12-1a2b3 Left eventually becomes the right, not ideologically but economically and systematically
8-1b3i Token rewards should taper off as the network grows
4-1a4b2b2a Rules and leaders emerge from informal governance but they are a product of inscrutable social dynamics rather than thoughtful design
8-1b3f A blockchain economy must balance the supply (‘faucets’) and demand (‘sinks’) of native tokens to fuel sustainable growth
6-3b3g1 Network effects also affect blockchain networks
6-3b3h Protocol networks could get subsumed by corporate networks
develop
VCs play the casino while startups play the gamblers in pre-blockchain networks
But startups can sustain its own ecosystem without the need from outsource funding (and remember 6-3b3d Externalized incentives (negative externalities) go away when everything is externalized = 6-3b3a Networks with billions of owners are possible)
9-4e2e1 Startup = Open Source Project = Crypto Protocol = Non-Profit = Individual Tinkering
9-4e2f The low initial cost of starting a startup ⇒ Investors need founders more than founders need investors
Put differently, you can only experiment at the frontiersdevelop
You can’t really experiment with L1s because network effects already kicked in (5-1b1b1a1 Things can become easier the more complexity you have (Network effects = Power-law))