I have a feeling that people tend to underestimate the role of "semi-trusted" actors in the future of cryptoeconomics. In other words, I think that indeed most

I have a feeling that people tend to underestimate the role of "semi-trusted" actors in the future of cryptoeconomics. In other words, I think that indeed most interesting applications won't be pure on-chain algorithms. The computational power is extremely limited. On-chain bookkeeping is extremely useful as a base layer, but the real intelligence will always have to come from elsewhere. (For these reasons, many of my blockchain friends consider "smart contract" a pretty stupid catchphrase, preferring instead to talk about e.g. "dumb durable software objects".) So, for example, consider an insurance contract structured as a "DAO", where some combination of stake and reputation translates to influence in investment decisions. Obviously there could be enormous problems with that, but it's also an interesting possibility, and I predict that such experiments will keep happening and we will learn more about collective decision-making etc.