We can do so much better than democracy in its present guise.
We can? How?
I've been thinking about how we could build effective Bitcoin governance and the best I could come up with is the same "a bunch of wealthy individuals and companies [...] effectively buy the policies they like best".
And even that is damn difficult to implement.
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It seems that we might go a bit different way, though, with Core and XT continue co-existing in parallel, mostly in a compatible state, out of the need that "there can be only one".
Both having the same technical protocol, but different people, structure, processes and political standing; serving as a kind of two-party system and keeping each other in check.
Their respective power will be determined by the number of Core vs XT nodes running and people/businesses on board. They will have to negotiate any significant change at the risk of yet another full fork.
And occasionally the full forks will still happen and the minority will have to concede and change their protocol to match the winning side.
Can there really be any other way for a decentralized system?