Nick Szabo  🔑

To distinguish charlatans from valuable players in crypto: * charlatans hype their supposed governance innovations * valuable players focus on minimizing governance (a.k.a. trust minimization) Only the latter gives you global seamlessness, censorship resistance, etc.https://twitter.com/Ruminorang/status/1027756116141371392 …

BTC has trust-minimisation down cold. And yet, the larger design space is sufficiently worth exploring so as to make the introduction of visible coordination mechanisms worthwhile, if they are sufficiently well-aligned.

No it doesn't, and the exploring a part of the space that has for hundreds of years led to failure after failure, rather than the part of the space made possible by comp sci that leads to even greater trust min of even more functionality, ends in, you should guess it, failure.

There’s a yawning gulf between one-man-one-vote and direct exercise of ownership. Would you regard corporate governance as inherently flawed? Because direct governance of stake is strictly superior, lacking the principal-agent problem.

All kinds of governance are extremely flawed compared to a trust-minimized protocol, where (as with cryptocurrency) the latter is possible.