balajis
@balajis.eth
Blockchains are most useful as a tool to innovate in regulated industries. You build a parallel state onchain that subsumes the function of the agency you are competing with. Legitimacy comes from millions democratically opting into the new system. Capital to defeat the old system comes from asset appreciation.
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balajis
@balajis.eth
In this model, Bitcoin competes with the Fed and Ethereum competes with the SEC. This is *different* from the mid-2000s era startup playbook, which assumes your competitors are companies. The new playbook recognizes that the primary obstacles are DC-affiliated actors around the world. New tactics are thus needed.
3 replies
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jesse.base.eth 🔵
@jessepollak
💯
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Tayyab - d/acc
@tayyab
I think you’re right in the long-term. In the short-medium term we need to actually dismantle Big Tech. Get creators more ownership, have decentralized backends that allow client diversity, open up marketplaces, etc. This is the next phase, your point is the one after that.
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Proto
@protocoel
This parallel state onchain can be regulated not by the value extracting traditional regulators but should be regulated by the startup societies focused on that particular industry. This brings competition among 'regulators'. But we're too early to tokenize physical industries. We need to tokenize digital goods.
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Ethereum Degen
@ethereumdegen.eth
RWA will be MASSIVE
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