Thread by @JHBirch

I said @twobitidiot & @MessariCrypto ‘s 2022 crypto theses doc could be known as the doc that starts a thousand threads. So here’s one more on institutional collapse 🧵:

@twobitidiot @MessariCrypto The collapse of institutional trust is really front and centre in this: the idea that we don’t trust (political, economic) institutions any more and don't think they are ethical

I think even in the last year we are seeing a big u-turn on how people perceive these institutions, particularly govts & some media outlets

Political institutions - in early 2020, people looked at #China as an example of how enormous, #centralized power had its downsides but could hold up its end of the social contract

I remember the clips of the huge hospital being built in 24 hours as an example of this that got shared a lot across the spectrum.

https://twitter.com/twittermoments/status/1220721004273684483

Now we’re seeing the flipside as people all over the world are considering their political institutions to be incompetent and actively unethical.

The graph from @a16z 's how to win the future ppt shows this:

But it also applies to economic and media institutions. So many well-regarded financial publications have made screeching u-turns on their economic coverage. The most obvious issue that combines the two is #inflation

Only a year ago columnists were bashing "inflationistas,"aka economists and analysts that saw the #moneyprinting and fracturing of global supply chains as an alarm bell for high and lasting inflation. But it looks like the inflationistas could have the last laugh.

It’s easy to look at this from a cold analytical perspective but the reality is that most people are unaware of how they will be affected and couldn’t plan accordingly

It’s said in media circles that for the public to care about something it needs to hit them in their head, their hearts or their pockets and this round of high, prolonged inflation is hitting their pockets hard.

The collapse of institutional trust also echoes the #unbundling and #rebundling process that @balajis and @tferriss discussed on the #timferrisspodcast recently as well as wider ideas about #decentralization

People are less defined by their nation states and people’s states of mind often stretch across borders thanks to the internet connecting people by values rather than geography

I think we are only starting to see the effects of what could actually happen in the future. The way that people and money are organised, as well as how technology has progressed is really shifting the goalposts

I don’t have a tech utopian view on the future by any means but I feel like all of the narratives in #crypto such as beating inflation, hedging, store of value, picking up where #tradfi failed...

have any weight behind them at all, now would be the time to see some traction. I’m looking forward to seeing the extent to which this narrative is possible and not just a sandbox theory.

The #cryptocurrency now has more use cases than you can shake a stick at. This kind of scenario is what people have been talking about for years and now the tools for people to seriously benefit by ‘unbanking’ (aka #DeFi) are there for the taking. So, if not now, then when?