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This doesn’t mean utopia. We’ll just have new kinds of problems to replace culture war problems. For eg ENS delegation already hints at 80s style corporate proxy wars and shareholder activism++. Instead of Trumps and AOCs we may see a generation of Carl Icahn, Ralph Nader types.
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Charismatic Authority may be replaced by Operator Authority. People who master a due process theater. Every DAO a potential Senate-like zone where LBJ type operator-leaders win. Ones with a taste for the procedural mechanics. What charismatic leaders dismiss as boring detail.
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In the Industrial Age economy there’s a saying: “money is for poor people.” Real power and wealth is controlled by the crony-communism of the wealthy (why do they call it crony capitalism when it’s clearly crony communism?). In Web3, money is for latecomers.
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Yes, I’ve changed my mind. The problems are the same, the tech introduces genuinely new was to attack them. They’ll have different failure modes and effectiveness levels.
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Replying to @BillSeitz and @vgr
Does this change your earlier tweet? Your optimism still feels a little magic/handwavey compared to that earlier pragmatic perspective. twitter.com/vgr/status/144
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There is a great analysis in Joel Mokyr’s Lever of Riches about the difference between manias (fast, boom-bust) and critical adoption (slow diffusion accompanied by trial and error). Fake innovations only have the former, real ones have both, and in the long-term latter dominates
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Replying to
The 4% *is* the gas fees. Read the details upthread. Those who donated small amounts like me will lose a lot more in gas fees (I’ll have spent ~$60 to round trip $200). Which I write off as learning cost. This will evolve as people get smarter.
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