,
15 tweets,
2 min read
Read on Twitter
1/ People waiting to see Bitcoin inside of big banks as an “add-on” are missing the point: Crypto is building a parallel financial system.
2/ Thousands of developers are flocking to the crypto industry to build out the infrastructure and applications
3/ And they’re not waiting for a “go-ahead” from JPMorgan to do it. They’re building a voluntary, opt-in system today.
4/ Importantly, this parallel world of crypto-finance is natively digital—it will unlock the real potential of programmable assets
5/ PayPal helped bring money into a digital age by creating a digital front-end for legacy infrastructure but…
6/ PayPal didnt create new infrastructure. Bitcoin and Ethereum *are* new financial infrastructure: Digital infrastructure for a digital era
7/ “time-locked” and “multi-sig” transactions are two early examples of advanced functionality that is possible with programmable assets…
8/ …they replace hours of legal time and cost with a couple lines of code. Programmable money is finally here.
9/ there will be dozens then hundreds of these advanced functions and they’ll be puzzled together in novel ways to create value
10/ The advanced functionality of crypto-assets is already driving adoption and the trend will only accelerate
11/ However, as with any new tech trend, there’s misplaced fear associated with this emerging technology…
12/ The good news is that nobody *has* to use it and it won’t make the legacy system any worse than it already is
13/ You didn’t have to give up USPS to try email and, similarly, you don’t have to give up JPMorgan to try BTC, ETH, or smart contracts.
14/ Ultimately, this tech isn’t going to be un-invented. It’s not going away. It’s getting stronger, more resilient, and more functional.
But you might want to. bloomberg.com/news/articles/…
