…so far, anyway.
It's not a massive fraud and scandal, it's permissionless experiment
I am not thinking of one thing. I am thinking of many things. I am thinking of The DAO. I am thinking of Bitcoin and Ethereum. I am thinking of Oculus getting financed on Kickstarter. I am thinking of the launch of equity crowdfunding for everyone in the US last week. I am even thinking of things like Theranos.
All of these things are great experiments that will produce great benefit to society if they succeed. But by their nature experiments often fail. They need to fail. Or they would not be experiments.
And one of the challenges with the de-institutionalization of experimentation is that some of these failures will be spectacular….
