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audreyt committed Mar 31, 2024
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4 changes: 2 additions & 2 deletions contents/english/4-3-commerce-and-trust.md
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Expand Up @@ -85,7 +85,7 @@ The early success of Bitcoin inspired attention and interest for at least three

1. It seemed to fill the lacuna in the digital payments space mentioned above, allowing relatively easy cross-border transfers.
2. It was one of the first examples of a large-scale and "important" (carrying real financial consequences) online application without a centralized identity and permissioning system.
3. Because of its financial structure and scarcity, it was possible for the value of the coins to rapidly appreciate, which they did over several stretches in the following decade and a half, creating great fortunes, speculation and interest. In fact, one author of this book gained a measure of financial independence due to being compensated in Bitcoin and benefiting from one such run of appreciation.[^Disc0403]
3. Because of its financial structure and scarcity, it was possible for the value of the coins to rapidly appreciate, which they did over several stretches in the following decade and a half, creating great fortunes, speculation and interest.

While many governments and mainstream business actors recognized the importance of the first point, they saw decentralization as largely superfluous or wasteful and the speculation around cryptocurrencies as a frivolous and potentially destabilizing bubble. This spurred a number of efforts to re-imagine payment systems for the digital age. The most ambitious efforts were "central bank digital currencies", which have been launched or piloted in dozens of countries, especially in Africa and Asia and are being explored in many others. These most directly respond to the cryptocurrency trend by creating digital, currency-like claims on the central banks.

Expand All @@ -97,7 +97,7 @@ This realization interestingly parallels the development of one of the first maj

[^X]: Today's PayPal was a merger of the original PayPal with X.com, founded by Elon Musk, Harris Fricker, Christopher Payne and Ed Ho, the name of which is now being revived by Musk as the successor to Twitter.

Seeking to bring these services at lower cost and more inclusively especially in markets incompletely served by these US and PRC-based services, several major developing-world governments have created publicly supported instant payment services, including Singapore's FAST system in 2014, Brazil's Pix system in 2020 and India's Unified Payments Interface in 2016. Even the US has followed with [FedNow](https://www.frbservices.org/financial-services/fednow) in 2023. While there are still significant impediments to international inter-operation, there is an increasing consensus that the immediate gap in making instant payments online and in person through digital channels has been met.[^value]
Seeking to bring these services at lower cost and more inclusively especially in markets incompletely served by these US and PRC-based services, several major developing-world governments have created publicly supported instant payment services, including Singapore's FAST system in 2014, Brazil's Pix system in 2020 and India's Unified Payments Interface in 2016. Even the US has followed with [FedNow](https://www.frbservices.org/financial-services/fednow) in 2023. While there are still significant impediments to international inter-operation, there is an increasing consensus that the immediate gap in making instant payments online and in person through digital channels has been met.

Yet the challenges raised by cryptocurrencies cannot be laid to rest quite so easily, as suggested by the resilience of interest and recently currency values in the space. The decline of cash, heralded by defenders of sanction regimes and battlers against financial criminals like economist Kenneth Rogoff, has been bemoaned by privacy advocates and civil libertarians, who argue that the collapse of private payments will have systemic effects individual users fail to account for when choosing how to pay.[^Priv] The oft-touted privacy benefits of Bitcoin have largely proven illusory given that it has become increasingly easy for well-resourced analysts to uncover the controllers of pseudonymous accounts.[^Bitcoinprivacy] However, interest in privacy technology has become a primary focus in the space, stimulating the development of highly private currencies like [Zcash](https://z.cash/) and "mixer" services like [Tornado cash](https://en.wikipedia.org/wiki/Tornado_Cash) on top of other currencies. These have stimulated controversy over the trade-offs between privacy and legal accountability, leading to forceful government actions to shut down various privacy features in some jurisdictions. These conflicts have also been at the root of the challenges achieving seamless international inter-operation for digital payments systems, as countries fight over who can surveil and regulate what activity.

