Thread by @mh4oh

1/14 - I first started hearing about crypto, #Bitcoin , and blockchain when I was working at the Consumer Financial Protection Bureau. We had a lot of pressing issues causing real time harm so I’ll admit I wasn’t too plugged into this area

2/14 - Since then, this space has grown a lot. I’ve recently spent more time learning about Bitcoin and crypto and to be honest, I’m really interested in the possibilities for our state

3/14 - First, whether you’re pro or anti crypto, the most important thing is to read up on it and experience it. Make sure you understand the tech.

4/14 - There's a lot of talk about how crypto is just for money laundering and scamming. And for sure, some people are using it exactly for that. But most have a much more positive vision for the technology’s applications

5/14 - OK but...so what? Here's why it's interesting to me. So much of my career I've focused on fighting corporate monopolies that are "too big to fail." That used to be just banks. But more & more it's everything: internet providers, Big Tech, health insurance, you name it.

6/14 - Often these companies aren't winning because they're the best. They're winning because they lock in users and their data and use that combination to dominate markets and manipulate our democracy (by lobbying and bribing politicians).

7/14 - Here's where crypto could come in. For example, Bitcoin automates a lot of what banks do (keeping a ledger of transactions)...but without...the bank. So, instead of enriching some CEO and large shareholders, the wealth of the network accrues to its users.

8/14 - This could be a really powerful model of eliminating intermediaries and distributing economic power. Imagine Uber where as the network becomes more valuable, that value accrues to drivers/the workers! instead of only the investors.

9/14- Any of these ideas may or may not pan out. But they are energizing a rush of attempts to try. There are crypto projects out there that want to compete with basically every facet of what a bank or social media company does.

10/14 - And their basic model is more inclusive than a corporation. I've heard anecdotes & seen some stats about how many young people & people of color use #bitcoin, which makes sense—historically we’ve been locked out of traditional forms of investment.

11/14 - Importantly, for all of us in Ohio, the point of this tech is to "decentralize"- to reverse the trend of power moving from places like Ohio to places like Silicon Valley. It could give anyone in Ohio a chance to participate - not just already rich/powerful gatekeepers!

12/14 - Point is, we are in desperate need of competition. We need more power and economic freedom to flow through middle America.

13/14 - I think we should be in learning mode on this. I think we should be finding ways to encourage better structured competition and consider ways to keep bad actors out while encouraging innovation.

14/14 - I am going to keep learning - so, if you're out there and thinking about crypto (whether you love it, hate it, or land somewhere in between), I want to hear from you. Comment, DM me. More to come.