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Decentralized systems allow for more freedom and innovation than centralized institutions in the same way that capitalism allows for more innovation than a centrally planned economy. Freedom to tinker and try new ideas creates space for permissionless innovation.
The current financial system is not designed to support permissionless innovation. It is a closed, centrally planned system with many barriers to entry, governed by outdated and byzantine rules and ideas.
The opportunity cost of the legacy financial system is the stifling of innovation. Blockchain technology will reshape the global financial system in a profound way. The decentralization of our institutions will pave the way for innovation that will unlock untold amounts of value.