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3 changes: 1 addition & 2 deletions contents/english/5-5-adaptive-administration.md
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Expand Up @@ -46,8 +46,7 @@ The first might be called the problem of "rigidity", namely that bureaucratic ru

* Most jurisdictions have speed limits for driving cars to ensure safety. Yet the safe speed for driving varies dramatically with road, environmental and other related conditions. This means that speed limits are, most of the time, either too high or too low for the circumstances. Similar logic applies to almost all administrative policy settings, from the prices of goods to the break time allowed workers.
* To obtain most high-paying jobs, people from a diversity of cultures around the world have to fit their accomplishments and lives into the format of CVs and transcripts designed to make them legible to administrative bureaucracies and hiring managers, rather than to reflect their accomplishments accurately.
* In the late 1990s, a Dutch airliner ended up physically shredding hundreds of live squirrels that lacked appropriate paperwork for transiting Schiphol airport.[^squirrelshredding] While a particularly gruesome example, almost anyone who has flown is aware of the rigidity of the bureaucratic systems that administer air travel and will thus not be overly surprised by this outcome.

* In the late 1990s, a Dutch airliner ended up [physically shredding](https://www.independent.co.uk/news/airline-killed-440-squirrels-in-giant-shredder-1087522.html) hundreds of live squirrels that lacked appropriate paperwork for transiting Schiphol airport. While a particularly gruesome example, almost anyone who has flown is aware of the rigidity of the bureaucratic systems that administer air travel and will thus not be overly surprised by this outcome.

Yet at the same time as they are rigid, "cold" and "heartless", an equally common and opposite complaint about bureaucracies is their "complexity": that they often are inscrutable, hard to navigate (see, for example, Franz Kafka's classic work *The Castle*), full of red tape, and give excessive discretion to apparently arbitrary bureaucrats.[^Kafka] These problems are among the most infuriating features of bureaucracies and are a constant source of complaint by libertarians. In fact, to a large extent they have inspired many of the ideas about "distributed autonomous organizations" (DAOs) and "smart contracts" that are intended to escape excessive discretion, as well as leading to the high costs of the legal sector. And yet, clearly a key reason for such complexity is the need to handle the diversity and nuance of the cases they must administer. The leading reason, therefore, that bureaucracies become illegitimate as they try to span a broad range of social diversity is that, to accommodate this range, they have to become too complex to function properly. Increasingly, however, digital technologies are emerging that allow this trade-off to be navigated more elegantly and thus allow richer cooperation to legitimately span a broader range of diversity.

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2 changes: 1 addition & 1 deletion contents/english/6-1-workplace.md
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# Workplace

More than a billion people worldwide work outside their homes in formal organizations with at least a few other people.[^Formal] These "workplaces" produce about 70% of global output and are the first thing most people think of when they hear "economy". Just as we consider the vast contribution of workplaces to the global economy, it is essential to address inefficiencies that hinder productivity. U.S. workers spend an average of 31 hours per month in meetings deemed unproductive, a significant drain on both time and resources.[^meeting-stats] If ⿻ is to help re-imagine the economy, it must restructure formal work, which we turn to in this chapter.
More than a billion people worldwide work outside their homes in formal organizations with at least a few other people.[^ILO] These "workplaces" produce about 70% of global output and are the first thing most people think of when they hear "economy". Just as we consider the vast contribution of workplaces to the global economy, it is essential to address inefficiencies that hinder productivity. U.S. workers spend an average of 31 hours per month in meetings deemed unproductive, a significant drain on both time and resources.[^meeting-stats] If ⿻ is to help re-imagine the economy, it must restructure formal work, which we turn to in this chapter.

[^ILO]: International Labor Organization, " World Employment and Social Outlook: Trends" (2023) at https://www.ilo.org/wcmsp5/groups/public/---dgreports/---inst/documents/publication/wcms_865387.pdf.

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