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Monday, 13 April 2015 00:00

The Revolution Will Not Be Televised. It Will Not Be Decentralized, But It Will Be Distributed. Featured

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Though many of the libertarian bent bitcoin aficionados, and those uber liberal early proponents of the Internet lauded the decentralized topologies of these networks, they presumably failed to take into consideration groupthink enabled rent seeking on a massive scale and basic human nature. No matter how decentralized one makes a platform or system, pursuit of power and rent seeking always results in a darwinistic survival of the fittest contest that ultimately results in the centralization of social, political and economic (usually in that order) control over the very infrastructure within which the decentralized topology has been built.

 

comScore Explicit Core Search Share Report* (Desktop Only) January 2015 vs. December 2014 Total U.S. – Desktop Home & Work Locations

Source: comScore qSearch

Core Search Entity

Share (%) Dec-14

Share (%) Jan-15

Point Change

Total Explicit Core Search

100.0%

100.0%

0

Google Sites

65.4%

64.4%

-1.0

Microsoft Sites

19.7%

19.7%

0.0

Yahoo Sites

11.8%

13.0%

1.2

Ask Network

2.0%

1.8%

-0.2

AOL, Inc.

1.2%

1.1%

-0.1

To my knowledge and recollection, this is how it has always been, this is how it will be in the present, and this is likely how it will be in the future.

November 2014

MiningPools

Mempool.info/pools

As long as human nature is hard-wired to seek profit and gain, and the easiest path to self gratification, as long as the network effect exists, as long as social constructs of immense might are quickly (and often invisibly) built upon said network effects, centralization of socio-economic-politico power will occur - decentralized topology or not.

The "robber barons" of the 19th century - Vanderbilt, Carnegie, Morgan and Rockefeller amassed tremendous amounts of wealth in today's inflation adjusted dollars - well over a trillion dollars between the four of them. This oustrips most countries! That level of wealth accumulation cannot be explained by luck, skill or acumen. Yes, those traits and characteristis made them their first hundred million or so, but after that there was something else. These gentlemen all managed to possess the singular choke point through which all business in their particular industries (and in the case of the most sucessful - other's industries) must travel in order to do business. They, in essence, owned the gate and as such became gatekeepers As gatekeepers, rentseeking was the natural extension. When all must travel through your gate, without which a chokehold on industry ensues, you amass supernormal profits which normally attracts competitors en masse, but those competitors cannot enter the fray due to the sole gate (entrance) to competition being owned by a singular entity. This the true origin of an indestructible monopoly (natural or not).

When things move at the speed and mass of the digital age, you can reach robber baron status in singular years instead of decades. In the 19th century the monopolistic choke points were all transportation and commodity/real asset-based:

  1. John Jacob Astor (real estate, fur) – New York
  2. Andrew Carnegie (steel) – Pittsburgh and New York
  3. Henry Morrison Flagler (railroads, oil) – New York and Florida[13]
  4. Henry Clay Frick (steel) – Pittsburgh and New York
  5. John Warne Gates (barbed wire, oil) – Texas[14]
  6. Jay Gould (railroads) – New York[15]
  7. Edward Henry Harriman (railroads) – New York[16]
  8. Charles T. Hinde (railroads, water transport, shipping, hotels) - Illinois, Missouri, Kentucky, California
  9. Mark Hopkins (railroads) – California
  10. Collis Potter Huntington (railroads) - California
  11. Andrew W. Mellon (finance, oil) - Pittsburgh
  12. J. P. Morgan (finance, industrial consolidation) – New York
  13. John Cleveland Osgood (coal mining, iron) - Colorado[17]
  14. Henry B. Plant (railroads) – Florida[18]
  15. John D. Rockefeller (oil) – Cleveland, New York
  16. Charles M. Schwab (steel) – Pittsburgh and New York
  17. John D. Spreckels (water transport, railroads, sugar) – California
  18. Leland Stanford (railroads) - California
  19. Cornelius Vanderbilt (water transport, railroads) – New York[19]
  20. Charles Tyson Yerkes (street railroads) – Chicago[20]

Today, it's much simpler, although much more complicated. The world of computing used to be highly centralized, with powerful companies basically owning and controlling everything. The advent of the internet brought topological decentralization, but that decentralization (as seen in the chart and graph above) are nominal and in name only because the most important aspects, the thing that really needed to be and stay decentralized are centralized and becoming increasingly more so. That thing is... control of the data! Many, if not most, are lulled into a false sense of security as they've been led to believe that since they have access to all of this information and all of these services, they live in a free and decentralized world. The fact of the matter is, they, you, we have access, but we have sold our control for said access. That access that all enjoy - meeting friends of Facebook, storing files for later retrieval on Google or Dropbox, or even accessing your coin on Coinbase or through Bitpay - all, entail giving up control and data to a centralized data center. He/(she) who hath the (centralized) data center, has the control.

 

This is easy to prove financially and economically. Look at the market valuations of those companies who wield massive amounts of data through their data centers (Google, Facebook, etc.) and compare them to their data-lacking competitors. Look at who, in the bitcoin space has managed to attract the most venture capital by referencing "The Evolution That Is Veritaseum: Benchmarking It To Venture Funded Competition".

Veritaseum's business model is different. We actually benefit and profit by putting control back into the hands of the people. Our wallets rest on YOUR client and YOU keep control of your financial assets at ALL times unless you put them in contract (via our smart contracts technology). Even then, you have full insight into where your assets are and how they got there at nearly all times. Our ENTIRE business is conducted ON BLOCKCHAIN - for all to see. 

We make financial asset trading a distributed affair, hence, even though certain entities may have (or are pursuing) gatekeeper status through supernormal control of the data chokepoints, we enable you to still ride on top of their infrastructure and trade value directly with other, on a peer tp peer basis (in terms of capital) while maintaining full control of your assets. We call this ability to retain control of your money, and of your assets, Economic SoveriegntyVeritaseum's CEO was one of the very few (if not only) market participants to warn about Lehman Brothers (see Is Lehman really a lemming in disguise? Thursday, February 21st, 2008) and Bear Stearns months before they collapsed (reference Is this the Breaking of the Bear? March 17th 2008). He is now issuing the warning signals again.

Centralized business models in financial services

The blockchain is capable of mollifyiing the rentseeking effects of centralization and concentration of power through data gatekeepers and server farms.

Veritaseum aims to disintermediate the banking system by congealing the business processes of Wall Street banks into software and code that lives and thrives in the cloud, and the blockchain in particular.

smartcontrats infographic

This DACe in the cloud allows disparate consumers of banking products and services to purchase said services directly from each other through Veritasum using unbreachable smart contracts as the medium.

 

Veritaseum Pitch Deck 

Download Veritaseum here.

Purchase our tradeable token, Veritase - the intellectual capital commodity, here.

Contact Veritaseum here.

Read 3551 times Last modified on Monday, 27 April 2015 10:10

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