A few months back @leashless gave one of the best explanations of why we need crypto: https://twitter.com/leashless/status/1486147735212470274?s=20&t=pITj_WO1zVxLSmElZUxPEw
tldr: The boomers don't control it, which gives younger people a fighting chance to accumulate some wealth.
Here are the first paragraphs of the thread:The younger generation *suck* at explaining the blockchain. No wonder there's so much FUD in the space right now - I'm looking at you @smdiehl
Let me explain what's going on, but this time we're going to leave the really important parts of the picture *in* the frame. A thread:
You've got to start in 2008 with the global financial collapse. Since then, interest rates have hovered around zero as government pumped cash into the global economy to keep it running. For a long time, no inflation. The extreme medicine was working. Then covid, and 5% inflation
During that period with no inflation, and tons of money printing, there was very little economic *growth*. If there had been, inflation would have started then - the economy picks right up, credit risk goes down because lending is less risky, and prices start to rise on the cash.
So what happens to people who are turning 20 or graduating college in 2009? Nothing. Nobody will lend them money to start businesses, VC becomes extremely conservative and risk-averse, and Silicon Valley starts to consolidate. Life is slowly getting harder, and young are v. poor
Actually take a look at this thing: https://washingtonpost.com/business/2019/12/03/precariousness-modern-young-adulthood-one-chart/ There's just a titanic concentration of wealth in the hands of older people, and the young are living on scraps. This is absolutely brutal: feels like civilization is going backwards. The young are terrified.
So in this situation what the young need is *economic opportunity* and THEY ARE NOT GOING TO GET IT IN ANY RESOURCE POOL THAT THE BOOMERS CONTROL. There's just no room to expand: whatever you want to do, there's a tax: boomers control media distribution, VC finance, real estate.
Most of the easy niches in the dotcom world are already taken: people shop, they read the news, they listen to music, they date - and big dotcoms are already in all of those niches. Nobody is going to overthrow reddit and FB anytime soon they're solidly locked into place now.
This is a simple problem of access to capital: land, patents, intellectual property, distribution networks for physical products (target, wal mart). The young don't have enough cash to BUY INTO THE SYSTEM. They're so poor they can't even get exploited. Now do you see BTC's fix?
BTC allows its adherents an escape from the boomer-ridden conventional economic landscape. What is bitcoin's core feature? IT'S TOO HARD FOR BOOMERS TO USE. So you can build an economy for the young, a parallel state to the Boomer Dollar dominated US political landscape.
This is one of those Voice, Loyalty and Exit things. The young complain: nobody hears them. They try and tough it out in existing cultural blocs: still can't make rent. But to exit the boomer-controlled old economy into the btc/web3 space? Wow: a huge self-financed bubble grows
There is practically no boomer control of bitcoin or web3. I'm 50, and I'm one of the oldest people in the space - Ian Grigg, David Chaum, Joe Lubin, Don Tapscott, a handful of others - but the old guys are rare and (apart from joe) not that powerful. Young blockchain frontier.
Now, young people, they are not so smart. I was young myself. They make mistakes. Big ones. Now we have Oh So Many young people running around with a huge pile of capital that they basically created by believing each-other's stories. It's a creative pact. A NEW SOCIAL CONTRACT.
So this New Social Contract (NSC), let's examine things like bored apes. In this contract, kids who grew up with an ipad in their hand acquiring virtual property in games and trading it with friends, go from *renting* virtual property from Farmville to *creating and owning* it.
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