Well one way to look at it is that it's just a representative democracy. Instead of requiring everyone digging up gold just so that no one has to manage the money supply we democratically elect people and PAY them (in Steem) to manage the money supply for us in a manner that we have predefined beforehand so as to guarantee that if they fail to do their job they will be immediately replaced and there would be no damage.
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@andrarchy as you sure Blockchain is democratic? Absence of central trust
That’s really clear. Great analogy.