Create a trustworthy system, don’t make me trust a person whose trustworthiness is in his own control!
That seems to me to be the end of human trust.
We have reached a point of no return – we have realised that we have reached a fork, where we are unable to decide if the institutions, like banks, we created are doing their jobs efficiently or do those who hold the controls manipulate it to serve their interests, or is it truly the inefficiency of the mammoth institutions which are inflicting those losses to individuals?
It is easy to accuse that those institutions are untrustworthy or that we have discovered that they are manipulate-able, therefore we as individuals have started looking for systems which are efficient but at the same time not capable of being controlled by private undisclosed factors.
In the process Internet came in as a system which became a source for transmitting information to a targeted address. Into this was dovetailed all economic activity and the old inefficient and untrustworthy institutions cloned themselves and took tremendous control.
The internet which gave Liberty, was used for enslaving the masses – their data is being collected without their own permission, but which is of value to the data mining companies which are able to predict the trends and sell such information to businesses, which target those persons who are more likely to buy those products.
Bitcoins, rather cryptocurrency, is another invention which is a byproduct of Blockchain technology, which provides a distributed ledger system with consensus of the majority of those verifiers being the point of approval.
How long would this remain that way? The blockchain may continue that way, but the spin off of that blockchain would be a cryptocurrency which would be tamed, tethered and taxed.
We as human beings are burdened with multiple tasks that, we in exhaustion, finally hand over our Liberty to a few, who subsequently become greedy and don’t perform their tasks as trustees, but as owners of the trust property!
The time has come when even the crypto currencies would be routed through exchanges, which would be brought under the regulatory framework controlled by a few – whatever be the political system of the country.
Humans, according to me, have this uncanny knack of picking up the strangling neck-chain and wearing it themselves, just as my Doberman which senses that he would be taken out for a walk to sniff the streets, Would by surrendering his Liberty!
All are Esaus in one form or the other!