Crypto is Here to Set You Free

Transcript

hey bankless nation today we are going to read the article that i'm putting out on the bankless newsletter i also gave this as a talk at youth denver but i was kind of just like using this article as notes to inspire the talk uh and then use the pictures that are in the in the uh article as as what was being displayed on the slides but today we're going to actually read the article for those that don't want to read it themselves and prefer audio content uh and then maybe i'll talk and pause and ramble about some other stuff that's not in there but before we do i gotta shout out the sponsors that make the show possible polygon is the fastest coolest layer two you've ever used across protocol you can use a cross protocol to get to polygon and then also to other

layer twos while you're doing that you're probably going to be approving tokens in your meta masks so use metamask and then if you're doing things right and you're truly bank that's holding your private keys you'll actually be using your ledger to connect to metamask to use across to get to polygon and maybe one day alchemics will deploy on polygon i think maybe they already are actually um but you know deadwood definitely is is also uniswap so you can use all these products together and that's why the bankless advertisers are so goddamn dope because we get to talk about them all at the same time thank you sponsors for sponsoring bank lists let's go ahead and read crypto is here to set you free and shout out to the guys over at the design guild out of the bankless dow who helped me put this awesome graphic together i really like

that okay crypto's here to set us free free markets are an incredible force they allow humans to come together and produce a global price on something this is how much we value that says society via the market but today's free markets aren't really free access to markets is gay kept and the ability for something of value to be instantiated into an asset is permissioned traditional financial institutions worked in the analog world but the technology that supports traditional markets has lagged behind what society is ready for people these days associate markets with strictly just finance which is a shame because it they are so much more than that

but there's just a few new primitives smart contracts tokens private keys we can unlock our innate human desire to express what we see valuable upon the world by aligning personal freedoms with free markets we can unite culture and economics in a new age of expressivity and efficiency and cool things will happen as a result all right so here's what captures market what captured markets look like uh on this graph right here we have the grayscale gptc charts uh i can't zoom in sorry if does something seem missing does it appear on a hole what's with all the gaps in the chart like look at all these gaps like it's all this blank space i mean you get the gist but like it's so ugly but here's the btc chart on

coinbase where bitcoin trades 24 7 365 and there are no gaps it looks like it's a good looking chart like there's data there like it's holistic it's fully expressed bitcoin is fully expressed by coinbase because coinbase trades 3 24 7 365. the differences between these two charts reflects the different systems upon which this asset is expressed the grayscale b g btc trades on the traditional stock market which is only online 253 days out of the year and since these markets are only open for six and a half hours a day the value of gbtc is only expressed for 19 of the year

for 81 of the time the market doesn't have a price for ptc it's just not being expressed by the legacy platforms bitcoin and all of its properties can't be expressed 81 of the time it's silenced bitcoin system is designed for 100 uptime enabling the truest uh nature expression of the nature of the assets yet the expression of this value is throttled upon the by the medium upon which it trades so this this feature of the traditional stock market has left the door open for innovators to build newer exchanges that enable a higher fidelity relationship between the markets and their participants early crypto exchanges like coinbase unbridled by regulations spun up 24 7 365 crypto marketplaces enabling bitcoin to more

fully express its unique properties upon its users defy is doing the same defy didn't invent finance but for the majority of humans it might as well have financial institutions have put up walls around their products and services in order to gatekeep access to their tools of power and control and by charging a toll for this access they can create power for themselves and use it to dictate the future direction of our society where is defy in the traditional world it's behind the walled gardens of banks and brokerages when you deposit your us dollars into wells fargo they take it and then they go yield farm it with it inside the closed doors of tradify there's a world of financial activity going on behind the walled gardens of wall street only accessible

by banks brokerages hedge funds and nancy pelosi as a result the majority of us are under their control if you want access to financial tools of the world to get a mortgage a student loan a credit card we must pay for access so the inherently free and open institution of the marketplace is currently owned by the many excuse me owned by the few and sold to the many the place in which we discover what we value is kept away from the majority of society which restricts people from able to being able to express their opinions about how the world should look platforms can enable our expression the assets we trade on various marketplaces are reflections of what we value as a society it's not bitcoin that imparts its value upon us it's us that

