Decentralized Systems That Work Need Hierarchical Regulation

A commonly cited reason for Web3 is that centralized systems (government, banking) are broken and decentralized systems are the way forward (blockchains, cryptocurrencies). The problem is that fully decentralized systems have all sorts of issues in the same way that, for example, truly free markets do—exploitation, theft, perverse incentives, and so on. As such, engineering solutions can only go so far and are doomed to rediscover the need for hierarchical regulation to make it work.

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