1/ A quick recap of yesterday's threads to make sure we are all on the same page.
The value of decentralized systems is that they are decentralized and global and open to all.
This is the goal, but there must be pathways to that goal.
2/ The pathway to that goal is through adoption.
I am not interested in crypto / decentralized systems being a niche area for hardcore OGs only. I am interested in broad adoption.
Broad adoption by definition requires "regular" people in large countries to adopt it
3/ Regular people (and in fact pretty much everyone) in order to spend serious time/effort/money in an open system need to:
a) have easy access to their value back in fiat
b) not have burdensome obligations
c) not have any risk of jail, fines, breaking the law
We've been here before. In 1996. We were going to build a digital world, not tied to nation-states.
John Barlow of the EFF wrote the Declaration of the Independence of Cyberspace
I will tweet it in full
2/ "Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone. You are not welcome among us. You have no sovereignty where we gather."
3/ "We have no elected government, nor are we likely to have one, so I address you with no greater authority than that with which liberty itself always speaks. I declare the global social space we are building to be naturally independent of the tyrannies you seek to impose on us"
✅Economy the size of the United States
✅Constitutional democracies with support for human rights
✅Strong history in financial services
✅Vast cultural and artistic heritage
✅Amazing brands
✅Acceptable tech capacity
There is no more natural home for crypto than the United States of America.
There is no more natural strategic weapon for the United States of America than crypto.
The USA has never gone wrong betting on freedom and things are no different this time.
2/ First, let's knock out the major alternatives:
❎China: Non-convertible currency, top-down 'social credit' system of integrated control
❎Russia: Would like to be China
❎EU: Blissfully unaware that technology matters
❎India: @balajis fighting hard but tough battle
3/ Now, let's knock out the rest
❎Switzerland: Zug is cool, but ant-sized
❎Singapore: Same
❎Dubai/UAE: Same
❎UK: Theoretically interesting, but busy running out of crisps or whatever these days
❎Nigeria: Hates it
❎Brazil: Unaware of crypto's existence
❎The rest: Come on
You invest in real estate - the largest and most tangible asset class in the world.
You don't believe in any of this NFT mumbo jumbo.
What you are just buying a token? The JPG is somewhere else? What are you even buying?
2/ I regret to inform you (or, actually, am happy to inform you) that you are just like us.
You trade in in paper-based tokens with no intrinsic value whatsoever
Your assets are way off-chain.
Your "ownership" of land, houses and apartments is a 100% made-up social convention
3/ Wait what?
Imagine you are off to buy a house, on a nice piece of land, somewhere in the suburbs. Or a 1BR in NYC. Or a farm in the heartland. Or a ranch in Montana.
Maybe the Bitterroot Fishing Cabin (15 acres, 226ETH)
1/ When all you have is a hammer, everything looks like a nail.
Last week Hester Peirce could not give a straight answer on if punks are a security. Her comments below
2/ "I mean, I’m gonna not weigh in on that, because I have Coy [Garrison, counsel to Commissioner Peirce] standing and looking at me and telling me that I shouldn’t...
3/ "...But I think there are a lot of – I mean, you’re raising an interesting scenario. And I think this is why people need to be very careful...."