During the initial growth of the Internet, the United States enacted a variety of Safe Harbors, such as the DMCA, that allowed new innovation to unfold. We now need a similar approach to crypto tokens in order to help build the blockchain infrastructure. Blockchains allow the creation of data stores and applications that have network effects but are not controlled by a central player. This helps address the key issue of centralization and monopoly like positions currently observed in the digi...

During the initial growth of the Internet, the United States enacted a variety of Safe Harbors, such as the DMCA, that allowed new innovation to unfold. We now need a similar approach to crypto tokens in order to help build the blockchain infrastructure. Blockchains allow the creation of data stores and applications that have network effects but are not controlled by a central player. This helps address the key issue of centralization and monopoly like positions currently observed in the digi...

In 2015 I wrote a blog post titled “Uber’s Greatest Trick Revealed” in which I argued that Uber’s success was the result of providing a transportation service. This was and is exactly what consumers wanted but is not a neutral platform or marketplace. It would appear that regulators have finally caught up with this with the European Union’s top court ruling yesterday that Uber is in fact a transportation service. Now we will hopefully enter a new phase in which regulators figure out how to ge...

In 2015 I wrote a blog post titled “Uber’s Greatest Trick Revealed” in which I argued that Uber’s success was the result of providing a transportation service. This was and is exactly what consumers wanted but is not a neutral platform or marketplace. It would appear that regulators have finally caught up with this with the European Union’s top court ruling yesterday that Uber is in fact a transportation service. Now we will hopefully enter a new phase in which regulators figure out how to ge...

I have already written a bunch about ICOs here on Continuations, including earlier this week about the Chinese ban. Regulators are approaching this, not surprisingly, by focusing on their own country. While that’s understandable, it undermines one of the most promising aspects of using tokens as equity: a global capital market that’s readily accessible to everyone. If you are a wealthy investor or if you are a large corporation you already have access to a global capital market today. For exa...

I have already written a bunch about ICOs here on Continuations, including earlier this week about the Chinese ban. Regulators are approaching this, not surprisingly, by focusing on their own country. While that’s understandable, it undermines one of the most promising aspects of using tokens as equity: a global capital market that’s readily accessible to everyone. If you are a wealthy investor or if you are a large corporation you already have access to a global capital market today. For exa...

As has been widely reported, China has banned all ICOs. Given the torrid pace of ICOs in China, many of which appear to be downright scams, this should not come as a surprise. What will be interesting to see though is what comes next. Here are some key questions. First, is this a temporary ban only? Will China come out with a set of regulations that allow some ICOs to go forward? Given that China has allowed crypto currencies per se, I expect that they will come up with regulation and that th...

As has been widely reported, China has banned all ICOs. Given the torrid pace of ICOs in China, many of which appear to be downright scams, this should not come as a surprise. What will be interesting to see though is what comes next. Here are some key questions. First, is this a temporary ban only? Will China come out with a set of regulations that allow some ICOs to go forward? Given that China has allowed crypto currencies per se, I expect that they will come up with regulation and that th...

The dominant position of companies such as Google, Facebook, Amazon is sure receiving a lot more attention these days. There is critical media coverage, including in traditionally pro business publications such as the Wall Street Journal “Can the Tech Giants Be Stopped?” and Bloomberg “Should America’s Tech Giants Be Broken Up?” There is also the Democratic Party’s “Better Deal” memo which focuses more broadly on the negative effects of corporate power. And then of course there is the Europea...

The dominant position of companies such as Google, Facebook, Amazon is sure receiving a lot more attention these days. There is critical media coverage, including in traditionally pro business publications such as the Wall Street Journal “Can the Tech Giants Be Stopped?” and Bloomberg “Should America’s Tech Giants Be Broken Up?” There is also the Democratic Party’s “Better Deal” memo which focuses more broadly on the negative effects of corporate power. And then of course there is the Europea...

It appears that regulators are looking into ICOs, the Initial Coin Offerings by which many projects are raising financing at the moment. Regulators are rightly concerned with people losing money in speculative projects that fail to deliver or worse yet in outright scams. As regulators think about how to approach this area it will be important to keep a few things in mind: 1. Coins are sui generis. Coins are not equity, although they share some aspects of equity. Coins are not a pre-purchase, ...

It appears that regulators are looking into ICOs, the Initial Coin Offerings by which many projects are raising financing at the moment. Regulators are rightly concerned with people losing money in speculative projects that fail to deliver or worse yet in outright scams. As regulators think about how to approach this area it will be important to keep a few things in mind: 1. Coins are sui generis. Coins are not equity, although they share some aspects of equity. Coins are not a pre-purchase, ...

Yesterday Instagram announced that it has 200 million users for stories, which exceeds Snapchat’s 160 million users from their S-1 filing. Never mind that nobody outside these companies knows what those user definitions really mean or how to compare them. This has nonetheless rekindled a debate about copying that periodically arises in the tech industry. For a previous instance, take the outrage over Rocket Internet’s copying of US businesses for Europe and also Asia. If you want to go much f...

Yesterday Instagram announced that it has 200 million users for stories, which exceeds Snapchat’s 160 million users from their S-1 filing. Never mind that nobody outside these companies knows what those user definitions really mean or how to compare them. This has nonetheless rekindled a debate about copying that periodically arises in the tech industry. For a previous instance, take the outrage over Rocket Internet’s copying of US businesses for Europe and also Asia. If you want to go much f...

Recently I did an opening interview for the On Demand Conference here in New York. As part of the conversation we discussed intermediary liability for platforms and I suggested that complete transparency was a good trade for intermediary liability. Someone from the audience became quite upset and asked, “so you mean Uber should have no liability for a rape by one of their drivers?” I was reminded of that moment when I read the medium post about “Living and Dying on Airbnb.” So let me explain ...

Recently I did an opening interview for the On Demand Conference here in New York. As part of the conversation we discussed intermediary liability for platforms and I suggested that complete transparency was a good trade for intermediary liability. Someone from the audience became quite upset and asked, “so you mean Uber should have no liability for a rape by one of their drivers?” I was reminded of that moment when I read the medium post about “Living and Dying on Airbnb.” So let me explain ...

Robert Reich has an op-ed piece in the NY Times today arguing that “Big Tech Has Become Way Too Powerful” and that we should apply anti-trust regulation. There is little doubt that network effects have made tech’s new incumbents such as Google and Facebook formidable. But applying traditional antitrust approaches is the wrong idea. We want the social benefits of large networks, but we also want them to be somewhat less powerful and put some of that power back in the hands of individuals. The ...

Robert Reich has an op-ed piece in the NY Times today arguing that “Big Tech Has Become Way Too Powerful” and that we should apply anti-trust regulation. There is little doubt that network effects have made tech’s new incumbents such as Google and Facebook formidable. But applying traditional antitrust approaches is the wrong idea. We want the social benefits of large networks, but we also want them to be somewhat less powerful and put some of that power back in the hands of individuals. The ...

When the web first emerged I remember vividly the excitement that I and many others felt about the potential for decentralized and permissionless publishing. Want to put some content out there? Register a domain, run a web server and publish. No newspaper, journal, book publishers and editors to ask for permission. A massive shift of power to the people. Fast forward to 2016 and we have an internet where much of the activity is dominated by a few super large players with centralized platforms...

When the web first emerged I remember vividly the excitement that I and many others felt about the potential for decentralized and permissionless publishing. Want to put some content out there? Register a domain, run a web server and publish. No newspaper, journal, book publishers and editors to ask for permission. A massive shift of power to the people. Fast forward to 2016 and we have an internet where much of the activity is dominated by a few super large players with centralized platforms...