You Can’t Control Blockchains

A response to Daniel Jeffries

The thing about blockchains is that it is impossible to control them.

That’s the beauty in them. Like Daniel Jeffries said in his article titled, “Why Everyone Missed the Most Mind-Blowing Feature of Cryptocurrency”, the most important thing about bitcoin is that people have control over their own money; and governments cannot just take it away from innocent civilians.

But that only applies if the blockchain is programmed correctly — There can be blockchains that are mirages of decentralization and control, and do not provide anything above a digital currency. there can still be a blockchain that allows for a centralized authority to send transactions without the consent of its holder. There can be a blockchain that allows for money to be easily coined. There can be a blockchain that prefer larger transactions that only the rich and large businesses can possibly have the funds to send — essentially requiring centralized banks again.

But as long as there is one person who believes in genuine decentralization, there can always be a currency that delivers. By their very nature, blockchains are uncontrollable because of their openness. Someone own too much of the mining power and wants to change the way the blockchain works? Never fear! You can just make another chain with your preferred software! Or you can create your own chain that’s completely new.

It is possible to try and regulate against them, but people will find proxies and ways to get around the censorship. Limiting will also only limit your ability to participate in the global market. Also, since people can always get around censorship, banning it will not stop the illegal and immoral uses of blockchains.

Decentralized technologies will never go away. It would be stupid to try and make them to. What I fear is not governments shutting down decentralized technologies, but making them so that governments can still have control over the monetary system. Pretty much all they have to do is gift wrap it with, “Terrorism”, or “Drugs”, or “Organized Crime” or something on the seemingly infinite list that the public is afraid of.