0/ The Great Crypto Reversal

Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.

Today everyone apes 3AC wanting to be the next Degen.

'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*

1/ The financialization of crypto means more volatility but pretty long ascend to the top.

Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto

Crypto becomes the ultimate Cantillon insider circle-jerk.
2/ This will be one the most iconic ideological reversals in history, comparable to Google who was firmly against advertising but turned into the most powerful ad company ever.
3/ This scenario reminds me of the 90s privatization period in the post-socialist countries.

The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.
4/ We are far from Satoshi's original vision . But words and intentions of *prophets* were used to manipulate and corrupt all throughout human history and this time it is no different.

https://t.co/6VxcNUiXeA
5/ Whether we like to admit it or not, crypto is the greatest leverage ever.

Solving the problems of "the little people" is but a pipe dream.

Crypto will not help to solve inequality. It will create generational wealth for people with particular set of skills.
6/ Waiting for the retail is waiting for Godot.

It is a ridiculous meme and a red herring.

Retail and normies are irrelevant.

Insider/Cantillon wealth is what makes the green candle that buys @kyled116 breakfast cereals.

(mine too but I do not eat breakfast)
7/ This is why CT is attracted to characters like @DegenSpartan.

He is the truth hiding behind the troll. He is both an extreme insider (skills+capital) and extreme outsider (anon).

Degen is a manifestation of our shadow self. Some understand but few are willing to admit.
8/ There is nothing wrong with such reversal.

Morality has never bought prosperity anyways. Greed has some positive externalities.

Those emerging super-wealthy from the roaring 20s will be freed to pursue grand and exciting goals on behalf of the civilization.

More from Crypto

1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets

https://t.co/PbjQkSlTT3

@quant_network are collaborating with MIT in the creation of ODAP

$QNT

2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"

Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces


3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...

4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"

You can read more about the gateway protocol ODAP in this 21 tweet


5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:

✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
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