Nate on Warpcast

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We know—if users have access to the right products and financial networks—they'll store value in non-sovereign money (BTC, DOGE, SHIB, Bitcoin Cash, Litecoin, Monero, Ethereum Classic, Wif, Notcoin, BRETT) The way most people view this is through the lens of financial nihilism—users are so hopeless that they think degenerate gambling is their only path to prosperity A more accurate view is that controlling money is powerful. Whoever controls money gets to make money, which means they can spend on a fake balance sheet; they can manipulate markets; they can borrow against reserves. A 'freedom rationalist' view recognizes that users don't want money to be ejected from a bloated, concealed org structure. They want to express value in networks of their own creation, and this gives them power The active ceiling on non-sovereign financial networks is the use of dollars for sybil resistance. Right now, token networks distribute value with dollar costs. The more you pay, the more tokens you get 1/2

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This gives you two problems: 1. Cold start: If the network has strong financial appeal early, then it gets captured by financial actors. But if it doesn't have financial appeal, it can't go from 0 to 1 2. Costs limit access: Because dollars are the sybil, 99.9% of the world can't meaningfully participate in the networks 'Dollars as sybil' is why successful non-sovereign monies often began hidden in plain sight, and why many of the latest iterations are memecoins—a memecoin's dedication to its stupid joke gives it a defense against financial capture—rich people think it's stupid

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