“Token voting” is exactly how shareholders run companies. It has worked fine since the invention of the joint stock corporation. People dislike it, as they dislike capitalism, because it offends their moral sensibilities. But the alternatives degenerate to authoritarian control.
@naval
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Markets Are Wise, Crowds and Mobs Are Dumb
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Crowds aren’t wise – markets are wise, and mobs are dumb.
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Values Layer Architecture Raises Aristocracy Concerns
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“Values Layer” is just an aristocracy by another name.
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Blockchains as Markets: Plutocracy versus Centralized Control
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Blockchains are markets – they are a plutocracy. Much as you might think that’s a negative – that’s exactly how markets operate. The alternative is ZCG’s “my friends and I are running things and virtue signaling about it.”
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Great Engineers Are Also Artists: Creativity in Engineering
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Great Engineers are Also Artists.
— Naval (@naval) 28 novembre 2025
“I characterize art as something that is done for its own sake, and done well, and often creates a sense of beauty or some strong emotion.
And a lot of engineers are introverts.
As an aside, I hate the term “incel.” It’s just a way of putting… pic.twitter.com/JWj6aBcShiGreat Engineers are Also Artists. “I characterize art as something that is done for its own sake, and done well, and often creates a sense of beauty or some strong emotion. And a lot of engineers are introverts. As an aside, I hate the term “incel.” It’s just a way of putting
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Sequoia Remains Undefeated Leader in AI Investment Competition
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Sequoia remains the undefeated king of the hill. (The competitors had to create and take new hills).
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Navigating Securities Regulation with Legal Templates
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Sounds like a security so the usual complications. However, the current administration is pretty laissez-faire, so with some clever lawyers you could probably draft a template and get a no-action letter.
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Digital On-Chain Assets Superior to Off-Chain Wrapped Tokens
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If you lose your token, do you lose the stock or the house? No, you just go to a court and get it back. It only makes sense to have digital, on-chain assets. Off-chain assets might gain some very small tracking / accounting benefits from being wrapped on-chain, but that’s it.
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Public institutions in decay: A critical observation
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If it starts with the word “public,” it’s probably in decay.