The Future of Finance Must Be Permissionless
There are various companies, networks, and protocols trying to figure out how to get this right. Clear winner? Hardly. But I think we have a pretty good start.
As Thomas Sowell says, there are no solutions, only tradeoffs. Want an example? Physical gold is wonderful. It’s nobody’s liability, doesn’t tarnish, truly permissionless, and is a nearly perfect monetary instrument. I say “nearly” because there is one major flaw; it can’t scale in physical form because it’s expensive to move far distances. That means t…
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