Decentralization Theater

Decentralization theater is crypto’s oldest magic trick: networks with puppet masters backstage imitate the look of true peer-to-peer systems, all to rake in cash. It’s been a grift for over a decade, and the audience still claps.

These DINOs—decentralized in name only—are just dressed-up databases. They blend in with real networks to attract funding and grow fast. Investors toss money at the costume party, dazzled by the masks.

Here’s the kicker: DINOs often sprint ahead early because they’re centralized. No messy consensus debates—just a CEO barking orders. Speed’s their edge, until you realize it’s a feature, not a bug, of the old world.

But the governance? The limits? Pure vanilla centralization with a blockchain cherry on top. Innovative? Not really—unless you count the scale of the hustle.

A strategic Bitcoin reserve is already a weak case. For DINOs, it makes no sense—they’re assets pretending to be something they’re not.

Forget hoarding crypto, BTC or otherwise. The U.S. should play to its strength: set clear rules, unleash the good actors, and flush out the DINOs. Growth comes from refereeing the game, not joining the pile-on.

Originally published as a thread on X.