Introduction

Vilfredo Pareto (1848-1923) and Gaetano Mosca (1858-1941) are the two pioneer social scientists who propounded the elite theory of power The elite theory is one of the theory of the state that seeks to describe and explain the power relationships in contemporary society. The hallmark of the theory is that in every society or organization, there seems to exist a small group of minority who holds the most power.

Being conscious of this power and their smallness, they are able to make policies and influence decisions to protect the dominance of their groupings over the rest of the society. While the rest of masses is believed to take anything of higher values of life in society lightly and not seriously but only interested in their stomach. In other words, the elites are the movers and shakers of all human groupings within the society. Hence, it's not out of place to find the elite on top of all human organizations within and outside of the state.

Satoshi Critique

Satoshi being dissatisfied with the existing status quo, identify the financial payment systems as a critical junction to which the dominant class controls and regulate the financial destinies of the people of the world through the instrumentality of the state here refers as the Superstructure. Came up with Bitcoin in 2009 as a countervailing alternative to disrupt the existing status quo.

The concept or idea was awesome and loveable. Satoshi being an intelligent man, was quick to spot out centralization as the most powerful tools in the hands of the dominant class, which is regularly oiled by patrons clients relationships a system of corruption control by the oligarchy.





Against this background, Satoshi proposed decentralization concealed in a cryptography database founded on the Blockchain technology. The launch of Bitcoin in 2009, didn't only caused a revolution but ushered in a new paradigm which eventually spark up a new narrative that completely eliminates the influence of a third party in financial transactions. And also negates the artificial barriers of national sovereignty.

The government and it's collaborators were never going to be at peace anymore, they immediately swing into boardrooms. All they want is the counter solutions, banding Bitcoin wasn't going to be easy, because all their initial moves only help to popularize it. While government was still in awe over Bitcoin and desperately looking for solutions to pull it down, it appears, the gate of hell was thrown opens, and this time around, it was Altcoins comings in their thousands.

The shocking point is that giving what Bitcoin represents for the crypto space and for the individuals that made up the crypto space. One would expect that bitcoins will be devoid of elites dominance. But it appears that the early adopters who have already amassed for themselves large amounts of Bitcoin and the politicians of Latin Americans, Africa, Asian and the rest of the world stolen monies pumped into Bitcoin does not allow the law of demands and supplies to take its full course.

But are only interested in starking by manipulation of the market to allow the fearfully ones to give up their small amount of shares for them to buy and to further manipulate the market later to push the price for for them to sell whatever they want the price of Bitcoin to soared higher up.

Conclusion

Whether or not you agree with me that Bitcoin has been overwhelmed by the elite group or not doesn't change the fact that it already does exist. Your contributions are critical to the sustainability of the Bitcoin. Hence your opinion and criticism will be well appreciated.