imparts our values upon bitcoin bitcoin doesn't tell us that we're valuable we tell it that it has value to us we provide the value we value provable scarcity we're the ones that like peer-to-peer money because bitcoin aligns with our values the bitcoin has properties that we value we collectively produce a price for it on the secondary markets and it's important that we have platforms that enable us to fully express the value of the assets that we trade in addition to having marketplaces that do not throttle our ability to express ourselves it's also crucial that we have platforms that are unconstrained in what types of assets that we can trade tokens a token is just a vehicle for value they are empty containers for us to deposit

our perceptions of value into a token is just a blank slate of an asset and it's us to up to us to ascribe value to it and we use smart contracts this is smart contracts are the writing they're the language upon we etch value into these blank slates the evm is the writing we use to say this is valuable because and then then a bunch of code if we want to fully express what we deem valuable in this universe we need to open up the design space for financial assets if we want capitalism to more closely align with our human values we need more assets to trade that aren't just equities on the stock market defy tokens dow tokens social tokens jpegs one of ones membership nfts music nfts beam coins how limited are we in

our ability to express what we value and the only values that we have out there to receive that expression are equities bonds and derivatives the difference in human value expression between our current options on traditional markets versus the endless possibilities in erc 20 and 721 tokens is a difference between a dystopia and a utopia so i'm going to put diverge out of the article um something i said in the talk that i wish i had included here uh maybe i will it's like a lot of people in the world of uh crypto um or uh that hate the world of crypto are like we don't want crypto because it's hyper financializing everything especially the nft haters out there they're like you're putting finance into art like i don't i don't like that get you get your money

away from my art uh and i mean yes point taken but also when you inject finance into something you give it an economic foundation to stand on and so ethereum seems to be intent on minting any and every token possible and it's allowing more uh it's allowing the funding of the arts the funding of culture and it's allowing more and more culture to become more viable so while one critique is like crypto's going to financialize everything and and it's going to take the soul out of it but on the on the flip side of things what we're actually doing is we're hyper culturalizing finance we're making finance into culture so it's a it's a meeting in the middle and this is why like this is this is where i

say if we if we want capitalism to more closely align with our human values we need more assets to trade that aren't just equities on the stock market people think that finance is culturalist because we only have like equities and securities and bonds things that are boring but if we have artist tokens and like dow tokens and community tokens we get the power of finance to instead of create capitalism we can make it create culture i should put that part in um okay fungible tokens and non-functional tokens these are all of the tokens these are all of the types of tokens there are no other types of tokens non-fundable and fundable between these two token standards we have the tools we need to create any token that the market decides has value

and using these tools humans are enabled to maximally express our human values using markets that never turn off asset issuance in tradfy is intensive expensive and fundamentally constrained whereas token issuance in defy is cheap easy and limitless we're going for marketplaces that only work 19 of the time and only allow for like three categories of assets to unstoppable always-on marketplaces that allow us to freely create any possible type of token we could ever come up with and so this is how we go from a wall street centric version of the world to a world centered around cultural expression this is where we put money into our culture and how we put culture into our money societal change living in a paradigm of trust and

intermediaries prevents value from being able to flow outwards when a new source of value is discovered in the world intermediate intermediaries descend upon it like vultures and then like then circle it and and capture as much as possible prevent it from getting out because they capture it the tolls that intermediary intermediaries take limits how far the this value is able to permeate through society every intermediary adds friction to this outbound flow of value and prevents it from reaching the margins this is a movie that i kind of enjoyed uh it's kind of cheesy but it's pretty good um it's a vertical jail there's only in every jail is just one room and there's a hole in the center of the room and this platform once a day with a bunch of food on it like just descends down the jail and so the jail is a level like you

know floor one floor two floor three four four like going down um and you want to be at the top because that's you're closest to where the food is like if you're in floors like and the platform just slowly just lowers it just like slowly gravitates just like downwards with all the food on it uh and you if you're in like floors one through 50 you're like pretty chilling like it's a good spot to be you're gonna have plenty of food 50 to 100 there's like food there but that's kind of the shitty food that sucks like you know boring food the bad food the reject food and then beyond like below 100 it starts to get real scarce like the food starts to have gotten eaten and then like it can go you can go real low and like this movie is just about this like thought

experiment basically and this is a metaphor for intermediaries like there's flow of value look i mean you can see like there's cakes and like you know delicacies it's like a it's a comment on you know society and luxury and all the luxuries at the top uh but then the luxury doesn't make it to the bottom uh because intermediaries eat it up along the way there's not enough value to make it all the way there and it gets eaten okay so that's that um uh because because of this paradigm yes because of the intermediate paradigm of intermediaries the world is one of inwardly concentrating wealth this makes the long-term equilibrium of web 2 and tradify conclude to inner billionaires competing for power using their respective platforms we got jeff bezos and amazon we got mark zuckerberg and

