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by amadeo_warden
1298 days ago
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That's true. Vitalik calls this the 'Social Layer' of Blockchains. I'm not one to call crypto protocols immutable, so I'm sort of with you. That's why I added 'practically' and 'easily' to that sentence. Not even China was able to ban a decentralised chain. So I'm cautiously optimistic... -- Edit -- Hadn't seen your first and third points. 1) & 3): Agree with your points. I'd just add that you don't have to speculate to use these networks for real day to day transactions. Also, i'm not bullish on incumbents innovating faster than these permissionless protocols. |
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This may be due to the difficulty of enforcement, but I don’t get the sense they’ve tried. (We ultimately won’t know until their next balance of payments scare, when capital flight becomes an existential concern to the state.)
(Sorry for the live edits!)
> not bullish on incumbents innovating faster than these permissionless protocols
I’m not either. But the good ideas are being ported over quickly enough to cap crypto’s TAM. There is a model in which crypto is the financial system’s alpha environment. The curiosity is the value seems to accrue to the workers, i.e. when central banks and other players want to implement an idea from permissionless protocols, they aren’t contracting with the companies. They’re hiring folks away. (This is also true in many areas of asset management.)