Nick Szabo  🔑

Forget about whether ICOs are illegal. The more fundamental problem with them is they create absolutely terrible incentives and will likely continually drive the best talent to start new networks rather than working on existing ones.https://twitter.com/sassal0x/status/1172206010615783425 …

Imo the decentralized fixed supply crypto lobby is largely to blame for the huge difference in Sharpe ratios between earlier and later contributors

I actually agree w/ this. I've never really been sold on the "hard money" thesis for blockchain and I can see some ways it limits things on some chains. I think BTC is the chain that embodies that philosophy and other chains should experiment with other models.

In the alt coin scene, fixed supply or basically-fixed supply is still considered to be an important indication that a coin is not a scam

Basically, it has a powerful psychological effect of creating scarcity bc "limited supplies!", and it rewards early token holders like crazy (at the expense of everyone else, imo)

And of course suggesting that we do more issuance always brings our governance demons home