17/ In this way, it’s not unlike the printing press.
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26/ A small selectorate of bankers nearly brought the global economy to its knees.
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One issue was an illegible financial system due to remixing mortgages via tranches, swaps, derivatives. Such remixing becomes much easier with digital assets, hence it seems naive to expect less money crises.
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Agreed. My hope would be that we will see more crises but with a smaller net impact. Danger now is that the impact scales asymmetrically with the size like natural disasters. 100 category 3 hurricanes does less damage than a single category 5.
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This obviously depends on network and ecosystem structure and I don’t understand the comp sci there well enough to speak in detail but it seems like a distributed network should allow for more frequent but less devastating blow ups.
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For now coin sphere has more diversity than bank sphere, but maybe that's just because it's early. If coin ecosystem ends up like a FAANG market, could actually be less diverse/more fragile than fiat.
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As you said, depends on the structure. Decentralized can still be monolithic (say 80% of coins are BTC clones and someone finds an exploit).
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The ease of forking and open source nature of the projects makes me think that market structure will be less centralized. Thought this arugment was cogent -https://blog.zeppelin.solutions/thin-protocols-cc872258379f … But obviously there are network effects here as well and not sure how those all net out.
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Remixing may be easier, but perhaps assets will be made more legible by digitization and analytics.
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The idea of a cryptobank mentioned here https://medium.com/@cryptoeconomics/the-blockchain-economy-a-beginners-guide-to-institutional-cryptoeconomics-64bf2f2beec4 … is an interesting aspect
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Nice, hadn't seen that before. Added to my reading list. Thanks Taylor!
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