// Edit: Sadly i cant reply to your other thread as im not a full member yet. Something short to the latter point. Control over the money doesnt always solve recession and crisis, in fact problems can be postponed into the future with it. This is exactly how the crisis in 2008 was handled and it wasnt actually solved. There was some bailouts, but no solution. It was just postponed till now and made it worse, and we have to fix it now way into the future. You could also even argue that Bitcoin is the actually democratically controlled money.
I included the other posts so its easier for others to follow.
As it was occasioned by Kakmakr, it's advisable to mention that democracy, which is the form of governance they describe, isn't the same as with consensus. In elections, you get to either vote for a party specifically, vote what the majority prefers, or simply leave the country. But, consensus is rather a decision you take free-willingly.
Nor the number of nodes neither the number of people who're running nodes matter. All it matters is what you do. If you want to make transactions reversible, change the block subsidy, the difficulty etc., there's nothing stopping you. But, you don't change bitcoin that way. And this applies to everyone, regardless of the percentage, regardless of their economic strength, regardless of their influence. The moment the majority changes a principle, that very moment, they stop being the majority.
In democracy, the BCH users would have to switch back to BTC, because as it seemed, the majority didn't want it. But, in consensus, they can have it; they can switch to BCH V2, BSV etc., if they like. They don't have to care what the others say.
I actually agree with your definition and this is what is actually needed for money in my opinion. I called it democratic, because i didnt know how i should describe it otherwise, but yeah its consensus based money. But i think this is whats actually needed, everyone is open to propose ideas or implement them themselves, but they gotta get consensus for it, or they simply stay in the minority. This leads to a competition of ideas and the best one wins.
For money this is desirable, because it tends to monopolize to the best one. The one that achieves a balance between individual interests and societies benefit. A money that has no users will have no worth, so it cant focus on just serving specific groups interests. And a money that doesnt serve its users will keep loosing users and thus lose value over time, so it also cant ignore individuals interests. I disagree with the author and i think individuals interests and societies interests balance each other out, you cant just serve one. In a free market the money that achieves this balance best, will get most users and thus have most value and win. In markets with legal tender government currencies, theres room for 2 currencies, soft and hard money, while the hard is the one that will be used as a store of value. And will replace the soft money as a medium of exchange, once the soft one has lost too much value. This cycle is expressed in greshams and thiers law.
So to make things short the best consensus based money is actually what achieves a balance between societies and individuals interests. If it doesnt do this, it simply wont be adopted by the majority anymore. If it stops doing this it will be replaced by something that can do this better over time.
I dont think its privacy what would make democratic money fail, but that it would end up with a weird mix of properties that satisfy neither of the interests. Ideas cant be proposed or implemented without approval. And you basically have a completely theoretical process where ideas need to get the most votes before theyre implemented and proven in practice. It would be opaque and not clear for most voters what the best decisions are, and not everyone is a monetary system designer or has ever thought about this, this can also backfire heavily where the group with the most votes will simply serve themselves and thus not benefit society anymore. Consenus based money allows us to simply let ideas compete in practice and it will be clear by itself which one serves everyone the best after enough time. It gives everyone their voice back, that can be lost in democracies.