than they ever had in history.
How is that possible? Consider FedCoin: the idea of a centralized cryptocurrency built by a government and meant to replace its currency.