The more legitimate you become, the more you’ll be trusted with the simplest, but most pervasive, things.

Applies heavily to the #Bitcoin situation in El Salvador.
Checked out #BitcoinBeach for a few days, and specifically the work of @NewStoryCharity, which is building homes for people that are connected to the internet & web3.

People earn their way into these homes through affordable mortgages that are paid and accounted for in $BTC.
The @NewStoryCharity site below is funded by @coinbase, homes will be ready by EOY.

People we met getting these homes are over the moon.

The mortgages are USD denominated, but paying in BTC collapses the collection and audit costs.
While the population is no doubt curious about BTC, a lot of education remains, and Chivo will either need to vastly improve, or (hopefully), open-source wallet implementations will become dominantly used.
Once BTC is well understood, people will have the opportunity to save not just through a mortgage, but just save at all.

Again, the simplest, but most pervasive things.
To date the vast majority of El Salvadorans have not had a reliable way to save.

Without a way to save, people have had little reason to delay their gratification and hold out for more later.
In the current environment, even if they do save, cash can easily be stolen or extorted. And forget about yield.
In one way or another, this simple notion of delaying payout now for more later, and being right in that discipline, is the primitive requisite to grow resources in a capitalist system.
$BTC is an obvious solution to this saving dilemma—and while some may groan, $ETH too.

But it will be all about education.
As crypto gains legitimacy, we’re back to square 1 in its deployment.

It will be the simplest things that will be most important to teach everyone.

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More from @cburniske

22 Nov
Despite my loyalty to Bitcoin & Ethereum, two networks that I literally grew up alongside, I will never be a maxi of any chain.
If there’s something I’m a maxi about, it’s abundance for all. The point of this tech is open & uncensorable economic access that allows all boats to rise.

Most of my questioning is to keep everyone, including myself, as honest as possible in pursuit of this goal.
While I don’t agree with every choice that different L1s are making, I also know navigating innovation is messy and more nuanced than Twitter can ever reveal.
Read 5 tweets
21 Nov
Traders are momentum driven, and alt L1s to Ethereum are peak momentum right now ¯\_(ツ)_/¯

Let’s see how things look 2H 2022.
To be clear, I fully expect a multichain world— @placeholdervc has invested to that end, but we have chosen a modular, community-owned one as opposed to monolithic.

And we are not abandoning $ETH.
A multichain world is good for competition, which is great for users. The point here is lowest fees possible, while providing all the guarantees we know well.
Read 7 tweets
21 Nov
If you’re an investor operating in private markets, imo it’s unacceptable to try to publicly shame an entrepreneur who is making good faith efforts.
Anyone operating at the private stage knows that getting something off the ground is hard.

Sustaining it? Even harder.
An investor or trader can diversify. An entrepreneur is all-in, requiring tremendous courage.
Read 6 tweets
23 Oct
1/ Pro-tip for long term investors: Principal Tokens from @element_fi are a good way to long high conviction #cryptoassets at a discount to spot:
2/ How is the cryptoasset offered at a discount?

@element_fi allows users to split the base asset of a *yield generating position* into 2 separate, fungible tokens: The Principal Token and the Yield Token.
3/ At the end of a set term (eg, 6 months) each Principal Token is redeemable for its proportional share of the initial stake, while Yield Tokens are redeemable for the yield generated by the principal over the same time period.
Read 6 tweets
3 Sep
Over the years I've watched $BTC maxis get more and more bitter over the successful experimentation around them that they rejected at an early stage.

I fear $ETH maxis could walk the same path 🧵
What's tough is crypto's directionally going through "ideals dilution," where each successive wave of adopters are less in it for the "ideals" and more in it for the cool stuff, money, and because everyone else is doing it.
$BTC and $ETH are the most popular, ideals-driven cryptonetworks. Many of the competing layer-1 smart contract protocols are much less ideals-driven, and so long-time $ETH devotees feel repulsed.
Read 8 tweets
14 Jul
Don’t know how this entered CT debate, but there’s a big diff between sunscreen & sunblock.

As a lifelong surfer, I use sunblock (Zinc Oxide or Titanium Dioxide) religiously, and avoid sunscreen.

People saying you shouldn’t put anything on your skin must not get out much.
Sunscreen (lots of the chemicals ending in -ate) gets absorbed into your skin, which can be more cosmetically appealing, but then breaks down within your body — sunscreen breaks down, not your skin, so you don’t turn red — creating free radicals that *potentially* cause cancer.
Sunblock (Zinc Oxide, Titanium Dioxide) does not get absorbed into your body. It leaves an opaque coat, like putting a T-shirt on your face, that then protects your skin from directly receiving the sun’s rays.
Read 4 tweets

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