Check out the Youtube here
- Humans are forming online communities enabled in part by currencies
- The future will be a battle between decentralists and statists
- Crypto is going to win and the community needs to ensure that it is ready for the masses
- Web 3 is the reform of ancient institutions
- Bowling Alone: The Collapse and Revival of American Community by Robert D. Putnam
- Beautiful Trouble: A Toolbox For Revolution by Andrew Boyd
- The Truth Machine by Michael J Casey and Paul Vigna
- Founder of Messari Crypto, Ryan Selkis (@Twobitidiot) interviews Balaji Srinivasan (@Balajis).
- The two chat about the challenges and opportunities for crypto and review Selkis’ Crypto Theses for 2022.
Three Trends to Watch
- Moral Stack/Foundation
- Balaji thinks crypto is going to win. There need to be sound moral arguments that will attract the masses and inform them why this is necessary.
- Crypto will take down many legacy institutions which is why a moral stack is needed.
- We are in a multi-chain world. Chains will be used for storage, privacy, programming etc.
- Balaji sees Bitcoin as a system resource like RAM or hard drive space etc. “the amount of BTC that your computer has will allow it to decide to run a computation locally or outsource it to somewhere else.
- Balaji sees bitcoin scaling through other chains and is no longer scared of BTC scaling.
- Globalization – Global Vantage Point
- Most internet users, GDP, billionaires, etc are outside of the US. The largest risk for Web 3 is regulatory risk
Web 1 – Can we build it?
Web 2 – Will they buy it?
Web 3 – We can build it, we know they’ll buy it, but will they ban it?
- Web 3 is the reform of the ancient institutions – the fed, the banks, journalism, media, and governance.
Crypto Enabled Communities
- People are moving to jurisdictions that are more suitable for their needs.
- Balaji is impressed by El Salvador, Miami, and other jurisdictions that have elected crypto-friendly leaders.
- Currency leads to network states like language led to nation-states. Every social network has its own currency.
- People are identifying themselves with their digital art or currency, and forming communities around them
- Laws are now dispute resolution and capital allocation mechanisms. Laws should be an encoding of our intuitions of the community. Something that we have reached a consensus on through quality content
Crisis of Confidence in the 2020s
- Govt had a monopoly of truth and was optimized for taking down alternatives, until bitcoin. Bitcoin is decentralized cryptographic truth.
- Decentralized Media will bring a more powerful model of truth than the current centralized media.
- The federal govt. is a terrible capital allocator. Balaji advocates that we comply, but do not submit to the fed.
- “Imagine enormous amounts of money being thrown into the woodchipper, that’s what the government is”.
Battle for the Future
- The future is going to be a battle between decentralist and statists. People pro-technology and freedom vs. the opposite.
- Woke on woke culture will continue to tear each other apart. We need to continue to build during this.
- We need to write laws and lobby for them. If we don’t, someone else will.
- Balaji emphasized the importance of building your own distribution channels; centralized platforms do not have your best interest in mind.
- “Progressives want more government, conservatives want less government, libertarians want no government, and technologists want new a government.”
- The alternative to maximalism is optimalism.