Crypto, in theory, should usher in a new era for markets for the following three reasons:
It removes rent-seeking middle men from taking profits.
It allows markets to operate without being monitored or controlled by those same rent-seeking middle men.
It allows for the creation of totally autonomous systems. A machine can now participate in a market without needing a human to intervene. (View Highlight)
Note: Does it remove middleman or does it replace them? Miners/validators seem to be the new middleman today. As the experience is smoothed out with more layers of abstraction, then more middleman will be produced.
Crypto networks offer:
Superior governance (by allowing users to fork off into their own governance structure)
Superior liquidity (for otherwise illiquid assets via tokenization)
Superior transparency (eliminating the need for trust & lowering the barriers to entry for market participants)
Superior autonomy (because its payment and communication system works between machines) (View Highlight)
So, blockchain is fundamentally an agoric technology…Money is an important marketplace, enabler of marketplaces & blockchain’s first killer app. But most future growth will be from markets eating the world (View Highlight)
