Hoping for decentralization
From 2017 onwards...
Disclaimer: I'm still formulating my knowledge behind this idea. Consider this as a plain opinion.I no longer trust a government-backed currency or a scheme. But as you know, it is needed for the time being, especially when governed by an authoritarian.
Why it matters: Changes in the exchange rate affect a large portion of the population that still relies on salaries in the local currency. Most salaries have not been adjusted to inflation, meaning people have lost the means to access basic necessities.
Most Lebanese have lost the bulk of their savings and cannot access their own money due to illegal capital controls by the banks.
As long as there is corruption, I fear the value of any physical or digital item backed by a government. Who is going to struggle for all the pump and dump..? Eg; 1992 Indian stock market scam.
I’m not rooting for another crypto, which is also a scam market now. But I believe in Bitcoin, Ethereum, and TON, not because of their fundamentals, but because of the intention. We can observe the progress from the “true believers” (again not a cult or a society, but people who actually work) of decentralization. Like Stacks and TON.
The value of anything and everything should be calculated from the demand and supply, not from the manipulated system. We can see heavy market manipulation in all kinds of needs including the pump and dump, false narrative, fraud, and the false god at the top.
I wanted to write more of this from my heart, but nothing is clear now.
My point is to find or create a market that is absolutely difficult to manipulate (which means decentralization) by the monopolies.
I believe it is possible. And that future is not far. I can see a lot of progress on that but I’m not sharing any data to back up my thought or statement. Because first, it needs to be 100% clearer.
One foundation-level threat is that monopolies and fascist forces will always try to manipulate the decentralization movement. That’s a reason why a lot of crypto-web3 scams happened in 2020 - 2022 time. Centralization is mainly focused on selling ads and everything for profit, there is no control. And it is the reason why a lot of people including me hoping for decentralization.
Decentralized apps (or dApps) are pretty cool because they allow anyone to use, improve, and build upon them without needing permission. Plus, they're hosted by the network, so the source code and state are open for everyone to see on the blockchain. This means that instead of being controlled by a single entity or company, they are managed by a network of users.
The best part? Users own their accounts and data, so they can quickly move them from app to app. And once the app is deployed on Stacks and settled on Bitcoin, the code can't be taken down. This is super important for critical internet infrastructure.
Another great thing about decentralized apps is that they align incentives between developers, users, and investors. This means that anyone can be a shareholder of the apps they believe in. Pretty neat, huh?
Source: What are decentralized apps?
