brypto

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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

friendly neighborhood shitcaster / building @pinetree

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?

I’ve thought a lot about stables and how they will gain adoption.

In the US we use credit cards. The big issue with stablecoin adoption for consumers is the inertia of UX.

With a CC, I can buy now settle later.

With stables, I have to keep my wallet topped up. 

What needs to happen here is stablecoin credit lines (for US)

@Euler__Lagrange @heyellieday @payy_link @bisq_network replacing credit cards is simply not a realistic goal for on-chain payments

the TAM is smaller, but still enormous

@colludingnode @heyellieday @payy_link @bisq_network Au contraire 

Tradfi credit is money created out of thin air, and CCs capture ~2.5% fees on spending.

Circle will cut you in on Tbill yield if you bring alot of new fiat on-chain.

There is a hack on reality possible here where if you can redirect CC fiat to stables, you make

EulerLagrange.eth - zkTLS/acc

Working on building zkTLS infra/products. A ruthless empiricist and meme connoisseur.

/opacity
/eulerlagrange

In the US we use credit cards. The big issue with stablecoin adoption for consumers is the inertia of UX.

With a CC, I can buy now settle later.

With stables, I have to keep my wallet topped up. 

What needs to happen here is stablecoin credit lines (for US)

https://x.com/euler__lagrange/status/1874186953643471146?s=46

I also think whoever makes the first smart contract defined bank account will see a lot of adoption.

Cmon @alok stop thinking and lets buy a bank

@Euler__Lagrange Curious what the unlock here would be?

@robbiepetersen_ Let’s say you want to sell your next pay check for an unexpected expense.

Onchain you enter into a contract and someone sends the money minus a fee.

When the direct deposit comes the bank will honor the contract, and automatically redirect to the right person.

Fiat/Stable

I also think whoever makes the first smart contract defined bank account will see a lot of adoption.

Cmon @alok stop thinking and lets buy a bank

https://x.com/euler__lagrange/status/1910150687847067667?s=46