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The Governance Lessons of Brexit and Bitcoin

 The last time I wrote about governance was in the summer of 2016. The United Kingdom had put a decision to exit the European Union to a popular vote. Brexit squeaked through in a heated process with much misinformation. It will all be a piece of cake, it was said.


Whatever the ultimate merits of Brexit, this was a crazy way to make such a momentous and hard-to-reverse decision. Most countries, communities and institutions that adhere to “democratic” principles do not go for 50%-plus 1-voting for important choices.


Bad governance models have also hobbled the public blockchains. The model pioneered by bitcoin hobbled crypto with a governance structure that has made it very difficult for public blockchains to scale and operate efficiently. They haven’t—and crypto has settled into being an asset used for speculation on its good days (today wasn’t).



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