The answer to the first question is that blockchain commoditizes investments by making everything ownable and investable. It creates an abundance of things that can be owned. It also creates an abundance of various resources by making them easier to share. Finally, it creates an abundance of human engagement – the ability to incentivize people to a... See more

Centralized trust creates negative externalities even when those at the center remain trustworthy. As the market expands, a purely person-to-person approach breaks down and would necessitate the presence of intermediaries. Intermediation, on the other hand, serves many roles, but also imposes costs, especially when the intermediary is a private com... See more