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Hypothesis: real transaction costs are skyrocketing in illegible ways and will stay high for decades, and we’re headed to opposite end of the Coasean social-institutional design space from what we thought we were in 2000. Search, negotiation, and monitoring costs all ↗️
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Ethereum gas fees aren’t a weird artifact of blockchain technology. They’re just legible real transaction costs priced in energy dollars. Any tx that looks much cheaper hides things like petrodollar externality costs, crime, employment uncertainty, contract break penalties etc
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