facebook we got jamie diamond and goldman sachs tim cook and apple and so much of our lives are captured most of the world's population are copper captured by some mechanism somehow banks capture us via interest payments on our student debt and mortgages and as a consequence we become vulnerable to capture by our nine to five wave jobs which can become toxic and exploitative as relate as a relationship as a result because if they know you can't go anywhere because of your mortgage they can bully you around basically um which then and as a result of that you can become locked down to specific geographic areas forcing us to engage in domain-specific behaviors that we might have not otherwise have chosen to express and the net effect of all of

this can even result in being locked by locked in by toxic relationships with those around us you just have to say yes to things that you would have otherwise said no to but because you have all these financial financially capturing systems you can't so as a society we could we currently operate inside of a social in structures that extract from us rather than enable us to be better this is not always true facebook once created a free and open social network and instagram unlocks tons of creative potential and twitter unlocks a torrent of free thought going back even further double entry bookkeeping unlocked to d5 for the 19 for the 1500s like uh previously before double entry

bookkeeping the value was just stored in like the vaults of the church in like the the king the the monarch uh and then double entry bookkeeping allowed for finance to be able to be expressed by the common man because of you all you need is a book and a pen or pencil like that's like permissionless technologies decentralized technology uh and boom defy happened and then the renaissance happened uh and because the d5 the the finance happened and then all the finance people went to the arts and funded all the arts and then boom we had a cultural expression of the renaissance episode 63 out of banquets if you want to unpack that more um but as society adapted to the new normals that these social systems brought they in turn evolved from enabling to extractive the long-term

equilibrium of these systems ended up being wealth concentration at the center with a bunch of vultures around the periphery and the rest of society at the margins new equilibrium via private keys long-term equilibria of web 3 protocols places power and wealth which are the same things this is another there's another bankless episode uh the uh joel negro talks about how governance capital and wealth in episode 62 uh one right before 63 are all the same concepts uh it's really it's really just a function of which one allows you to impact the world the most in the ways that are favorable to you money wealth capital these are all the same things um okay well while web 2 trad 5 billionaires are summoned to congress to answer for nation state jealousy web 3 protocols disappear in a

cloud of airdrops and community exits t-rex's can't see you if you don't move and nation states can't find you if you're decentralized by pushing power to the many rather than the few these protocols invisibly walk among us they're owned by the people on the bus the mom at the grocery store the laptops in our bags and the desktops in our homes there are the tokens in our ledgers and the cold storage wallets in our brains access to private keys is essential for this new equilibrium to emerge previous systems of value did not favor the individual gold was large and heavy fiat had a back door had backdoor theft via the monty print money printer equities are held in brokerages and ownership over these assets ultimately just comes down to court rulings which are a third

party which are a third party that can be influenced like courts are gameable like do you really own something if a gameable court if you have to rely on a court that can be gamed usually yes sometimes no sometimes when it's important no um cryptography puts power into the hands of the individual with cryptography we rely on math and math alone and no one else private key cryptography enables self-sovereign property rights to exist at the margins of society disproportionately empowering those that need it the most by allowing value to route around the value extractors and be directed directly to the value creators so you combine this with a financial

system as ubiquitous as the internet itself and no two people can have differential access to asset ownership and financial possibility cryptography sets us free so inward versus outward flowing value web 3 and d5 reverses the natural flow of value from inwardly concentrating wealth to outwardly distributing wealth this is an inversion of the equilibrium of value and it impacts and its impacts upon how society organizes are going to be massive inward flowing value in web 2 and tradify makes work an uphill batter work is harder you need to work hard to just stay in the same spot outward flowing value in web3 and d5 turns progress from being uphill and

makes it go downhill with aligned protocols at our backs humans will be able to venture further into the frontier we've seen eras in which value was discovered outwardly rather than inwardly the 1400s to 1750s era of gold god and glory was about the extrinsic motivational forces that met that convinced many adventurers into seafaring explorations which expanded the map beyond europe and onto new frontiers new wealth new opportunity same thing with the american westward expansion during the 1800s it was motivated by the economic opportunity of the west and design and desire uh to access more freedom than the east coast had to offer the space race there was the moon out there and we wanted to go

