Thread by @AgustinLebron3

1/ In the spirit of end-of-year housecleaning, here are some things I believe about the crypto world as we close 2021.

Reasoned disagreements *very* welcome!

👉👉👉

2/ Self-custodying of important things (wallets, etc) is not a viable long-term solution if 100x'ing crypto is a goal.

My mom can't be trusted to have the necessary opsec to handle her $ in irrecoverable ways.

3/ Relatedly, code-is-law also isn't viable long-term. There will need to be mechanisms akin to our legal system to be able to "sue" to get your stuff back, adjudicate disputes, etc.

4/ DAOs are the obvious candidate for this. It seems likely that the DAO with the best "legal system" becomes a piece of infrastructure that everyone else builds their stuff on top of.

5/ 100x'ing the financial side of crypto means getting a lot of very risk-averse $ comfortable transacting in crypto. Crapping on all the olds with trillions of $ on the sidelines isn't helping anyone.

6/ Creating ways to demonstrate that you're getting great execution and custody on your trades as a pension fund, etc, is critical.

Right now a pension fund who wants to buy BTC has no clue where the "best" place to do it is.

7/ Decentralization isn't an end unto itself. There is an optimal amount of centralization in any system and extremes are never correct.

More generally, privileging a political belief (libertarianism, etc) when making tech and business decisions makes you make bad ones.

8/ IP law exists, at least in principle, to protect creators and thereby encourage invention (technological, cultural, etc). One can debate whether the pendulum has swung too far in the wrong direction (Mickey Mouse is ~90 years old and still isn't in the public domain).

9/ But the other extreme (i.e. you put a lot of effort into creating a great smart contract and your reward is for someone with better marketing/deeper pockets to fork it and kill you) is bad too.

10/ You can massively increase the signal-to-noise of what you read simply by ignoring any article that uses the word "Ponzi" to crap on some new crypto tech.

11/ Being a bagholder looking for the next bagholder has a fine and noble tradition. From Treasury bonds to VCs.

Using the term Ponzi is just a cheap attempt to get the reader on your side. Don't fall for it.

There are plenty of well-reasoned critiques of crypto. Read those.

12/ By far the scarcest resource in the Web3 world seems to be competent people to write, read, review, and audit smart contract code.

Why aren't all the whales who want to grow the ecosystem dumping a lot of $ into training new devs?

13/ There should be a hundred Solidity code schools up and running where people get paid to attend. If you truly want to grow the ecosystem instead of making immediate $, put your money where your mouth is.

Seems like a job for @MolochDAO to solve...

14/ Ok, glad I got that off my chest.

Happy 2022 everyone!