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Cooperative Capitalism Is the Last Coherent Economic Path Crypto Has Left
Crypto has spent more than a decade trying to design financial systems from scratch. In that time the space has tried, in order, four distinct economic philosophies. Each was promoted by serious people as the path to a fairer system. Each produced systems whose dominant strategy was extraction. The first was pure libertarian permissionlessness. The premise was that removing intermediaries would remove rent. The intermediaries did get removed. What replaced them was Maximal Extractable Value, sandwich attacks, frontrunning bots, and the routine wealth-transfer from retail users to professional searchers operating in ... (full story)
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