Crypto loves to call itself permissionless.
But is it really?

Anyone can deploy a smart contract.
Launching a successful protocol is a different game.

→ Capital: Raising liquidity is harder than getting a TradFi banking license.
→ Security: One exploit, and your protocol is dead.
→ Adoption: Network effects favor incumbents, just like in TradFi.

We talk about open systems, but the real bottleneck is power dynamics. 

Permissionless innovation is about breaking the monopolies on trust, capital, and distribution.