This is a good insight and generally true. > Any decentralized system that is more efficient if centralized, eventually gets centralized by efficiencies of sca

This is a good insight and generally true. > Any decentralized system that is more efficient if centralized, eventually gets centralized by efficiencies of scale. I’d add “or by network effects” since these aren’t “efficienciences of scale” (related to increased marginal value not decreased marginal cost) and are clearly at play with some (many!) centralized systems.