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These systems do not decentralise power in any meaningful governance sense. They decentralise accountability, dispersing legal obligations across a network of offshore entities, unaudited smart contracts, and user-facing wrappers that obscure the true nature of the risk. Decentralisation means that no one can be held accountable when things go wrong. Governance tokens, so often portrayed as democratising tools, tend to concentrate power in the hands of early insiders or institutional investors. Meanwhile, ordinary users are invited to participate in systems they cannot understand and which offer no enforceable rights.
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