The Path Forward

All value will be settled on public chains in the next decade.

If there’s one thing I’m willing to write publicly and stand behind, it’s this thesis:

All value on planet earth will be settled on public chains in the next decade.

I don’t know what the path is, what the exact chains are or what the currencies/monies are that power this — but that doesn’t matter. As long as I’m directionally correct about this thesis, everything else will fall into place in the right time.

찌 G 跻 じ MBA, CFA, FRM, CFP, NGMI, HFSP, HENTAI @DegenSpartan

your biggest risk is being underallocated to the industry you log into every single damn day to talk about since you know its gonna go up again eventually but not having enough coins because youre a lil bitch

I’m so invested in this thesis that if it doesn’t play out I’m happy to lose out 10 years of my life. While this may sound outlandish (or not if you’re a crypto head), being able to believe something much deeper than others allows you to construct different versions of the world relative to others out there.

Why a decade and not 5 years? Great question. Simple napkin math for this one. If we assume the internet launched in 1970 with ARPANET and the internet matured by 2020 we can say that roughly took a total of 50 years. One thing that Marc Andressen says is that crypto adoption will be faster than internet adoption because all the hardware is already laid out so really the software is the only layer that needs to be built out (we don’t need to put cables down the middle of the ocean anymore).

Bitcoin launched on 2009 and given we’re in 2023, that’s 14 years of existence already. In another 10 we have 25 years of crypto history completed. Wow. The probability of crypto taking longer to mature than the internet (50 years) feels relatively unlikely. Yes there are political considerations that come along with it since crypto disrupts money rather than information but given the state of the world right now I don’t see it being too ambitious.

Vance Spencer @pythianism

I hear "we need a real use case for crypto" a lot fair, but listen we've got self contained ecosystem that generates billions of $/year in revenue in (yes) self-referential DeFi, NFT and games, which have a >50% shot at scaling 10-100x and we onboard new folks everyday

There’s lots of questions buzzing around everyone’s mind around “what will cause the next bull run”. Doesn’t matter what causes it, simply believing it will happen is what matters more. If you agree with any of the what-ifs below then, sure, probably leave this industry now — but the likelihood of the below happening is close to 0. It’s like saying what if technological bubbles will stop happening and all innovation is a linear path ad-infinitum. What’s new and up will become old and down, only to repeat itself over again.

foobar @0xfoobar

"what if we never get another cycle" yeah what if we decide that programmable money was a fad and wait 5 days for the bank faxes to clear. what if human greed vanishes forever. what if we stop wanting to flex online. what if governments stop printing money. what if

If there’s one clue that we have from the present day it’s that autonomous code agents are going to further speed up the time to intent for whatever us human beings desire. LLMs are not going to be using bank accounts, they’re going to be spinning up private keys or MPC wallets and transacting between each other at lightning speed. The world of software, productivity and knowledge is changing before our very eyes. To think that these powerful new tools won’t use programmable money is very directionally short sighted.

The beautiful thing about crypto is how slowly yet surely it continues to move. If you look closely behind each mania and panic you start to see order in the chaos of the plan starting to take more important pieces in the global chess board of money. Larger swings start to rest on very small hinges.

Matti @mattigags

This is a thesis that many will not like. Crypto pump is not inevitable but the narrowness of the path set in front of us is clear. Reflexive casino is a perfect PMF for a world where confines of reality are shrinking amid a stream of uniformed desires.

wrongalot.substack.comThe Big GambleAll Roads Lead To Rome

So…?

If the first clue is AI agents wanting to use crypto, the second and larger clue is the state of the existing financial system where we have a regime of increasing interest rates combined with money printing. The existing system looks more functionally broken and corrupt the more you look at it with less financially sophisticated people being the most impacted by the macro money games going on around them.

Crypto’s time is inevitable in this world, we have too much evidence based on the trends that are catching wind at this point in time. The exact path is still very much unknown but if you were to believe that the next financial system of the world is going to be built on what we’ve spent a decade building out, there’s suddenly a lot of use cases for all the tech we’ve been building out.

Don’t fade crypto, now is probably the last opportune time where the “use case” of crypto is uncertain to the world while the world reconfigures itself to present crypto the opportunities it will need to thrive in the coming decade.

In case you didn’t notice, I am bullish — more so now than ever.