Blockchain and Economics: Progress and Open Questions
summary
Argues that tokens are not a free lunch: token curated registries fail in practice and native tokens need real economic purpose; cites Storj’s exploitable subsidy “money pump” and OpenBazaar’s collapse without dispute resolution. Describes method: draw on theory, run lab experiments (Charlie Plott), pilot a pager‑band experiment before full spectrum auctions. Notes governance reality: on‑chain referendums often see <10% turnout and representative governance can be needed.
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chapters (35)
- 0:00Introduction
- 0:30Agenda
- 1:16Why Prism Group
- 2:27What is Economics
- 3:12Bringing Economics Together
- 5:01Economic Design in Blockchain
- 6:16Token Curated Registry
- 6:54Token Curated Registry Diagram
- 7:32Blockchain Rebel
- 8:00The borrowed suit
- 8:35Freedom
- 11:42Economic Design
- 12:48Auction of Broadband Spectrum
- 14:46Medical Residency Match
- 18:36Recap
- 22:03Application of Economic Design
- 24:01Performance Incentives
- 25:26Decentralized Systems
- 26:23Designing Performance Incentives
- 27:45Decentralized Storage
- 28:42Money Pump
- 30:28Market Institutions
- 31:44eBay
- 34:33Market Mechanisms
- 35:59eBay Reputation
- 38:13Data marketplaces
- 40:04Governance
- 41:45Incomplete Contracts
- 42:10When do you need governance
- 43:10Economic elements of governance
- 43:21Referendumbased governance
- 43:39Participation
- 43:59Representation
- 44:31Specialization
- 44:52Economic Role
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