jon
@peligrino
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Markets gud, price mechanisms gud. Congestion pricing in NYC continues to be winning, just as it has been winning for years in Stockholm, Singapore and elsewhere.
When demand > supply, there is always an auction. Either you pay with money, or you pay by waiting in line, with often grievous costs to mental health ( https://nytimes.com/2019/01/21/upshot/stuck-and-stressed-the-health-costs-of-traffic.html ) and to no one's benefit.
Blockchain transaction fees are similar: in the dark ages we used to wait some random number of 5-60 minutes for a transaction to get included into a block, and made excuses about how this is a virtuous act of expressing "low time preference".
Today, transactions reliably get included in 1-2 slots, and the more efficient fee market design in https://eips.ethereum.org/EIPS/eip-1559 is a major reason why. Tomorrow, transactions will be included even faster. 18 replies
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Reposting a note comparing some aspects of the current crypto space to weed that I made on the other app:
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Ten years ago, to many weed represented freedom, and rebellion against sclerotic old order that denied self-sovereignty over our bodies. Then, weed became legalized, and "official".
On that day, I remember my personal interest in weed dropping by > 2x overnight.
And since then, public discourse is moving toward a balanced view of weed: it is much less harmful than alcohol and smoking, and has valuable medical uses, but it is also far from harmless, especially in its modern corporate hyper-optimized versions.
Crypto finance is similar. In the old order, @GaryGensler created a regime where tokens that give investors clear indication of what their rights are and where their revenue comes from is a "security", but obfuscated "governance tokens" are potentially in the clear.
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