1) The governance problems of private money are incompatible with democracy and the rule of law. 2) There are irremovable privacy, scalability, and recentraliz

1) The governance problems of private money are incompatible with democracy and the rule of law. 2) There are irremovable privacy, scalability, and recentralization contradictions at the core of any and all permissionless blockchain solutions. 3) There are vast negative externalities that every blockchain-based investment inevitably entails.