crypto

permissionless innovation in the early internet was enabled by open protocols AND protected by a strong regulatory foundation: the first amendment. 

the fundamental unit of the internet is packets, containers for arbitrary information-and transmitting information is generally protected as free speech. 

the fundamental unit of crypto is tokens, containers for arbitrary value-and transmitting value is generally among the most highly regulated activities in world. 

so while permissionless innovation in crypto is similarly enabled by open protocols, it’s lack of a regulatory protection or clarity has been limiting.

There has been a general monopoly of governments in managing societal-level state for centuries (i.e. who owns what - land, property, and money, all governed by the state in the modern age). 

Transmitting of information was always a weaker form of state monopoly - there were monopolies on shipping companies and mailing services. But were easier monopolies to break. 

Unfortunately, state monopolies are very hard to break  and will probably take a long time. Hayek wrote in 1976 about the decentralization of money, 3 years after he won the Nobel Prize.  Took >30 years for Bitcoin to get out and another 15 years for the ETF.