there so we made this space race happen and all this awesome fundamentally important technology was created as a result of that because we wanted to claim something on the frontier web 2 concentrates power into silicon valley and trad phi concentrates wealth into wall street but in contrast web 3 takes a 10 000 er 10 000 airdrop and just like chucks it over the horizon into the metaverse and tells you like go fetch like you got to go get it you can't stay in the same spot you got to move on to the frontier so if you want some of the value that these protocols are spitting out you got to get your private keys and you got to journey into the frontier web 3 social structures the metaverse is the frontier by the way

web3 social structures cryptography allows us to design social structures with a baked in assumption of strong individual property rights access to private keys is permissionless and free enabling web3 structures to have the maximum ability to choose how it distributes power web3 and d5 can access the maximum number of individuals it can also it also has the two types of tokens needed to maximally express the best way of generating value so we have the maximum number of individuals combined with the maximum number of ways to express value ethereum has collected these two particles together unleashing a new paradigm of what finance even means and how society will engage with it extract to enable

our relationships with the platforms we use are going to evolve from extraction to enablements and here's a tweet from kevin milwaukee that says web 2 is endothermic as in it sucks in heat and web 3 is exothermic exothermics as in it pushes out heat it produces and pushes out heat like energy value the capacity for our systems to compete for our attention using financial assets over hearts and likes fundamentally changes how these platforms will behave most web both web 2 and web 3 protocols want what's best for themselves in the web 2 world this meant concentrating wealth towards the those who fight for the protocol the most the founders the ceos the inner

billionaires platforms that try and distribute the value to quickly discover that it's captured by the nearest intermediary therefore web 2 and traffic keeps power at the center because they don't have the option to push it out because it keeps on getting up pushing power to the margins in uh pushing power to the margins in web 2 is lossy like you lose the signal the electricity doesn't go through the wires web 2 platforms do not have a path to distribute value to their users the best they can do is provide social connections with likes with no monetary value able to push out the flow of value becomes one way from the users to the center uh and so like we they can't give us money uh we uh and we just give it our attention which ends

up being our money due to advertisements and so there's only an outbound of money out of us to the center of web 2. this is why we have a toxic relationship with our web 2 platforms they are a narcissistic bottomless pit of our energy attention and emotion they'll take whatever you give with no thought of returning the favor in juxtaposition web3 protocols do have the power of distributing value efficiently to the margins they have the ability to granularly issue assets and send money directly to the users this gives these protocols the ability to answer to the desires of their users with perfect fidelity the ability to send users value is a powerful new primitive that is going to

be a source of significant amount of competition between protocols for decades to come and competition is good for the consumer this is a new vector that the apps that we use in this world have to compete on like this is a new tool in the tool belt that that like it's a fight to the bottom of who can make their users the most enabled give them the most money spread around the create the most value and spread it around to the most people because those are going to be the protocols that generate the network effects and generate adoption and like facebook and twitter they weren't able to compete on this vector they weren't able to compete on giving their users money our web 3 protocols our d5 protocols have that tool in their tool belt and now they're all forcing each other to use it because one can use that

tool others others also have to use that tool this is what yield farming is this is what airdrops are this is whatever like this is what this new paradigm is private keys and unlocked this instead of web two platforms competing on which can capture the most attention web3 protocols complete compete on which can sustainably create and distribute the most value how can i extract from my users evolves from how wealthy can i make my community how can i generate rage adapts to how can i answer to the needs of my people how can i take some of that turns into how can i amplify that where the web 2 platforms suck our attention so billionaires can compete in their billionaire games web 3 platforms compete on which platforms enable their

users the most yeah there's a web 2 starts at attracting all the users and then once it hits adoption it extracts from them and this is uh daos and web threes in trad fi or defy where first it attracts the users but then at the end it enables them all right aligning with the systems around us when systems find alignment with each other good things happen once upon a time humans learn to cooperate with plants for the immune mutual benefit of both species humans use plants to produce food and plants used humans to grow more plants humans did the bidding of the plants and the plants supplied the humans with nutrients this was able

to sustain more humans which were then able to sustain more plants we find when we find resonance with the systems around us really good things happen we once learned to domesticate plants and animals and we will also learn to domesticate the protocols that dictate our lives as our ancestors wants trent once trained wolves to become dogs so too will we train our protocols to provide us with unconditional love and appreciation for who we are as humans in the 2020s our relationship with our social structures we've evolved from eating poisonous mushrooms to learning how to cultivate farms and grow crops and as a result there will soon be protocol level abundance

protocol artificial selection the open and permissionless nature of ethereum produces an intense and highly iterative foundation for experimentation competition in defy is fierce and the rate of protocol adaptation is faster than any technology development cycle we've ever seen before artificial selection experiments typically use organisms that have a high rate of generational turnover you can get like 20 generations of fruit flies inside of a month a month allowing scientists and researchers to be able to produce desired results quickly the same is true for d5 and web3 app development d5 was born in december of 2017 and has already morphed through many many app development cycles since then in december of 2017 uh maker dow

launched and people were absolutely blown away by that you could mint a token called die from your collateral called eath and today that's so basic so boring like we're used to that now we've iterated and developed so many many more generational cycles beyond them and that was just like four years ago i was like four months four years and three months to the day you know to the day ish since then we've invented and appended many new genes into the ethereum ecosystem yield farming governance nfts et cetera every new gene into these protocols gives them better tools to be able to reflect the desires of the developers building them not only are we refining our genes to be more precise by improving the tools we have but we're also finding new genes to

create to help create more elaborate structures we get more tools and in addition to better tools we get more of them as we are capable of making new protocols from these new tools they will in turn add their own tools to our tool belt at first our web3 and d5 protocols are dull and precise and rounded but as we iterate they become precise and effective they become precisely and effectively capable of expressing the values that we embed into them as we build them in the same way that we give treats to our dogs to uh to get them to sit stay and shake we will also train our protocols to behave and be nice to us becoming the best version of ourselves i've had the privilege of personally

being set free by crypto i've had a taste of what web3 has had to offer and my previous bias towards saying no has turned into a bias of saying yes simultaneously it's become easier to say no to things that i was previously cornered into saying yes to because of ethereum it's become easier to discover how i truly want to spend my time on this earth it's become easier to learn what is my own true nature as a human after becoming unbridled by the shackles of misaligned social structures kobe discusses the same phenomenon from a different angle in a clip that reverberated across crypto twitter before i had money i thought everything was a scam and it was all rigged and blah blah blah and now having money and being able to help

my family out for example and seeing um my parents personalities change because they don't have to worry about certain things anymore like making ends meet or like what's gonna happen when they retire seeing their personalities change and getting to know them more as people because some number changed on a screen makes me aved like everything seems like a giant scam but b feel like i was also slightly robbed of experiencing that while i was growing up or while i was younger because they had these burdens and had to worry about them so it doesn't weigh on me so much but i do think a lot about about that like it feels like everything is a bit of a scam for some like weird numbers on a screen and it means that people like

live their lives in ways where they don't get to properly know the people around them because everyone's always worried about short-term stuff financial insecurity plagues the planet in order for society to evolve into the best versions of itself we must solve for abundance at the protocol level we've actually not yet met the best versions of ourselves who will we discover when we become collectively enabled by the protocols that guide our lives how does society change when our social structures turn from extractive to enabling what happens when we replace soul sucking doom scrolling with invigorating actualization what happens when the net effects of our platforms are for us to be more free and experience more things rather than capturing our attention and filling us

with rage or envy what happens when we combine strong individual autonomy over our money with a permissionless financial platform that seems to be intent on minting every type of token possible what happens when the maximum number maximum number of people are unable to express their values upon an infinite ray of possible tokens what happens when our protocols compete for our love rather than our rage thanks to the decentralized power of the printing press and double entry bookkeeping 1600's europe became completely unrecognizable from 1400 europe 200 years is a long time but in comparison to the progress we made from like zero to 1400s it was a blink of an eye the 200 the 2050s will be completely unrecognizable from the 2020s and it

will be because we found much better answers to what is our true nature that we've ever had before in 2050 we might have flying cars and editable genes but that won't be why society will appear so different it will be because we produce social structures that align with our interests and have a stake in our betterment culture emerges out of the social social structures that guide us and web 3 is building social structures that produce emergent positive behaviors for thus for those for us and those around us so here's a meme that i made everyone thinks that crypto is here just to give you one million dollars so that you can finally complete yourself um but here's what actual crypto actually is uh what crypto actually is are producing social systems that empower you

