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the world is ready to be tokenized and crypto as a technology is winning
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Pete Cooling
576 posts
Pete Cooling
@PeteCooling
Led Prod @Visa Crypto. Open source wallets, digital id at Linux @OpenWalletFdn. Building new networked tribe of tinkerers. Practical dreamer, NFA/Trust Yourself
The Grid Katılım Ekim 2021
946 Takip Edilen660 Takipçiler
programmability is eating the world, starting with money finance and culture
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@fastfwd_eth for sure, new paradigm requires new methods of organization and cooperation 🙏
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there is an extraordinary change going on in the financial system
crypto is new, holistic, and integrated for everyone in the world to interact with unlike the existing system which is fragmented and exclusionary
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The first recorded millionaire in the U.S. was John Jacob Aster around 1800 (fur, opium)
The first recorded billionaire in the U.S. was John D. Rockefeller in 1916 (oil)
The first recorded trillionaire in the U.S. will be in the next couple decades (ai, crypto)
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"Powerful writing should take one side and stick to it tenaciously, ignoring the other even though it may have merit. Objective writing is impotent."
-Dee Hock
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@karpathy The more I write, the less I trust writing
It's not that writers are malicious, but you automatically learn how to construct compelling narratives if you tweet enough
Unfortunately, life is hyperdimensional and rarely do simple viral narratives actually get you to any goal
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Reading a tweet is a bit like downloading an (attacker-controlled) executable that you instantly run on your brain. Each one elicits emotions, suggests knowledge, nudges world-view.
In the future it might feel surprising that we allowed direct, untrusted information to brain.
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if the global financial system was sound crypto would literally have no value
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the larger the company the more glorified the "doing of the doing" becomes
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As someone who has almost always worked in startups, one thing I find incredibly alien about large companies is the number of intermediate documents that are produced on the way to an end result
We have always found it easier to skip straight to the end result and iterate on it directly. Rather than doing “marketing strategy documents”, just build landing pages until you hit. Rather than doing “design workshops”, just build a great feature design iterating internally at high fidelity.
From the outside it’s hard not to consider all the intermediate documentation to be complete time wasting bullshit.
Those on the inside: am I wrong?
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@ryanberckmans one thing missing is standardization of the account structure. 4337, EOA, and native AA breaks unified account structure and therefore composability
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How long before which L2 you're using is hidden and it's basically random from a user's point of view?
imo, that's not actually where things are headed.
I think we'll see a blend of L2 selection automation and some hiding:
⟠@ryanberckmans
I'd draw a distinction between hiding L2s from users vs automating the selection and usage of L2s. Different apps can have different reasons to hide and/or automate L2 selection. The lowest rung on the ladder may be an app that's only on one chain, eg. Maker. The next lowest rung could be an app with a chain selector where the app supports a bunch of chains but you have to manually pick one at a time, and the app is sandboxed (independently redeployed) to each chain, eg. Uniswap. Higher up on the ladder, we'll see things like 1. apps automatically picking an L2 based on the user's circumstances (my app @3cities_xyz does this) 2. apps that hide the chain(s) used for given subsystem(s). I don't have a specific app example here, but consider a multichain app that needs attestations. During development, the devs could pick any single chain where the Ethereum Attestation Service was deployed and stick with it for the entire lifetime of the app. That chain could then be fully hidden from users because its only job is to provide a singleton EAS instance for the app. Another reason that an app may fully hide its chain is that the app is that "lowest rung" where the app supports only a single chain (think a game) and its users don't care which chain that is. Immutable X is a bit like this- gamers want to use the Immutable X Passport but don't think about the underlying chain. I don't think we'll see a graduation to hiding chains from users. imo hiding all chains from all users is not a superior end state to which we are working towards. Instead, I'd predict we see a blend of automation of L2s and hiding of L2s based on circumstances.
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it's time to start paying attention to defi again
Erik Voorhees@ErikVoorhees
Trustworthy stablecoins (USDT, USDC, etc) across defi are earning 20-30% right now on trustworthy platforms (Compound, etc), where they're being lent out with overcollateralized loans. How can rates get this high without enticing large financial players to convert bank fiat into stables and earn that yield? Gotta be one of the best risk-adjusted trades in the world right now... am I missing something?
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investors, managers, and founders often miss the most important ingredient to success...insight
insight is the critical skill that 99% of people lack, yet is required for success - and it doesn't exist on a spectrum
you either have it or you don't
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we've never seen economic change happen as quickly as it has the last decade. the old system is crumbling, giving way to a rebirth of money and a new age of financial freedom
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In the 50's a check took 2 weeks to move through the banking system, called float
money float has dissipated since, yet remains
removing float by using blockchains will compress time & events by allowing money to be sent/received in milliseconds
the impact will be profound
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either populations use AI to exert control over their govt
or govt will use AI to exert control over their populations
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less than 50% of people in the world are able to participate in the internet economy
that's a huge problem
the crypto economy excludes no one
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something digital in nature should not see a decrease in value but a premium due to an increase in utility (distribution, shareability, divisibility, liquidity, etc)
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all i want to do is move money across all my accounts instant and free
today it's impossible but soon users will just be clicking buttons across their fav fintech/social apps and txs will get sent out to blockchains without them having to know or care
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@AriDavidPaul the social contract is up for renewal, time to renegotiate
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My social media feed today is a mix of people preaching Christian nationalism, neo-fascism, an explicit return to aristocratic rule, and e/acc. The common thread is the view that modern western culture has failed and so people are willing to accept a lot of risks and known problems in alternatives; looking both backward and forward for possible alternatives.
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@alexandre_lores they will need to tap into their creative nature and start exercising the right brain
the value of analytical work will fall, while the value of creative work will increase exponentially
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The right AI tools applied in the right way can increase a top white collar expert's productivity by 500%, making them effectively 6 people.
That makes 5 of 6 white collar workers redundant.
What then do we do with the bottom 83% of white collar workers?
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