Interesting idea, but it ain't necessarily plutocracy. Given sufficient motivation, the mass of smalltime bitcoin users can overwhelm the wealthiest individuals if the transaction fee is low enough.
It's a plutocracy if it is rule by wealth. It's a plutarchy if it is rule by a wealthy oligarchy. I originally thought up this idea to poll wealthy Bitcoiners to see what kinds of services they would like to see provided in exchange for their succulent delicious Bitoins, but more relevant is how the majority of
Bitcoins would like to be used.
...you'll make it cheap if not free, right?
Not necessarily. I might only be interested in an Entity (person, group of people agreeing to make a statement with their money en masse, or trading system providing proof of wealth) that is willing to dispose of 1000 BTC to make a point.
But a fee for entropy is almost necessary, or optionally a fee per KBTC if you wish to make the fees proportionate across wealth strata is reasonable. The point is that polls can be carried out with easily configurable necessary conditions for voting depending on the group being addressed.
An identity chain of a minimum number of Bitcoins voting similarly through block chain history is one potential requirement.
You scare me :/
Thank you.
While this inevitable development is potentially dangerous, it is also potentially extremely useful. A web of trust built directly on top of the Bitcoin network could be extremely valuable, especially if one is performing a transaction of value significantly less than the value invested in cultivating the Entity.
