# Literature

## The micro view: Coase’s Theorem

When dealing with hundreds of currencies and thousands of tokens investors have to face a very practical constraint: attention quickly becomes a scarce resource. To understand the role of attention in trust-less markets we should turn to the work of Ronald Coase, the Nobel laureate, who demonstrated how it is possible to trade on an externality or “social cost” \cite{Coase}. For the theorem to hold, the conditions that the crypto communities that will split should meet are: