jer979Purpose Struggle
Yesterday, I decided that my blogging career should come to an end. I was doing myself a disservice. I told myself that the goal of the posts was to dig deeper, peel back the layers, get down to the core. But by publishing online (or on-chain as the case may be), I was subconsciously writing for others, even if I told myself that I didn't care if others read. So, in an effort to be more authentic, I figured I'd stop publishing and start doing a private journal. Within 2 hours of that decision...
jer979Value. Happiness.
I feel happy. It's fun, it's light, like a feather floating at the beginning of Forrest Gump. But, like the feather, it's not grounded. It can flitter and float away. Value is also ephemeral. We know it when we see it. We feel it, somewhere deep inside. Something connects to us, saying "yes, this is worth it." The "it" that it's worth is energy. Energy in the form of time, attention, money. The things of which our possession is limited. There's a reason why all the great traditions point to "...
jer979Coffee with AI
Every day for the past month, I’ve had a coffee date with AI. I literally sit down, with a cup of coffee, with an appointment on my calendar that says “coffee with AI”. During that time, AI (I’ve used ChatGPT, Gemini, Perplexity, Claude, and Venice) and I literally have a chat, the way I would with a friend. It’s not “write this letter for me” or “do this or that.” No, it’s a chance for us to have a conversation about whatever topic I want. Many days, recently, at least, it’s been about quant...
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jer979Purpose Struggle
Yesterday, I decided that my blogging career should come to an end. I was doing myself a disservice. I told myself that the goal of the posts was to dig deeper, peel back the layers, get down to the core. But by publishing online (or on-chain as the case may be), I was subconsciously writing for others, even if I told myself that I didn't care if others read. So, in an effort to be more authentic, I figured I'd stop publishing and start doing a private journal. Within 2 hours of that decision...
jer979Value. Happiness.
I feel happy. It's fun, it's light, like a feather floating at the beginning of Forrest Gump. But, like the feather, it's not grounded. It can flitter and float away. Value is also ephemeral. We know it when we see it. We feel it, somewhere deep inside. Something connects to us, saying "yes, this is worth it." The "it" that it's worth is energy. Energy in the form of time, attention, money. The things of which our possession is limited. There's a reason why all the great traditions point to "...
jer979Coffee with AI
Every day for the past month, I’ve had a coffee date with AI. I literally sit down, with a cup of coffee, with an appointment on my calendar that says “coffee with AI”. During that time, AI (I’ve used ChatGPT, Gemini, Perplexity, Claude, and Venice) and I literally have a chat, the way I would with a friend. It’s not “write this letter for me” or “do this or that.” No, it’s a chance for us to have a conversation about whatever topic I want. Many days, recently, at least, it’s been about quant...
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jer979Fundamental Infrastructure
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jer979Fundamental Infrastructure
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The biggest problem that I found in the article, Composability in the Context of Defi which I touched on in Smart Contracts that are Too Big to Fail, was the implied assumption that the “fundamental infrastructure” of DeFi is existent.
“Systemic risk increases the more a platform moves away from fundamental infrastructure elements such as Ethereum for Smart Contracts, IPFS and the Dat Protocol for Storage, and Chainlink for reliable off-chain data.”
That’s just nonsense.
Ok, so that may be a bit hyperbolic, as they may be “fundamental infrastructure elements” today, but it’s like saying that a 1-lane dirt road between New York and Washington, DC. is “fundamental infrastructure.”
My point is that today’s infrastructure is nowhere near what is going to be required if we are going to upgrade the financial system of the world.
In the US, we talk about upgrading our roads and bridges infrastructure. Less obvious is how we need to upgrade our financial system infrastructure.
An example.
My son is becoming quite industrious this summer. I’m proud of him for that. He’s earning some money.
The other day, he asked for help in connecting Venmo to his bank account.
Once we verified the password, he was required to wait 2 days (3 actually, since one was a bank holiday) until he could prove ownership of the bank account by confirming the amounts of the $.02 and $.01 deposits they had made.
In 2022, why should something like that take 2 days?
It shouldn’t.
It should be a digital signature, provable by private key ownership.
But it’s not…yet.
That’s because we are now entering the deployment phase of crypto/DeFi technology.
If you want to read THE book on the topic, it’s Carlota Perez’s Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages (review here)
We had the Big Bang when Bitcoin was released in 2009. We had the frenzy (ICO boom/DeFi summer/NFT craze). Then we had the crash.
I said to someone the other day, “I realize now that Radix is going to take me a decade.”
In 10 years, the “fundamental infrastructure,” I believe, will be there.
And it’s going to look nothing like what we have today.
The biggest problem that I found in the article, Composability in the Context of Defi which I touched on in Smart Contracts that are Too Big to Fail, was the implied assumption that the “fundamental infrastructure” of DeFi is existent.
“Systemic risk increases the more a platform moves away from fundamental infrastructure elements such as Ethereum for Smart Contracts, IPFS and the Dat Protocol for Storage, and Chainlink for reliable off-chain data.”
That’s just nonsense.
Ok, so that may be a bit hyperbolic, as they may be “fundamental infrastructure elements” today, but it’s like saying that a 1-lane dirt road between New York and Washington, DC. is “fundamental infrastructure.”
My point is that today’s infrastructure is nowhere near what is going to be required if we are going to upgrade the financial system of the world.
In the US, we talk about upgrading our roads and bridges infrastructure. Less obvious is how we need to upgrade our financial system infrastructure.
An example.
My son is becoming quite industrious this summer. I’m proud of him for that. He’s earning some money.
The other day, he asked for help in connecting Venmo to his bank account.
Once we verified the password, he was required to wait 2 days (3 actually, since one was a bank holiday) until he could prove ownership of the bank account by confirming the amounts of the $.02 and $.01 deposits they had made.
In 2022, why should something like that take 2 days?
It shouldn’t.
It should be a digital signature, provable by private key ownership.
But it’s not…yet.
That’s because we are now entering the deployment phase of crypto/DeFi technology.
If you want to read THE book on the topic, it’s Carlota Perez’s Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages (review here)
We had the Big Bang when Bitcoin was released in 2009. We had the frenzy (ICO boom/DeFi summer/NFT craze). Then we had the crash.
I said to someone the other day, “I realize now that Radix is going to take me a decade.”
In 10 years, the “fundamental infrastructure,” I believe, will be there.
And it’s going to look nothing like what we have today.
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