Check out Cliff Asness (AQR) early 2000 paper about bubbles if you haven't. If power naturally consolidates (which I agree), it's byproduct is entropy, which eventually redistributes the consolidated power. ad infinitum - Keep writing Doug. appreciate you taking on such a heavy topic
Thanks Larry. Very good point that a feature of consolidated power is entropy. Perhaps the legacy financial infrastructure is entering that phase. It seems the crypto community certainly thinks so re DeFi.
Check out Cliff Asness (AQR) early 2000 paper about bubbles if you haven't. If power naturally consolidates (which I agree), it's byproduct is entropy, which eventually redistributes the consolidated power. ad infinitum - Keep writing Doug. appreciate you taking on such a heavy topic
Thanks Larry. Very good point that a feature of consolidated power is entropy. Perhaps the legacy financial infrastructure is entering that phase. It seems the crypto community certainly thinks so re DeFi.
I'll check out the Asness paper (I believe this one for anyone reading comments: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=240371). Thank you for the recommendation and thanks for reading the blog