The Potential of Blockchain Technology

-This is similar to the modern model of video games with microtransactions

-Tokens can be used as network currency. For donating, for buying things from the creator, etc. It can also be used for investment. If you think a band is going to blow up, maybe you buy their coin.

A very hard unsolved problem, in fact, is how to make it private. The idea of using it for money laundering is absurd. It's the worst way to do it. Everything is public and exposed.

What is DeFi all about? Modernizing, disintermediating (banks etc.), reducing layers of fees in the middle. Transparency. This is a big misconception. People think it's opaque and used for criminal activity. Everything in blockchains is open...

-Has not lived up to expectations as a pmt mechanism. Fees and vol are obstacles

-BTC worked well as store of value in the sense that there's more and more people that accept it as such. Data supports that it is being used in countries with unstable currencies

-What is the main limitation today? Performance. A blockchain computer inherently takes a hit on performance, because the design is foundationally based on the idea of not trusting a single computer. You need to pay for the overhead of running all these computers

-To analogize, think of the iPhone in 08. To see the opportunity, you had to imagine 1) that weaknesses get mitigated (it gets faster, service gets better), and 2) entrepreneurs will take new features (like GPS) and create new ideas with them

-Chris believes in 10 years we will have billions of ppl interacting w blockchain apps daily