The Price and Value of Governance

整理自视频 The Price and Value of Governance | Joel Monegro, Placeholder VC

1. tokens with governance will capture the most value

governance tokens represent power to change the rules of the game.as cryptonetworks scale,so does the value of its overall economic activity,and so does the cost and value of governing the network.

2.tokens with governance serve as both currency and capital.

currency function
power to consume
short term focus
high frequency and velocity
means of exchange, unit of account

capital function
power to govern
long term focus
low frequency and velocity
store of long term value

3. the circle of cryptoeconomic activity

understanding the relationship between miners(supply),users(demand) and investors(liquidity)

4. separating currency and capital leads to concentration

modern capitalism keeps currency and capital separate.capital appreciates over time while currencies depreciate ice time, leading to massive concentration wealth and power.

5. the circular flow of economic activity

6. combining currency and capital leads to greater scale

capitalism’s limits to growth are rooted in its inability to spread value fairly its participants.distributing wealth more broadly leads to more efficient capital distribution and thus greater scale.

7. destination ：cryptocapitalism, a new mode of production for the information economy

cryptoeconomic consensus and running code over capital labor; self-regulation over the state.