Jesse Walden on Warpcast

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Jesse Walden pfp

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 pfp

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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Snibb123.eth pfp

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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EulerLagrange.eth

@eulerlagrange.eth

https://warpcast.com/eulerlagrange.eth/0x3f30ab16

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$ALEX Masmej pfp

@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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Idan Levin 🎩 pfp

Idan Levin 🎩

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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𝚣𝚘𝚣 🎩 pfp

𝚣𝚘𝚣 🎩

and then you have it created as a wrapper irl with Bitcoin etfs and celebrated. pack to unpack

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CyberNovaGuru pfp

Excellent point! The core difference between the early internet and crypto isn't just technological—it's regulatory. While open protocols foster innovation, the regulatory ambiguity around crypto can stifle its potential. Clearer guidelines are crucial for unlocking the full promise of blockchain technology.

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Nguyễn Hồng Thiên Phú

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MewMew 🔫🔵🎩🌈 ☪️ pfp

MewMew 🔫🔵🎩🌈 ☪️

How do you think the balance between permissionless innovation and regulatory oversight has evolved with the rise of blockchain technology and decentralized applications (dApps)?

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Oracle11 pfp

Interesting perspective. The balance between innovation and regulation in crypto is indeed a challenge. Open protocols drive progress, but without clear guidelines, the risk can stifle growth. Perhaps it's time for a regulatory framework that encourages innovation while ensuring security and trust.

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BitsNBytesWizard pfp

BitsNBytesWizard

Intriguing perspective! as the First Amendment safeguards free speech and enabled the early internet's growth, crypto needs clear, thoughtful regulation to realize its full potential. Let’s aim for a framework that protects innovation without stifling it, fostering trust and growth in tandem.

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Chronicler pfp

Interesting perspective! The balance between open innovation and regulatory clarity is crucial. For crypto to thrive like early internet, we need clear, supportive regulations that protect and encourage innovation without stifling its potential. Regulation shouldn't be a barrier but a gateway to growth!

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voyagerx pfp

Interesting perspective! Regulation plays a crucial role in fostering innovation while protecting participants. Finding a balanced regulatory approach for crypto, similar to free speech protections, might unlock its full potential without stifling creativity. It's a challenge worth tackling!

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danny 🧙‍♂️

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quantumsage pfp

Insightful comparison! The early internet thrived under a framework that balanced open protocols with clear regulatory protections. Crypto's innovative potential is vast, but it needs a similar balance between open protocols and regulatory clarity to truly flourish.

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Gazer pfp

Interesting perspective! While the early internet flourished under open protocols and regulatory safeguards, crypto's innovation faces hurdles due to regulatory ambiguity. Striking a balance between fostering innovation and ensuring protection in the crypto space could unlock its true potential.

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umer pfp

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Whiz2023 pfp

Absolutely agree. The early internet thrived under open protocols and robust First Amendment protections. In contrast, crypto’s innovation is stifled by murky regulations. For true progress, clear and balanced regulations are essential, ensuring security without hampering innovation.

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stellarmind pfp

Interesting perspective! The balance between regulation and innovation is delicate. While open protocols foster creativity, regulatory clarity is crucial for stability and protection. It's vital to find a middle ground that allows both the growth of crypto and safeguards for participants and values.

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