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Qiao Wang
@QwQiao 5 years, 5 months ago 1229 views

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People sometimes ask me what my vision of DeFi is. This is a very tough question. DeFi is very messy with thousands of experiments happening. But high level, I think DeFi will go through 2 phases:

During the 1st phase (next 2-5 years), we'll continue to build games, casinos, and speculative products.

This sounds uninspiring. But it has two main important consequences.

1) This will ultimately lead to hundreds of millions of users to install wallets and get uncomfortable with the UX.

2) This will force the tech (especially scaling) to mature.

Once we've achieved these two goals, phase 2 begins. In phase 2, products that serve real economic activities / integrated with the real economy will be built and flourish.

Right now, such products barely exist. @terra_money comes to mind. But this is the kind of products that I really look forward to. They are more economically sustainable, and create more value.

In a way, we saw the same 2 phases with #BTC. In the early days, BTC was primarily a speculative asset. Nowadays, it still is, but it's transitioning into the 2nd phase where it's considered an 'emerging store of value'.

Matter of fact, arguably the most important component of capital markets is lending / credit / fixed income. In TradFi, this function is largely manipulated by central banks. In DeFi, it's driven by speculative activities aka phase 1.

In hindsight, phase 1 has also played a critical role in bootstrapping the lending / credit / fixed income market in DeFi. This will pave the way for phase 2.

Moreover, in phase 2, I don't expect DeFi to become a 'parallel financial system'. Instead, I expect traditional financial services companies to build their products in DeFi. Just like traditional media companies moved their business onto the Internet.

If 'the Internet' existed before 'finance' did, I think that's exactly how finance would've been built. On open protocols. Rather in wall gardens.

At the end of phase 2, the 'De' in DeFi will just be removed, and it will just be 'finance'.

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Originally, tweet length was 160 minus username length. One day, I turned to Jack and pointed out that I got one more character than him. He said, "That's not fair. We should standardize." I agreed. He said, "How about 140?" I said, "Sure." And he updated the code.

Last year, we upgraded tweet length to 280 and guess what? Use of 'please' is up 54% and 'thank you' is up 22%. I love that! Also, people are asking more questions and having more conversations. All this, and the majority of tweets are still under 140. It worked.

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The first area to focus on is diversity. This has become a dogma in the tech world, and despite the fact that tech is one of the most meritocratic industries in the world, there are constant efforts to promote diversity at the expense of fairness, merit and competency. Examples:

USC's Interactive Media & Games Division cancels all-star panel that included top-tier game developers who were invited to share their experiences with students. Why? Because there were no women on the

ElectronConf is a conf which chooses presenters based on blind auditions; the identity, gender, and race of the speaker is not known to the selection team. The results of that merit-based approach was an all-male panel. So they cancelled the conference.

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Observing the public conversation around FB, and the private ones happening among techies and ex-FBers, I think the mutual misunderstanding is worse than when I set out two years (and 500 pages) ago to (in a small way) bridge that gulf.

We're basically fucked.

The tech world has gotten so huge, self-reinforcing, and insulated from reality they can no longer even vaguely look at themselves (and their actions) as others do. They just live on a different planet than most people.

Conversely, the average tech consumer doesn't understand the technology that has slowly taken over their lives, and their designated emissaries to figure it out--politicians, pundits, regulators, journalists--understand it barely better than they do, and have their own agendas.

To say more than generalities for a moment, here's what I think is likely the core problem.

Techies take weird, improbable visions, and make them realities: some BS pitch deck to a VC, mixed with money and people, really does turn into some novel thing.

Most people work inside a legacy industry that's evolved that way over time (usually for good reasons), and they think about the future via some analogy with their present (which is a function of a long-ago past). The interruption that tech will introduce is often hard to grasp.

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I’m quoted in this, which does about as good a job overviewing the topic as a New York Times profile can be expected to.

Major oversights in it as I see.

First, It does not acknowledge the fact that Yudkowsky is, at heart, a complete crank. This remains, to my mind, crucial to understanding the rationalist community’s influence on the world: they’re sci-fi writers being mistaken for scientists.

You can’t really understand the harmful effects of SSC until you realize that it’s part of a larger movement of bullshit artists serving as cult leaders to the techbros.

Second, and more importantly, it never really explains the harm that’s being done by Scott Siskind and his followers. It comes close, noting that “SJWs” were the only group not welcome in SSC, but it doesn’t capture the harm of that because it doesn’t unpack the term.

What is meant in practice when “SJWs” aren’t welcome in a space is that marginalized people speaking of the harm they experience are silenced.

That’s it. That’s the meaning.

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THE IMPORTANCE OF DEVI BEEJ / BIJA MANTRA.

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There this story was discussed.

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Rani Jindan Kaur, wife of Maharaja Ranjit Singh had illegitimate relations with Lal Singh (PM of Ranjit Singh). Along with Lal Singh, she attacked Jammu, burnt - https://t.co/EfjAq59AyI

Tomorrow again same thing happens bcoz fudus like you are creating a narrative oh Khalistan. when farmers are asking MSP. (RSS ki tatti khane wale Kerni sena ke kutte).
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