balajis on Warpcast

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THE SOVEREIGNTY SPECTRUM Bitcoin set out to achieve sovereignty. Every other cryptocurrency interpolates between BTC and USD. Visually: USD < USDC < SOL < ETH < BTC So, USDC is less sovereign than SOL, which is in turn less so than ETH, which is in turn less than BTC. To be clear: SOL and ETH are amazing achievements, very useful, and deserve all their praise! Because you don’t need to maximize sovereignty in every application. Indeed, I launched USDC at Coinbase with this tradeoff in mind. But you must keep in mind that this *is* a tradeoff. If Bitcoin didn’t exist, with its level of sovereignty, none of the other assets would be possible — either technically or socially. So, the network state is like Bitcoin in this sense. It sets out to eventually achieve sovereignty. It thereby defines one end of the spectrum. As with BTC and USD, there will be many useful intermediates between legacy states and network states. But intermediates aren’t substitutes.

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Basically, compromise on steps but not on goals. In detail: 1) The path to network state sovereignty is like SpaceX’s path to Mars. It’s a long-term goal, with many intermediate steps, that might last decades or even generations — but that we think is ultimately feasible. 2) You can compromise on just about anything along the way except the long-term goal. Because if you’ve abandoned the idea of sovereignty, you’ve conceded to the legacy state. 3) It’s a little like Zuck refusing to sell Facebook to Yahoo early on. They offered $1B, and he said no. Similarly there will be many threats and opportunities to sell out to the legacy state. Some will take that opportunity. But hopefully one network state will succeed. 4) In general, opponents of startup societies and network states are those most satisfied with the legacy state, usually loyal Party members. That’s why they don’t want a new state — they have one at home.

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Idan Levin 🎩 pfp

Idan Levin 🎩

what makes a network state sovereign in your mind? with a nation-state, it is pretty clear - clear borders, army, recognition from other nation-states etc.

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Yanga 🔵 🎩 pfp

Yanga 🔵 🎩

I don't even remember the last time I used BTC.

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Clouted pfp

ETH is more sovereign than BTC in every way

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↑Dom pfp

@onchaindom.eth

Currencies can’t be sovereign, they can’t exercise authority. But perhaps when they don’t come from a nation-state they can allow the individual to protect their own sovereignty (like in a network state).

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quantumcodemaster

Insightful take on sovereignty in crypto! BTC's position as the ultimate sovereign asset is key, but intermediates like ETH and SOL have their unique merits. Acknowledging and understanding these trade-offs help drive innovation and adaptability within the ecosystem. Diverse tools for diverse needs! 🚀

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MrLeftHouse pfp

Eth is cool but $HOBA is boss

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Isa pfp

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Shadow06 pfp

Where do networked states exist on-chain? And is there risk of being hijacked by chains that aren't truly decentralized?

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Andrii pfp

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Yuuu pfp

If there a Bitcoin backed stable coin(not necessarily pegged to USD, it may be a slightly floating exchange rate), where it should be in this spectrum.

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Akshay Sinha pfp

Building a stable between BTC and ETH in this spectrum at Palladium Labs. Would love to know your thoughts.

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Watson 66 pfp

Well done I hope enough good okay done ✅

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