Read on Twitter
1/ Unpopular opinion: we’re likely to see a similar language shift for protocols as well.
IRL organizations have evolved in consumer-owned cooperative <> "shareholder supremacy" cycles.
Crypto is still in the cooperative phase. A short thread
https://twitter.com/arjunblj/status/1291858792301203457
IRL organizations have evolved in consumer-owned cooperative <> "shareholder supremacy" cycles.
Crypto is still in the cooperative phase. A short thread
https://twitter.com/arjunblj/status/1291858792301203457
2/ IRL, cooperatives thrived when
1. critical infrastructure risked turning into local monopolies
2. investor protection laws were weak
3. capital markets were undeveloped
4. there was not a lot of competition
5. owners did not expect to make a profit
https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=5737&context=fss_papers
1. critical infrastructure risked turning into local monopolies
2. investor protection laws were weak
3. capital markets were undeveloped
4. there was not a lot of competition
5. owners did not expect to make a profit
https://digitalcommons.law.yale.edu/cgi/viewcontent.cgi?article=5737&context=fss_papers
3/ In crypto, ppl currently refer to protocols as
1. critical infrastructure or public goods
2. minority tokenholder protections are non-existent
3. crypto bootstrapped itself w/ retail investors
4. competition is slowly increasing
5. investors try not to talk about profits
1. critical infrastructure or public goods
2. minority tokenholder protections are non-existent
3. crypto bootstrapped itself w/ retail investors
4. competition is slowly increasing
5. investors try not to talk about profits
4/ As the crypto space becomes more competitive, we’re likely to see protocols embrace the frameworks of traditional corporate governance...
... where tokens are treated as equity and professional & salaried management teams handle the core operations of the protocol.
... where tokens are treated as equity and professional & salaried management teams handle the core operations of the protocol.
fin/ Airbnb & Uber used a new platform to override regulatory capture within their industries, but they did not reinvent corporate governance.
Crypto enables the creation of global-scale companies with unprecedently transparent governance -- this is already a victory.
Crypto enables the creation of global-scale companies with unprecedently transparent governance -- this is already a victory.
