It is crucial to recognize the tension between political democracy and economic power. The demos strives for political equality, and the elite claims that political inequality is a natural and acceptable aspect of economic inequality. When economic status dictates political status, democracy becomes impossible.
Discussion
The power of decentralized money, communication, media… is not economic equality, but political equality. These protocols have the potential to undermine the elite’s claim that economic status should dictate political participation. The current relationship is by nature illiberal.
Fiat money is the ultimate form of ‘taxation without representation’