there's a reference to this at the end rising tide the future of web 3 is where we live inside of a sea of protocols like nature protocols will grow to fill the void around them the protocols that will enable us in ways that are the most aligned with what we want are going to be the systems that propagate to the furthest reaches of the world as humans we will bounce from protocol to protocol as we go about our day and as a result we'll receive generalized economic outputs from the inputs that we contribute to the protocols around us generalized economic output is the most sustainable form of ubi that i could imagine universal basic income rather than a government issued ubi we can have protocol issued rewards and rather than receiving money unconditionally our

protocol issued income is dependent on actually being active members of society you actually actually have to engage with things in order to get the you have to contribute to the protocols in order to get the value back you will actually have to be engaged to members of society in order to receive this basal level of income yet this income is still permissionless censorship resistant and universally accessible by returning value to its participants the web of web 3 protocols produces an emergent safety net for all of society building a better future we will need to be careful as we advance into this future the power of web 3 is that our social structures will naturally reflect the values of the communities that compose them they will resemble and represent our wants and desires upon the world

it's been a huge unlock that we can have protocols that reflect our values but also it's pretty damn terrifying the biggest weakness of web 3 is sometimes humans suck humans are shitty like we're flawed we get corrupted we humans made the holocaust happen that was us we did that having social structures that reflect our human values is a double-edged sword it will also reflect our flaws worst case it actually amplifies them as we've seen in late stage webtoon there have been plenty of ways to reread this article using a dystopic lens the chinese social credit system and protocols that enable us if we do good kind of sounds like the same thing who decides what's good

it's great if our protocols reflects the values of the majority but does that mean that they will oppress the values of the minority will these protocols funnel us into homogeneity and restrict our ability to think outside the protocol what if we make soul stool structures that ultimately come to block us box us in the same way facebook has but instead of instead of with likes with money which is worse how we build these things is important and what values we embed into them are is really important i take solace in the fact that the development in the space is rapid and iterative the foundation itself is highly conducive to experimentation allowing us to easily amplify what works and move on from what doesn't

our ability for us to abandon one protocol and migrate to another is always just one transaction away in web 2 we can't easily migrate across protocols facebook doesn't allow us to export our social graph neither does twitter they have us locked into their system and this feature is how these systems slowly turn from enablement to extractive web 3 drops the cost of protocol migration down to zero forcing protocols to fight tooth and nail to keep us aligned and contributing to their system converging on values the legacy that crypto will leave us with is an infinite array of assets with market capitalizations that reflect our human values market value based on human values as this industry develops and matures we

will be able to audit ourselves as a society our ledgers are transparent and our assets are infinite and our markets are unstoppable and so once crypto platforms are as as adopted as the internet currently is there will be no hiding from who we are we will be able to complete clearly determine who we are as a society to be and because we will um get because where we collectively choose to put our money will be viewable on coin deco we can just go look at what we care about and sort it by market cap because like oh we care about this this much like kind of crazy this is why we must have free markets this is why we must have the ability to mint any kind of token which trades on markets with a hundred

percent uptime what we value and what we value what our values are will be the data that our nodes gossip over our peer-to-peer communication networks these technologies will enable us to come to a global consensus about what we care about only once we know the answer to this question can we begin to iterate and improve upon it this is how we scale dunbar's number from 150 to planet earth say that aliens visit earth they see our cities our tech our moral code they're curious they say what what are you guys doing here what you up to and humans in our current form we respond we're trying to get coordinated like we're trying to figure that out humans first need to get coordinated so that they begin

begin to formulate an answer to the question what is our collective purpose where phase one of humans is everyone trying to get on the same page and then once everyone's on the same page then we can be like all right guys what do we want to do now that we're on the same page like what's next that's phase two answering that question comes later right now we're just trying to get on the same page so two phases of crypto as it stands crypto isn't so hot on the whole reflecting humans values thing saying that crypto reflects human values would indicate that we're all greedy pump and dumpers who are trying to get ours and leave will crypto be about greedy pumping dumpers and rug pulse for the end of time or will it actually mature into social structures that produce long-term stable equilibria

for the next leg up of humanity from the wise words of kevin owaki while greed is necessary for the blockchain system to bootstrap itself it is not the final form of the ecosystem breed is just the bootleg loader crypto is a multi-stage rocket phase one is the rocket of financial incentives where you would get rich and then boom we blast off and into orbit uh and then phase two is more sovereignty like once we're in uh at orbit velocity escape velocity once we're past escape velocity that is when we become more free crypto wasn't here to make you rich crypto's here to set you free thank you for listening appreciate that

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