From a conversation in Komodo Discord
lard-on – I’m really sorry to ask this question in this channel but I really need to have the JL’s reflexion about this. My question is : How do you deal with the idea that those who benefited the most of an illegitimate system of money are the one that will be able to buy the largest parts of the currency you create ?
jl777 – They could have but at least the playing field is a bit more level than it used to be. The more crypto market becomes the more level. You cant fix things in an instant, it will take decades and we are off to a good start.
Having the ecosystem of many independent companies/projects working on KMD certainly helps us get more and more decentralized, not just from a nodes standpoint but from an overall ecosystem point. Also, in some sense each notary node is an independent business contributing to KMD ecosystem, contrary to some uninformed critics who call notaries some centralized entity since they all have the same function. This would be like saying all miners are a single centralized entity as they are all doing this “mining” thing.
lard-on – ty
jl777 – Before crypto, you had to be rich already to make any meaningful amounts of money. Crypto has changed this. Of course money can still be used to make money, but so can knowledge and hard work. That alone is a big win and if half the value of crypto is still in hands of the non-establishment that is hundreds of billions created for those who previously were locked out of such gains. There is no need for total domination for there to be victory and a decentralization of money making
lard-on – That’s a good start. Yeah let’s say it’s a first step toward the end of extreme grabbing of the earth’s wealth by the few. But not the ultimate answer
jl777 – The path to the ultimate answer must start with the first step and we have already made many steps. Some small country will make a national crypto that can be atomic swapped with the existing cryptos. As soon as that happens there will be a decentralized pathway into and out of fiat world,
Dozens of countries are investigating making a national crypto, but there isn’t any actual crypto tech that works to support even a small country. KMD is likely the closest to solving this as the security aspect is also solved, which most (all?) the other scaling solutions trade-off in order to achieve the scaling. But scaling without security is just a disaster waiting to happen.
All the sharding solutions appears to also fragment the mining power across the shards, which weakens the security proportionally
lard-on – I understand that and I’m so enthusiast about a country being able to free itself on a financial point. (I know too well how the IMF works, especially with “third world”). But I find the climate/migration/energy crises rises so fast that I don’t know if we actually have time to build alternative before it all collapse.
jl777 – There is time. Things are progressing ahead of schedule. The fact that the establishment are at least partially vested in crypto now, the seeds are planted and it is a matter of time.
lard-on – I hope you’re right (you spend so much time working on it even though you don’t financially need it, I’m pretty confident you know what you’re doing)
jl777 – I am just one person, but now there are dozens (maybe even 100+ now) working just in the KMD ecosystem, not to mention the thousands across the entire crypto space. Most projects have at least some decentralization spirit, certainly compared to the banksters