The Potential of Blockchain Technology

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

-This is part of what makes early internet innovation so rapid- it was built on open protocols that devs knew wouldnt change

-Think of blockchains as a new kind of computer that enable new capabilities

-You can also make commitments to other network participants such as developers. There's no platform that can change the rules, take rates, APIs, etc.

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...

-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

-Who would have imagined Uber or TikTok in 08? Many innovations that will be around in blockchain in 10 years likely weren't even discussed on the pod and may not have surfaced yet

-LLCs were one of the best inventions of the 19th century. But I believe it's run its course. It's not working well for a whole bunch of reasons, including that you end up with very concentrated wealth on these networks. What's so beautiful about tokens is you can design these very granular systems where people are rewarded tokens for using the sys... See more

'-If you look at a lot of the issues people have with social networks, I would argue a lot of it comes from a mismatch between the nature of these networks and the legacy corporate structures that govern them.