original link didn't work, this one does: continuations.com/post/175471097…
Capitalism is a social construct, and as with all social constructs, it too will evolve or be replaced over time.
@albertwenger nails 3 areas capitalism falls short:
"1) pricing missing for things that we should be paying attention to
2) limited mechanisms for dealing w/ power laws arising from digital technologies.
3) acts to preserve the interests of capital over those of knowledge"
"1) pricing missing for things that we should be paying attention to
2) limited mechanisms for dealing w/ power laws arising from digital technologies.
3) acts to preserve the interests of capital over those of knowledge"
#Crypto can be seen from a very capitalist perspective, where the free markets rule and all property becomes a private & digitized bearer instrument.
#Crypto can also be seen from a communist perspective (yes, i said it), where the algorithms that support society are transformed from private capital into publicly-owned commons.
In reality, I think #crypto will blend capitalism, communism & other economic disciplines into a hybrid that significantly alters how we organize and incentivize human activity.
And while it's an irony to say as a VC, we have to do a better job of prioritizing labor over capital in the distribution of #cryptoassets -- important for society, and important for seeding the utility of the network.
