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Writing the protocol, writing the interfaces, operating nodes, mining, participating in on-chain governance, running an ISP are all separate pieces, which can (and are) done independently. VCs are not buying majority control of any one pillar, much less all.

12:46 AM · Aug 9, 2021Twitter Web App

Replying to

@jespow

and

@alexisgoldstein

The protocol is only good for building and running apps that serve customers. That's what we said about the internet in the past and yet we have monopolization now. The same thing can happen here. I am generally supportive of crypto but it does need regulation.

Jesse Powell

@jespow

Aug 9, 2021

If there are monopolies, it’s usually because of regulation. We have plenty of regulation on financial services already, responsible for billions of people unbanked and excluded from the global economy, forced to hide cash under their mattresses, deal with check cashing sharks.

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