Class 1 / Class 2 Problems
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Highlights
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When crypto succeeds that way, it will graduate to Class 2 problems. At that point, entrepreneurs alone won’t solve those. These new problems will require a social imagination to revision what orgs do and what they are for, to re-imagine what transparency in a group means, to re-evaluate the role of money, or even the meaning of money. These in turn will launch new social expectations and norms of behavior, and in turn as a consensus forms, new legislation to codify the norms.
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Class 1 problems are caused by technology that is not perfect, and are solved by the marketplace. Class 2 problems are caused by technology that is perfect, and must be solved by extra-market forces such as cultural norms, regulation, and social imagination.