Cryptocurrency is not dead: The issue with Cryptocurrency is that you can’t govern something which is not real or does not exist. Cryptocurrencies are going through a crisis of governance, for example, the bitcoin is facing a problem about block size and other scaling strategies, the Ethereum had to make a huge effort in order to save DAO hub in the middle of its crisis and was finding no way to update its contract. These are some notable issues some popular cryptocurrencies similarly there are several other coins that face some sort of issues with their system. The problems discussed are not incidental to the designs and thus are not permanent.
We are still unaware of the fact that who stole $65 million from DAO hub and who originated the Bitcoin and from the above point, it is clear that the creators have worked hard to suppress the anonymity of the system. The cryptocurrencies are actually designed to escape oppressive governance. A system that can’t evolve or regulate itself has no future. A community which has the necessary information, feedback loops which can regulate health and longevity is the kind of governance that majority of the investors are looking for.
In bitcoin, there are transactions that are organized into blocks linked in a chain. The primary transaction creates new coins while in the subsequent transactions a coin is invested by signing the previous transaction to the new owner. You can also send and receive transactions with the help of nodes.
How can a community which doesn’t exist regulate itself?
The people investing and using bitcoins are interlinked somehow. The fact that keys are usually managed with tools like wallet e is not really cored to bitcoin and hence there is not so strong connection to wallets. These wallets or tools are roughly connected to those people. The people, however, can have any number of wallets and this existentially means that people are not in it at all.
This also means that there is some sort of program that is helping around juggling with keys and creating
transactions without any people ever involving the keys or the transactions.
You cannot simply categorize a group of persons and call them a community. First of all, you don’t have adequate knowledge of who these individuals are because this feature is yet to be discovered flawlessly. Furthermore, these individuals do not have any proper channels to communicate with each other. Nobody knows the actual amount of people that are involved in it. Thus these individuals are random class and not the community. In the same manner, the bitcoin owners are also random class and not a community. The Developers, day traders, miners, and currency users have varying and frequently conflicting causes or agendas for participating.
If this is the thing then how can anyone be in control?
By now it is very much clear to you that you cannot govern something which is a concept and neither it can govern itself too and the matter of the fact is that it is a concept. This is the most probable reason developers built controllable governance in the holochain and ceptr.
Hence we have come to a heartfelt conclusion that Cryptocurrencies are actually dead. This may be shocking to many of you but this is the