The most important scarce resource is legitimacy

Crypto-currencies are powerful because they allow us to bring together large masses of capital through a collective economic will, and these masses of capital are not controlled by anyone to begin with.

Instead, these masses of capital are controlled directly by concepts of legitimacy.

The concept of ‘legitimacy’ is the acceptance of a higher order. It is a phenomenon that appears in coordination games.

Also, it is a set of people who act in a coordinated way with a common motivation. Transposed into blockchain technology, this allows for example for the raising of capital.

Legitimacy manifests itself in different forms. The main forms are: legitimacy by brute force, by continuity, by equity, by process, by performance as well as by participation.