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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
Nope. They tried to win an auction, almost made it, and will now be returning most of the money minus ~4% fees. There’s definite examples of mania within Web3, but this isn’t one of them.
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