A highlight from The Future of Bitcoin Lies with Renegades and Malcontents
Any deity. That's a part of the faith and the institutions that arise around it. Are you supposed to be like the example that you see laid out in the bible of christ's actions and deeds or you supposed to do what the clergy and your church say. Is there a tension between those two. This tension throughout the ages has created schisms in organized religions. In fact you don't really have any major religions that don't have some version that haven't experienced some backlash. Some group tried to say that you should reject the principles of the institution and instead focus on your direct relationship with the divine even if it leads you in strange and unexpected places. This is of course what sufism for example in islam is all about now. I don't really buy the idea that bitcoin is religion. Although certainly we can act like fanatics on occasion. I do think however that we are in a moment of institutionalization and by definition it's going to create some tensions between our ideas of what bitcoin is. Or what it represents or what it's supposed to mean for us. And what the institutions who are adopting it as an investment will think we're supposed to do maybe this will come out in the form of big institutional holders saying that. We should get rid of and not care about censorship resistance and privacy as long as we get to keep our sound money now many labs might respond that you can't actually separate those two and that's a pretty important debate to be had so with that in mind. Let's get to brady's peace. Don't follow the suits. Follow the weirdos. The subtitle is the big wins. In crypto are going to come from the punks hippies and contrarians in this very bullish season. Don't be enraptured. By the grownups crypto currency was invented by a guy who liked message boards then a young developer who thought centralization could go even farther kicked off a world computer with a white paper and some emails. The big wins in crypto are going to come from the punks hippies. The malcontents and the contrarians. What i'm saying is in this very bullish season. Don't be enraptured. By the suits we see the allure of the suits here at coin desk in a very different way for a few years. We saw an onslaught of corporate blockchain accelerators and pilot projects. That were never about well. It was obvious innovation theater but toward what end. who knows. i appreciate the floor. The whole argument to be grown up seems very convincing. Blockchain's is probably enterprise something something. It sounded truth now. The suits are back. And it looks like this time they are here for real instead of blockchain not bitcoin. It seems like we've hit an inflection point where a lot of the rich guys hold a little. Btc and maybe meath. So is it all game over once. Golden or morgan stanley opens up a cryptic division game set match. She has one so wall. Street can take it from here right just today. Visa announced the demo project using theorem stable coin. So this is all settled. That's not where i place my bets. I would suggest continuing to look at what the tinkerers are up to. The method works. It's where i've invested my reporting attention. It keeps paying off. Like non fungible tokens. Now i i read about them in two thousand eighteen. I told you about open. C three years before the venture capitalists sixteen z. Dropped twenty three million into the nfc market. Were you happy about the union. This guy gave you a heads up about a year before it started to shake up the space. The defy summer of twenty twenty was wild right. Well i i told you about the decentralized finance market compound in two thousand eighteen and i was digging into maker dow regularly through twenty nine hundred. It's not hard to find real stuff out on the edge. That's where all of it is. The suit show up sectors become safe after they plateau. They show up when something can turn into a nice predictable little business. They show up once. It's boring if they manage to show up early they show up to make it boring looking for the best way to unlock your cryptos. liquidity neck. So data is exactly what you need borrow against your digital assets at just five point nine percents. Apr earn passive income with yields of up to twelve percent and swap between more than seventy five market pairs with the instant mac so exchange. Try the next wallet app to the whole three hundred. Sixty degrees of crypto banking get started at next dot. Io the opposite of suits is doused. Decentralized autonomous organizations. The first big one didn't work out great shortly after that debacle maker dow decided to get a lot more formal though the protocol itself continued to be governed by token holders for a while. It might have looked like the suits and their proofs of concept and press releases and sticky note covered innovation. Labs were winning but that had clearly changed by last summer. When we saw defy take off and people started to once again get excited about organizations that exists entirely on blockchain's with no formal and stanchion in the legal govern world. The most prominent down the space doesn't even really use that branding. it is urine finance. I often wonder how many people who put their assets into yearn. Think about the fact that there are a bunch of actual people behind this thing. What might be called the staff of urine. Put a ton of time into it. They make a lot of money from it. And at least insofar as i've been able to determine none of that occurs under the auspices of any sort of formal organization. As you or i might normally expect no company just a baby giant growing basically. We have a bunch of smart contracts written by an matic defy artiste. That attracted a bunch of other savvy. Degen's to get involved and start suggesting ways to juice the already considerable profits on assets dropped into yearn. This is not normal. This is weird yet. you're in another dow's like it will grow and shake things up. Further on the other end of the spectrum we have facebook's for a into crypto born is libra downgraded to dm the social network. Thought that it could convince global regulators to allow it to upend the way money works by asking nicely and showing up at a lot of legislative hearings turned out that asking permission to disrupt global industries. Doesn't work that well sucker. Bergen co never really appeared to have actual conviction about decentralisation the company needed to diversify its revenue streams of facebook was going to let users communicate privately as the company had been promising in two thousand and nineteen but playing nice with global money. Cops didn't work out so it moved on. Actual change comes from folks to irascible to quit doing something because someone tells them it's a bad idea or it doesn't fit into their conception of how always done things so if big banks and financial companies in payment firms wanted to hop in cool. Let them but that's not when the excitement starts. That's when the excitement ends if you want. Excitement keep your eyes on the folks with unicorns on their shirts. Buzzes on their hair and chains hanging off wherever weirdos for the win backed in daniel and i agree entirely with the core sentiment that this is an industry full of people who are fundamentally reimagining. The way that the world might work particularly from the vantage point of finance. I spent a decade in silicon valley and the average conversation. The average day spent by anyone in that place was less disruptive than the average throw a note in a rome research file for one of the people in this. Bitcoin and crypto space. I don't think that this is protocol dependent. I mean this week. You had jack mahler's bringing strike to silicon beach and el salvador with a bunch of other degen teens. It's the first non. Us market these guys are building something without permission and because it's about their future. It's a joke. But it's also really not that this week goldman sachs gave its twenty five million dollar holding clients permission to do their first dabbling with bitcoin. When a bunch of kids in nigeria have been on this idea financial freedom for years. This is both like and unlike lots of different disruptive movements in history. It's like it and that it always comes from young people disaffected people frustrated people people who don't see the world in the same way people who have the ability to see the world at a different light people who are willing to work to make the world the way that it should be not the way that it is. That's the part that's the same. The part that's different is it comes with economic power. That's never with a movement before certainly not like this the disruptors in short have the deniro to do something real and so like brady when it comes to where real change is gonna from. I'm not betting on the suits. I'm betting on the kids anyways. Guys i appreciate you listening. I hope you're having a great weekend wherever you are happy easter to those who are celebrating until tomorrow be safe and take care of each other piece.