Original narrative has stayed the same: Stateless Money. Beyond borders, not attached to a flag. Immutable. No one can print more of. Can’t be censored. Neutral ground for the world that can not be stopped.

Satoshi Dice

Shapeshift

The point is not making money but to change how the money works. You need tooling you need financial services. Ethereum comes along and starts letting people build this tooling in a de-centralized way. Smart contracts.

Vision of where this all going: World is transforming from fiat banks and analog to digital fair honest.. It will take 20-30 years.

Battles to be had: Bitcoin maximalists, regulators, the old guard.

Regulators: Money movement without central control. What regulator doesn’t want a transparent system that reduces fraud. But some of the power is going away.

Fiat will go away, partly because they just print themselves into oblivion anyway but instead of moving to the next fiat there is now is a much more credible alternative brewing they have a much bigger challenge.

This will make government’s lives harder because they fund themselves by taxing borrowing and printing. As the world moves to printing the third way of printing will go away entirely. Governments will have to shrink.

Bitcoin miner concentration:

Broader Space: so much innovation, trial and success. The rise of de-centralized exchanges (uniswap). Exchange of bitcoin has been done in centralized order-book custodial exchanges. Uniswap is not the only of its kind but the most popular. It’s a liquidity pool, (All the money gets puts in and the ratio of the money put in determines the prices and arbitrage keeps the price efficient and very close to what the price based on the custodial). Sushi Swap. Everyone in crypto needs to understand them. Table stakes for the industry.

The interoperability layer: There are these islands of chains. Cosmos and polka dot trying to bridge this gap.

The banking system: Why does it take so long for international wire transfers. There is no desire for banks to compete with each other as they are appendages of the state and there has been no innovation at the banking and currency layer because government is the monopoly provider of money.

Government: Central bank digital currencies will be a complete totalitarian surveillance system. In the battle they attempt to stop the on and off ramps and they will be unsuccessful but they can force them underground.

What is Defi?