A place for developers to talk about building on Farcaster.

/dev

"Crypto doesn't have users" is wrong.

Crypto has users. 

Over 560 million people worldwide now own crypto.

"But owning crypto doesn't count" - also wrong. 

Owning crypto is using crypto. 

Own is the verb crypto added to the internet - own is literally the point.

"So you're saying we're done here?"

No.

Not at all - we're maybe 5% done.

Own is just the top of the funnel for using crypto - it's barely using it. Own enables deeper verbs like Pay, Lend, Borrow, Mint. Own starts with few assets and expands to all the world's assets.

Our massive unfinished work in crypto is to bring users down the funnel. 

From owning in an ETF to owning onchain.

From 1% of their net worth in crypto to 90%.

From bank account to crypto wallets.

Everyone onchain. Everyone bankless.

We have crypto users. Next we need to convert them to crypto natives.

This is our next challenge.

I find it vital to distinguish blockchain technology from cryptocurrency in defining the onboarding problem and its solutions. Cryptocurrency is a referential perspective on a subset of blockchain transactions, but blockchain technology deserves more than being under-imagined as a fiat replacement. It’s a centralized-data power and authority replacement that can go in utopian and apocalyptic directions.

Many human pain points can be related to fiat being an inaccurate and manipulated value ledger— but telling a consumer they’re harmed by fractional reserve banking and other fiat theatrics is like telling a fish the water is dirty. What else is the fish supposed to dream of?

The fish must believe there’s a continent it can evolve for and learn to walk on. 

Humans living as derivatives of centralized data must believe that owning their data, from currency to social media to healthcare to the car they drive— is a continent worth evolving for and learning to walk on.

Chocolate rainmaker. Singer. Thinker. Voice

Blockchain tech > cryptocurrency. Fiat replacement or data power shift. Evolve from centralized data.