Phil Liao
@philipliao.eth
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481 Followers
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(1/3) Some thoughts on a very thought provoking thread:
- the best businesses in crypto lean into financial degeneracy (Memecoins, NFTs of last cycle, Perps, Exchanges)
- A small percentage of the population is naturally drawn to this
- Efforts to break out of this cohort and attract new users is not working
- Our impact in this space is thus capped to degens, which wreaks havoc on builders asking existential questions like “Does the work I do matter?”
- The existence of competing “good enough” Tradfi products makes most of crypto’s use cases irrelevant for normies. In fact, crypto is currently “worse but different”, which means it is a discontinuous or disruptive innovation. Unlike AI though (another discontinuous innovation), the technology is not good enough. It’s still too expensive, too risky, and too clunky to compete with normie products
- imo, pursuing normies at this juncture is the Siren’s Song for builders in crypto. It will lead you astray 1 reply
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