Great piece. I think another interesting aspect to the narrative difference that I've noticed between young friends of mine is a divide between those who are financially well-off and those who are struggling to get by. Most 'successful' young people I know don't have much interest in negative yielding bonds, overpriced housing, expensive equities, or commodities like gold--they see crypto as a good investment opportunity and are happy to do the research and see past the scams.
On the other hand, my friends without investments don't have a reason to go past that first layer and just see crypto as an extension of a broken system. When they get conditioned by financial and climate issues that are poisonous, a lot of them stop looking for solutions and are now adopting something akin to China's Lying Flat situation (which resonates through antiwork).
I'm not sure how the two sides will resolve things.
I appreciate that you weave elements of morality, social responsibility, insiders versus outsiders and FOMO into the narrative. The rubber may never hit the road but we have to continue forward, holding that image.
"The video is correct in some spots (factually inaccurate in others) but the core takeaway from a lot of rebuttals like this one from Robin Schmidt from The Defiant were like 'yeah, you know, the video is RIGHT, there are elements of crypto that are based on unsustainable hype - we are fixing that - but there’s also a lot of good things."
I would really like a source on the "factually inaccurate" portion here. Robin Schmidt video didn't provide this and honestly was a pretty shallow critique from a crypto sceptic point of view. The comparison of a NFT to a "file type" like a PDF I think is a bit misleading at the very least and I didn't really find anything else in the video that rebutted criticism on the current implementations of crypto. In fact Schmidt claims in his video that "Line Go Up" is a simply an "outline of all the problems with modern society in the digital age". I thing this is a complete misrepresentation of "Line Go Up".
I'm pretty unconvinced by crypto and I don't think it is a narrative problem. I see pro-crypto folks misunderstanding or misrepresenting the tech they are evangelizing consistently. I also see crypto-sceptics doing the same but I didn't see as much of that in "Line Go Up" even if it was a bit venomous (~viral content~).
sure, so he was a bit off on the mechanics of some crypto things as well as how 2008 happened. i don't agree with Schmidt's video, it's a rebuttal that was a podcast invite.
My question to you (no shill), is how does block/crypto/web3 evolve into a global accounting standard and tax system?
“They know a lot that exists beyond the Shitcoins of the World - but the problem is, shit stinks” Yes-facts. Using a usb is difficult, risky, time consuming, and will take another century (millennials die) to implement. IRS TradeFi/VC already have you border blocked. Try sending a large transfer without the aforementioned (note: if you do just write gift). /USD. You’re betting on DeFi, when it’s a DVP/RVP with a leaky hole in it—at the worst possible time.
January ‘09 was a pivotal month for btc. It was also a pivot point for the Chinese market ~45% vs ours not so much. During the G20; China exclaimed ~we agree but only on the terms with get HK and Twn back. Weird timing, wouldn’t you say… 2018 CCP “tough times” currency controls… Sat is memorialized as some god but maybe the true intention was to balance reserve currency powers. Sats wallet was recently activated.
Duration blindness is a curse, look at world flows. You’re pumping the end of the United States or preparing people for a therapy group. Just answer the first question. Pretend I’m Piketty. Please.
would have to be adopted by the system itself, and integrated into society. can't be fringe. im not really sure what the rest of your comment is around, but that's how i would think about the first part.
I agree, but it’s improbable and without real accounting and financial transparency, the alternative is destruction/war. How many countries, private corporations, supranational entities do you think would be willing to be transparent?
The second part was a contrarian view that a natural defusing of USD fiat has and could continue to occur. Why the Fed CBDC opened with ‘Fednow’ in the first paragraph—shook.
You do understand that the Dixie (DXY) “USD” is a trade-weighted basket right? Affected generally by macroeconomic factors, and treasuries. +the trillions in municipal debt we sell; your stories are akin to the beanie baby bubble. No shilling I honestly am In the shit sucks, but maybe there’s a solution.
