Gurley questions whether governance tokens have value without ability to extract economic rents from the system.
“And everything from my history of studying finance and economics would say that if you declared you'd never rake the system”
Gurley argues governance tokens without economic rights would be worth a small fraction of tokens with revenue capture.
“And everything from my history of studying finance and economics would say that if you declared you'd never rake the system governance token, simply the right to kind of control a group or community would be worth a fraction, a small fraction of what an economic token would be.”
Gurley says if he could redo Second Life, he would let the currency appreciate instead of fixing it.
“And that's why earlier in this conversation, one thing, if I went back on Second Life, I'd probably not stay with the fixed currency. I'd probably let it explode.”