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Jesse Walden
@jesse
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.
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Jesse Walden
@jesse
skeptics will claim that crypto gaining a strong policy framework is a l fight for the right to speculate, but it’s really a fight for permissionless innovation to happen within strong policy foundation that protects and enables it. this is why policy progress in DC is such a big deal. the industry has been pushing a boulder uphill without any strong footing to stand on. and finally we’re seeing some signs of traction. and there’s still a long way to go. while the early internet may have had a stronger policy foundation, permissionless information innovation required custom rulemaking for it to scale and sucdeed. for example, use of cryptography had to be reclassified from a traitorous munitions export for SSL to exist and DMCA had to be introduced to adapt copyright law for mass scale user generated content. it took a decade+ for this to play out, and that was close to two decades into the existence of the enthusiast/academic internet that was in use prior.
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EulerLagrange.eth
@eulerlagrange.eth
https://warpcast.com/eulerlagrange.eth/0x3f30ab16
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Idan Levin 🎩
@idanlevin
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.
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Snibb123.eth
@snibb123
My problem with this analogy, even though it’s true to some extent, is that is assume money is treated the same as information in our society. It isn’t and never was. See Section 230 vs. Bank Secrecy Act. So we need that to change first.
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$ALEX Masmej
@alexmasmej.eth
It’s sad that one of the best crypto use-case is illegal: investing in securities. Instead memecoins are legal
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𝚣𝚘𝚣 🎩
@zoz.eth
and then you have it created as a wrapper irl with Bitcoin etfs and celebrated. pack to unpack
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