https://fideset.com Personal essays and long-form writing. en-GB https://fideset.com/articles/the-centralization-flywheel-1 https://fideset.com/articles/the-centralization-flywheel-1 Tue, 24 Feb 2026 00:00:00 GMT Power concentrates not because of bad actors, but because the system rewards it. Public Choice Theory reveals why — and why regulation makes it worse. governance decentralization public-choice-theory economics bitcoin