[JumpCrisscross]

> not even China was able to ban a decentralised chain

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.)

[amadeo_warden]

All good!

All good points and I'm super curious to see how it plays out :-) For what it's worth, I hope you're right and non crypto FinServs can improve as a result of alpha leakage.