1/ CZ and Binance biting the dust and @barmstrong 's take highlights a tension between internationalism and globalism that exists in crypto.

1/ CZ and Binance biting the dust and @barmstrong 's take highlights a tension between internationalism and globalism that exists in crypto.

https://twitter.com/brian_armstrong/status/1727054176763756826

I'm a little teapot who didn't fill out my bio

3/ When it came to off and onchain orgs that handled borderless money and tokens, founders couldn't just handwave legal threats from the powers that be. Building a business that integrates crypto, whether you issued tokens or not, was risky because crypto was risky.

4/ A founder would be foolish to not have limited liability built into her company. Not playing by the rules cut off investors and capital. Limited liability put founders on the hook for fiduciary duty towards investors.

5/ The road to guaranteed limited liability was very clear—play by the rules of established jurisdictions and their boundaries. Setup an organization in a single jurisdiction.

6/ Whether corrupt or not, Binance was a globalist organization. CZ tried to create an organization that walked the tightrope of boundaries between jurisdictions.

Coinbase chose to respect internationalism from day 1. They were, are, and will be a U.S. based company that's compliant to U.S. law.

7/ The fall of Binance is an L to globalism and a W for internationalism. Much like how the internet has borders under the hood (that's less strict than physical borders) I'm left wondering whether our "decentralized internet of x" will have drawn out borders a few decades in the future.

8/ My hope is we figure out a way to maintain borderlessness at scale on our decentralized systems. Otherwise we'll be back at square 1.

2/ Bitcoin aroused imagination that money could become borderless like communication. It gave birth to an industry and new applications in culture and organizing. It's still mindblowing how all that's happened in only 15 years.