Participant’s voice I believe has to do more with their skills to express their voice and networking rather than having high stakes.
This is very true.
And it is also true that Hive does a better job at decentralisation than other self-proclaimed decentralised initiatives. However as you state it is still a market and this brings with it all the benefits or non-benefits of the haves and have-nots, just like in class society.
Let me present a scenario, say Mr Trump decides Hive is his new home (I'm not for or against him by the way) and brings with him 20 friends and they all together end up buying a significantly larger stake than any present whale..
They also set up 20 new witnesses, and 5,000 people come along to support him and also vote for his witnesses.
What then happens to the Hive community?
I realise this is a little outrageous a scenario but considering that even a similar scenario on a lesser scale can have a dramatic effect on the Hive eco-system... What then?
I support Hive for the moment, I'm grateful it exists. But I'm also curious if there are fail-safes against 'takeovers' like this so Hive can retain its decentralised identity as a free speech platform.
I guess it is class society if you view it from the point of influence to rewards distribution. That’s where it ends though.
Nobody can control the actions of my account, and my wallet. Dpos makes sure my assets are only accessible by me alone and my content can only be posted and edited by me. This applies to any user.
You have a great example of how new wealthy stakeholders could attack the network that may not be in the benefit of the community.
I doubt it is possible. The way stakes are currently distributed no one person or small group of people can take over the network to benefit themselves at the cost of others.
If some rich person or people decided to buy up a lot of hive to have any significant influence, the price of hive would jump up so high it would be to costly for them. Now since it costs them a lot, they would have to act in a way to benefit the platform and all participants so that they don’t lose their investment value.
Lastly, if large amount of people decided this place is hostile to them they can always fork out and start a new chain. The code is open source.
The two reason hostile takeover of justin sun happened on steem because he bought large amounts of steemit stakes over the counter behind the closed door secret deal with Ned. He would never be able to buy such amount on exchanges. This stake wasn’t even suppose to be used for governance due to being ninja-mined. Second reason, large exchanges like binance colluded with justin and used user funds as stakes.
These two things are no longer possible on Hive. Hence, I can’t think of another hostile takeovers and attempts to centralize.
Thanks for your comprehensive answers. I knew some of the history but now know more.
I have a little more faith in the platform now. Still skeptical though, as is healthy to be.
All the best and thanks for your contributions to the Hive community,
Monty