brypto

Farcaster

I think the challenge with onboarding normies is that there is just way too much to learn. There are too many concepts to understand to use crypto safely. 

I casted before that I got a hotel in Panama to accept crypto for the first time. I set them up with Coinbase wallet and sent the money there. USDC on base. Pretty easy.

But then how can they off-ramp? So we needed to setup a Coinbase account where they could add their bank, kyc, and off-ramp. 

It got really confusing explaining the difference between a wallet + key vs their Coinbase account + password. 

They still haven’t even added their bank because it requires 2FA- but there isn’t service here. So they have to leave to go into town to find service just to get their SMS code to initially login to Coinbase.

So then I explained passkeys can help with that. 

Besides even setting up a wallet and an off ramp mechanism, they asked how can they accept more crypto in the future. I had to explain Stablecoins…

I think this is why stablecoins are actually a disruptive rather than sustaining technology (h/t @alok)

I question the assumption that incumbents will be able to add stable rails quickly and gain the efficiencies without bearing the UX cost of crypto

The infra is still not “locked in”, which penalizes incumbents more

𝓜𝓲𝓵𝓪𝓭𝔂—𝒻𝓇𝒾𝑒𝓃𝒹𝓁𝓎 𝓃𝑒𝒾𝑔𝒽𝒷𝑜𝓇𝒽𝑜𝑜𝒹 𝓃𝑜𝑜𝒷—𝑒𝓉𝒽 𝓃𝑒𝓌𝓫𝓲𝓮🪆

That too! But I think it’s easier to rejigger gtm than to adopt a fundamentally alien technology to your core competency for the past 20 years

Even if they adopt stablecoin rails, they’re unlikely to fully capture the benefits without a major shift in their business models and tech stacks

Crypto's cultural unsavoriness acts as a moat

Stables are still too coupled with crypto and incumbents cannot leverage existing distribution bc of brand risk / backlash from userbase -- the juice ain't worth the squeeze

Startups on the other hand can use FC and other crypto-native distribution channels (ie. downmarket) to grow by targeting already polarized users

Polymarket is a good counterexample, but even there, Kalshi positions effectively as the safe or "regulated" alternative on existing rails

The fundamental startup premise: can the incumbent figure out tech before the startup figures out distribution

So, with stablecoins, how might the latter play out in your view?