Thread by @profplum99

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 1/n I thought it was a very good rant. Many of the optimistic takes you highlight are consistent with my views. But I’ll ask again, why do we need Bitcoin (or Ethereum) for this? Blockchain doesn’t require bitcoin and digital scarcity doesn’t require Blockchain.

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 2/n Peer to peer with redistribution of profits has occurred in many markets without (necessarily) the end result being superior. A simple example is the advent of digitalization and decentralization of market makers (from Specialists) on exchanges. Different? Sure. Better? Maybe

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 3/n Ken Griffin is much richer and more powerful than Peter Kellogg (Spear Leeds & Kellogg) ever was. Unlike Kellogg’s ancestor (also Peter fwiw), he was not there with excess capital in 1932 to help rebuild in 2008. Instead he’s required a few bailouts. In the meantime, check

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 4/n out FTX bailing out Liquid after a $90MM hack… way to build in consequences for lax systems of control! Almost like Melvin Capital…

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 5/n Your articulation of replicability and portability of code is unsurprising to anyone in the coding biz… open source and object oriented programming have reinforced this for years. Yes, it’s cool you don’t need to reinvent the wheel on code…

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 6/n but at the same time, there’s a dearth of economic understanding behind many of the projects. “Cool” stuff gets built all the time… but it rarely wins. Instead, the entrenched interests usually prevail. That may suck, but it’s the facts. And success is less likely when

@coloradotravis @0xMakesy @jchervinsky @SantiagoAuFund @ross_phelan 7/n proponents wrap themselves in a mantle of “Just try to stop me…” the future is almost certainly natively digital assets replacing most financial assets. But again, why these crypto assets? You have a nice vision, but nothing I read here says “Bitcoin” or “Ethereum”