Living Up To The Promise?
Ever since Bitcoin began gaining attention, the buzzword that has always popped up is “decentralization”. This was and is supposed to be the defining factor to separate Bitcoin from a controlled and flawed monetary system. However, as adoption and the general Crypto market cap continues to grow, so does the objective of control. Decentralization, in principle, limits a certain person, organization, or group from being able to “control” or dictate the direction and decisions of any particular decentralized network. It sounds fairly logical in principle but does not seem to play out that way due to the complexity of movement within a “decentralized” world.
In light of current events, it seems as if the entire concept of decentralization is nothing more than a dream. Many have always said that being on the Binance Smart Chain could one day be a risk. However, we are witnessing something far worse.
MetaMask Closes The Gate
Binance recently stated that they would not limit or block innocent users from Russia. Many were probably expecting a different response and were most likely shocked by the stance that MetaMask has chosen to take. Binance is a large exchange and subsequently has a lot going on in the BSC realm. However, MetaMask is literally the enabling mechanism to not only operate on BSC but also the Ethereum chain and others. Whether you like it or not, MetaMask is a gatekeeper on a very large scale.
Metamask is now politicizing Crypto because they are in essence returning it to the “code” that Satoshi was avoiding. Fiat currencies are politically based currencies, not Cryptocurrencies! Crypto is supposed to be decentralized, meaning political and governmental stances are not supposed to play a part. Sure, taxation and other laws pertaining to governmental location are understandable. However, current limitations initiated by Metamask are working towards removing any differentiation between fiat and Crypto.
Just because policies and “measures” have been in place for ages does not make them correct, or effective for that matter. Punishing innocent citizens for the acts of their leaders is not only unjust but downright foolish. The fact that this type of policy exists speaks of something far more sinister. People need to be held accountable but you don’t hold innocent people accountable for another’s actions.
It is evidently quite clear that global policies are in serious need of intelligent intervention. Unfortunately, the idea of decentralization is failing alongside and offers little hope for the future. I guess we will have to wait and see how Crypto responds and progresses. Sounds like it’s back to the drawing board.