Christian Catalini pfp

Christian Catalini

@catalini

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Christian Catalini pfp
Christian Catalini
@catalini
Several people have asked why I don’t see dollarization as a strong use case for stablecoins. While it’s currently driving adoption, and the idea of stablecoins reinforcing dollar dominance is appealing, the concept is fundamentally flawed. First, countries have the ability to make the widespread use of stablecoins very hard for consumers, and they will do so if any player gains significant scale. The reason this hasn’t happened yet is that stablecoins are still a rounding error. Libra was seen as a threat from the start due to its potential scale, and any stablecoin that reaches a similar level of regulatory attention will face the same treatment. Second, if you play this out, dollarization is a bug, not a feature. It will lead to new capital controls and won't help USD dominance. The first adopters will be the small economies facing hyperinflation—precisely the ones US Treasury is concerned about destabilizing.
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Christian Catalini
@catalini
Crypto Policy Needs to Empower Builders, Not Speculators— Crypto Policy Needs to Empower Builders, Not Speculators — If the United States is to lead in crypto and AI, it needs clear rules that recognize the value these innovations can bring to the economy. Unfortunately, neither presidential candidate seems to understand this. The cryptocurrency industry is going all in on November’s US presidential election. But for all the investment it remains unclear how either candidate would approach the issue and prioritize builders over speculators. To establish the US as a leader in this strategic sector, the next administration must first replace the current lineup of hostile financial regulators, led by U.S. Securities and Exchange Commission Gary Gensler, who has consistently rejected meaningful dialogue with the industry.
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Christian Catalini pfp
Christian Catalini
@catalini
1/ Startups are vessels traveling through uncertainty. PG’s “founder mode” is about fighting information degradation. This means not hiring people who have perfected managing up—much of big tech selects for this!—but have terrible judgment, ideas or ability to drive results.
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Christian Catalini pfp
Christian Catalini
@catalini
The Wells Notice to Opensea underscores SEC Gary Gensler’s approach of regulation by enforcement, continuing his trend of targeting high-profile innovators rather than creating a regulatory framework that genuinely protects investors and consumers. What’s at risk? NFTs represent a breakthrough in digital market design, enabling the differentiation of digital originals from copies. Where markets were once nonexistent or flawed, an efficient one can now emerge. Creators are no longer forced to bundle content into subscriptions or offer it free on social media, hoping to monetize later. Yet, under the current regulatory environment, much of this potential is stifled by the threat of NFTs being labeled as securities. Ironically, creators seeking to build lasting value are most at risk, while bad actors chasing quick gains are favored. https://www.forbes.com/sites/digital-assets/2024/08/29/how-the-secs-attack-on-nfts-harms-creators/
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Christian Catalini
@catalini
Platform moderation is a losing battle in any centralized system—mistakes are inevitable, no matter the good intentions. COVID content controls likely aimed to save lives based on the science at the time, but getting it right is very hard.
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Christian Catalini pfp
Christian Catalini
@catalini
Security and cryptography experts have long warned that Telegram isn’t a safe app. End-to-end encryption is disabled by default and implemented in an idiosyncratic way—exactly the setup you’d expect if a state actor needed easy access.
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Christian Catalini pfp
Christian Catalini
@catalini
1/ Imagine a world where you can send and receive messages irrespective of the messaging app you use. Same with sending and receiving money, reading updates from your social or news feed, finding the right product or service, or interacting with an AI agent.
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Christian Catalini
@catalini
1/ Big news! 🚀 Coinbase is now rolling out #bitcoin  Lightning, powered by @lightspark. 8 years ago, Lightning was just a white paper. Today it's truly going mainstream. 🔥
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Christian Catalini
@catalini
1/ When regulation arrives too late, policymakers push the best innovators out by failing to provide them with clarity. That’s what is happening in the United States with crypto, and comes at the risk of the country squandering its lead.
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Christian Catalini pfp
Christian Catalini
@catalini
Coinbase has consistently been at the forefront of crypto innovation, playing a crucial role in driving us towards mainstream adoption. It has been a pleasure collaborating with Coinbase’s engineering, product, and business teams to bring Lightning ⚡️ to @Coinbase in the near future.
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Christian Catalini
@catalini
Frames are the first example of Web3 competing with Web2 in a way that’s hard to replicate for tech incumbents. That’s powerful! 🔥 https://www.forbes.com/sites/christiancatalini/2024/02/19/is-cryptos-killer-app-finally-here/
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Christian Catalini pfp
Christian Catalini
@catalini
Is Crypto’s Killer App Finally Here? https://www.forbes.com/sites/christiancatalini/2024/02/19/is-cryptos-killer-app-finally-here/?sh=2a31be31c396 — thanks @linda @limpopo for feedback and ideas! And yes, this is about @farcaster, Frames and @dwr.eth @v @jessepollak and many others’ work!
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Christian Catalini
@catalini
!attack north
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Christian Catalini pfp
Christian Catalini
@catalini
Frames are the type of innovation that is hard for incumbents to replicate. Permissionless creativity at its best.
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Christian Catalini
@catalini
It's like the 90s: stablecoin issuers are Netscape, deposit tokens are Internet Explorer. But this time regulators want to make sure you won't be able to run anything that doesn't come bundled with Windows...🤔
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Christian Catalini pfp
Christian Catalini
@catalini
"By obsessing about the problem to be solved, rather than about early crypto prices and volatility, entrepreneurs can go back to identifying metrics that track progress towards a solution." https://hbr.org/2023/01/do-crypto-prices-actually-mean-anything
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