“After surveying 500 internet subscribers…64% of Americans would consider ditching their current internet service providers (such as the aforementioned Comcast, Verizon, or AT&T) and switching to Starlink.” fool.com/investing/2021…
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@andy_matuschak Most of @elidourado’s arguments for ETH are good. But it just serves a different purpose than BTC.
Ethereum is programmable finance. Bitcoin is digital gold. Even EIP-1559 won’t change that because it signals that Ethereum *has* a mutable monetary policy.
@andy_matuschak@elidourado It’s like when people used to say that Twitter was just one feature of Facebook, the status update.
Products that appear superficially similar early on develop shared cultures and use-cases and differentiate over time. So too for coins.
@andy_matuschak@elidourado Immutability (BTC) and financial innovation (ETH) are both incredibly valuable, but by their very nature can’t be the same thing.
A constantly changing and improving platform (Ethereum) is culturally different from a finished, reliable, immutable coin (Bitcoin).
Here's the first $50k in ETH for COVID relief in India.
An important feature of crypto is that it enables fast, transparent humanitarian donations from around the world. You can see the donation on-chain here: etherscan.io/tx/0x750074ebb…
Capital is a commodity. Choose investors on the basis of their distribution.
That can be consumer distribution in the form of social media & brand halo, or enterprise distribution in the form of business relationships & actual distribution deals (if the investor is a strategic), or both.
But that’s now what distinguishes investors: their distribution.
Put another way, no one will believe your self-reported membership in group X, because (a) anyone will be able to deepfake their way into realistically appearing as a member of group X and (b) a real member of group X might not want to reveal themselves.
No scarcity of identity.
There are a few possible outcomes.
1) Full pseudonymity. Everyone works remote as whatever avatar they want to be & you aren’t supposed to ask who they “really” are.
2) Proof-of-X becomes standard for online status. Could be crypto, could be vaccines or even genes like 23andMe.
The thing people don't get is: due to rapid growth, a surprising number of people suddenly have >50% of their net worth in crypto.
Many personal flippenings have thus already happened.
And crypto exchanges have all the deposits, so will replace legacy banks.
Unlike today’s banks, but like older banks, you can withdraw all your digital cash from a crypto exchange — and this is good practice.
However, keeping a “checking account” there to do international wires in USDC to other exchanges, or other financial services is reasonable.
It’s a technical problem, but there are various ways to combine fully user-controlled wallets with centralized liquidity & order books. Many are working on this.
This would address the (valid) not-your-keys, not-your-coins argument. And shift exchanges to a hub-and-spoke model.