Great piece. I think another interesting aspect to the narrative difference that I've noticed between young friends of mine is a divide between those who are financially well-off and those who are struggling to get by. Most 'successful' young people I know don't have much interest in negative yielding bonds, overpriced housing, expensive equities, or commodities like gold--they see crypto as a good investment opportunity and are happy to do the research and see past the scams.
On the other hand, my friends without investments don't have a reason to go past that first layer and just see crypto as an extension of a broken system. When they get conditioned by financial and climate issues that are poisonous, a lot of them stop looking for solutions and are now adopting something akin to China's Lying Flat situation (which resonates through antiwork).
I'm not sure how the two sides will resolve things.
yes i agree
I appreciate that you weave elements of morality, social responsibility, insiders versus outsiders and FOMO into the narrative. The rubber may never hit the road but we have to continue forward, holding that image.
thank you for an excellent wide-angle view of this vexing topic.
"The video is correct in some spots (factually inaccurate in others) but the core takeaway from a lot of rebuttals like this one from Robin Schmidt from The Defiant were like 'yeah, you know, the video is RIGHT, there are elements of crypto that are based on unsustainable hype - we are fixing that - but there’s also a lot of good things."
I would really like a source on the "factually inaccurate" portion here. Robin Schmidt video didn't provide this and honestly was a pretty shallow critique from a crypto sceptic point of view. The comparison of a NFT to a "file type" like a PDF I think is a bit misleading at the very least and I didn't really find anything else in the video that rebutted criticism on the current implementations of crypto. In fact Schmidt claims in his video that "Line Go Up" is a simply an "outline of all the problems with modern society in the digital age". I thing this is a complete misrepresentation of "Line Go Up".
I'm pretty unconvinced by crypto and I don't think it is a narrative problem. I see pro-crypto folks misunderstanding or misrepresenting the tech they are evangelizing consistently. I also see crypto-sceptics doing the same but I didn't see as much of that in "Line Go Up" even if it was a bit venomous (~viral content~).
sure, so he was a bit off on the mechanics of some crypto things as well as how 2008 happened. i don't agree with Schmidt's video, it's a rebuttal that was a podcast invite.
I've seen a lot of people personally just try to get our other friends into crypto just to pump their bags.
My question to you (no shill), is how does block/crypto/web3 evolve into a global accounting standard and tax system?
“They know a lot that exists beyond the Shitcoins of the World - but the problem is, shit stinks” Yes-facts. Using a usb is difficult, risky, time consuming, and will take another century (millennials die) to implement. IRS TradeFi/VC already have you border blocked. Try sending a large transfer without the aforementioned (note: if you do just write gift). /USD. You’re betting on DeFi, when it’s a DVP/RVP with a leaky hole in it—at the worst possible time.
January ‘09 was a pivotal month for btc. It was also a pivot point for the Chinese market ~45% vs ours not so much. During the G20; China exclaimed ~we agree but only on the terms with get HK and Twn back. Weird timing, wouldn’t you say… 2018 CCP “tough times” currency controls… Sat is memorialized as some god but maybe the true intention was to balance reserve currency powers. Sats wallet was recently activated.
Duration blindness is a curse, look at world flows. You’re pumping the end of the United States or preparing people for a therapy group. Just answer the first question. Pretend I’m Piketty. Please.
would have to be adopted by the system itself, and integrated into society. can't be fringe. im not really sure what the rest of your comment is around, but that's how i would think about the first part.
I agree, but it’s improbable and without real accounting and financial transparency, the alternative is destruction/war. How many countries, private corporations, supranational entities do you think would be willing to be transparent?
The second part was a contrarian view that a natural defusing of USD fiat has and could continue to occur. Why the Fed CBDC opened with ‘Fednow’ in the first paragraph—shook.
You do understand that the Dixie (DXY) “USD” is a trade-weighted basket right? Affected generally by macroeconomic factors, and treasuries. +the trillions in municipal debt we sell; your stories are akin to the beanie baby bubble. No shilling I honestly am In the shit sucks, but maybe there’s a solution.
Yes, I definitely know what the DXY is, thank you. Appreciate the perspective.