Venkatesh Rao ☀️
@vgr
Is this conjecture true or false? Any computing system that goes from mostly closed and permissioned to a mostly open and permissionless system will see its compute workload go from 1% security assurance to 99% security assurance and therefore need to 100x the size for the same available functional bandwidth. Or 10-90 to 90-10 or similarly dramatic phase change.
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ukstv
@ukstv
Directionally right, the numbers seem overblown. IMO you could safely approximate that by human transaction costs. Not quite zero but low intrafirm. 50% or so (for legal costs; startup budget numbers flew by couple of days ago) interfirm.
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