Thread · 4 tweets · 28 Feb 2022

I repeat myself but: decentralised technology does not eliminate the power asymmetries. You will get far more robust freedom under collective governance over various levels of centralised (polycentric) technology than in a system with no enforcement capability whatsoever.

No enforcement means no cooperation; no cooperation means no society and no economy. Trying to solve that by financialising everything just leads to plutocracy. It's not a coincidence that so many (well-meaning) web3 systems admit that "yeah, we still need to solve plutocracy."

I don't like to spit on web3 as a whole because I know there are wonderful people exploring the future of governance there. But my prediction: the useful new modes of governance that will emerge will be predominantly off-chain, with the chain as a convenient accounting mechanism.

(Anyway, read @can's thread it's great.)