Decentralized protocols would make very interesting base layers and I’m particularly excited about web3 in the context of identity. Does crypto solve the problem of suboptimal defaults? Well, that’s a different question and I’m honestly not sure. Just because you have decentralized base layers doesn’t mean you won’t see centralization, aggregation... See more

So the real argument for crypto, and more broadly decentralization, is not that centralized systems are broken. Or that the current business models of the internet are not working. Because, in fact, they are for most consumers and many tens of thousands of creators. It’s that they are so functional that only a radical redistribution of control and... See more

But centralization absolutely does limit the number of big ‘winners.’ The omnipresent power law skews value relentlessly to the top. We see this across top companies, investors, creators, influencers and beyond. The more centralized the platform or business, the more this tendency proves true.