Crypto's broken moral compass
I’ll begin by saying - obviously, there’s good in crypto. Indeed, I have written over 150 blog posts over the last 3 years about them (and plenty more with previous pseudonyms), and making the best of crypto and related tech. But none of that matters right now - things have swung too far away to the bad side. (Addendum: just for more clarity,FarcasterA decentralized social networkhttps://farcaster.xyzOver the years, crypto has declined into ever more predatory and evil territory. In 2010, the...
A Vision of Ethereum - 2025
Please consider this as a work of hard science fiction. I had written present tense prose (from 2025’s perspective), but had to rework this post to add in some future tense (i.e. 2021 perspective) for context so it has turned out to be a total mess! So, it’s a terrible work of fiction, but certainly more informative than it was before. — Ethereum is the global settlement layer. Or more technically, the global security and data availability layer. There’s a flourishing ecosystem of external ex...
The horrific inefficiencies of monolithic blockchains
Nothing here is new, and indeed, I’ve repeated all of this ad nauseum in 2021. Moreover, it’s completely absurd the industry is mostly obsessing over infrastructure in this day and age, when there are dozens, if not hundreds, of L1s and L2s alike which have barely any non-spam utilization after years of being live. Not to mention exponential growth of blockspace supply incoming in 2024, 2025 and beyond with basically an infinite supply of data availability (with different properties). The ove...
>900 subscribers
Crypto's broken moral compass
I’ll begin by saying - obviously, there’s good in crypto. Indeed, I have written over 150 blog posts over the last 3 years about them (and plenty more with previous pseudonyms), and making the best of crypto and related tech. But none of that matters right now - things have swung too far away to the bad side. (Addendum: just for more clarity,FarcasterA decentralized social networkhttps://farcaster.xyzOver the years, crypto has declined into ever more predatory and evil territory. In 2010, the...
A Vision of Ethereum - 2025
Please consider this as a work of hard science fiction. I had written present tense prose (from 2025’s perspective), but had to rework this post to add in some future tense (i.e. 2021 perspective) for context so it has turned out to be a total mess! So, it’s a terrible work of fiction, but certainly more informative than it was before. — Ethereum is the global settlement layer. Or more technically, the global security and data availability layer. There’s a flourishing ecosystem of external ex...
The horrific inefficiencies of monolithic blockchains
Nothing here is new, and indeed, I’ve repeated all of this ad nauseum in 2021. Moreover, it’s completely absurd the industry is mostly obsessing over infrastructure in this day and age, when there are dozens, if not hundreds, of L1s and L2s alike which have barely any non-spam utilization after years of being live. Not to mention exponential growth of blockspace supply incoming in 2024, 2025 and beyond with basically an infinite supply of data availability (with different properties). The ove...
Share Dialog
Share Dialog
Crypto is all about cults and profit, which often leads to a distorted view of the industry. My personal belief is application-centrism, and by extension, user-centrism. I believe applications should be built to offer the best experience for the user, and nothing else should matter.
Infrastructure should be chosen based on what’s best for the particular application, and should be abstracted away from the user. Things like “decentralization” are irrelevant in and of itself, and only matter if it actually enhances the user experience. A lot of crypto applications may actually benefit from less decentralization in some aspects, while bolstering it in others. At the end of the day, we must examine application design closely and tailor each component of each application based on what leads to the best user experience, rather than having a binary view.
Of course, that is my personal perspective, but this is just not how crypto works. It’s all about cults and infrastructure plays, with L1s and L2s getting a vast majority of mindshare. As such, we have to acknowledge that in reality applications are not built for users, but rather, for L1s and L2s. It’s the L1/L2’s users, then, rather than the users of the applications, that are the target user base.
I’m optimistic, however, that maverick application developers will break down this barrier and own their user acquisition, with their own frontends, fiat onramps and wallets that’ll completely abstract away infrastructure. Indeed, we already have an example of this - Sorare. To the user, it’s like any web2 fantasy sports platform, but behind the scenes it’s settling all financial transactions to its StarkEx validium. Crypto natives will groan “but this is not decentralized enough!”. No one cares about them - the users are all that matters.
It goes beyond that, though. Applications should not be afraid to bring in centralized components where it makes sense, and make the communication very clear about what the risks are. Now, the cryptobros will once again groan, but let’s examine a scenario where Coinbase offers a fully-custodial UX on Coinbase.com which interacts with their Base chain. This is how the UX will be: the Coinbase user can use the Base chain directly with their credit card or bank account. It may not be decentralized or custodial, but as a Coinbase.com user they are well used to this. It’s merely a net positive by expanding what the Coinbase.com user can do. Meanwhile, self-custodial UX will continue to improve for those who prefer that. Choice is always great for consumers.
So, now, then, here’s my appeal to developers, investors, consumers and even infrastructure providers, as it has been for years: build, fund, and support applications that are designed and targeted with the users in mind. Sometimes, the target users are crypto natives, in which case pander to the L1/L2-centric view by all means. But if your target user is the average Jill, then you must have a broader vision, and build an application that’s as seamless as any traditional app, with as few compromises as possible (but boldly making them where it’s essential).
Crypto is all about cults and profit, which often leads to a distorted view of the industry. My personal belief is application-centrism, and by extension, user-centrism. I believe applications should be built to offer the best experience for the user, and nothing else should matter.
Infrastructure should be chosen based on what’s best for the particular application, and should be abstracted away from the user. Things like “decentralization” are irrelevant in and of itself, and only matter if it actually enhances the user experience. A lot of crypto applications may actually benefit from less decentralization in some aspects, while bolstering it in others. At the end of the day, we must examine application design closely and tailor each component of each application based on what leads to the best user experience, rather than having a binary view.
Of course, that is my personal perspective, but this is just not how crypto works. It’s all about cults and infrastructure plays, with L1s and L2s getting a vast majority of mindshare. As such, we have to acknowledge that in reality applications are not built for users, but rather, for L1s and L2s. It’s the L1/L2’s users, then, rather than the users of the applications, that are the target user base.
I’m optimistic, however, that maverick application developers will break down this barrier and own their user acquisition, with their own frontends, fiat onramps and wallets that’ll completely abstract away infrastructure. Indeed, we already have an example of this - Sorare. To the user, it’s like any web2 fantasy sports platform, but behind the scenes it’s settling all financial transactions to its StarkEx validium. Crypto natives will groan “but this is not decentralized enough!”. No one cares about them - the users are all that matters.
It goes beyond that, though. Applications should not be afraid to bring in centralized components where it makes sense, and make the communication very clear about what the risks are. Now, the cryptobros will once again groan, but let’s examine a scenario where Coinbase offers a fully-custodial UX on Coinbase.com which interacts with their Base chain. This is how the UX will be: the Coinbase user can use the Base chain directly with their credit card or bank account. It may not be decentralized or custodial, but as a Coinbase.com user they are well used to this. It’s merely a net positive by expanding what the Coinbase.com user can do. Meanwhile, self-custodial UX will continue to improve for those who prefer that. Choice is always great for consumers.
So, now, then, here’s my appeal to developers, investors, consumers and even infrastructure providers, as it has been for years: build, fund, and support applications that are designed and targeted with the users in mind. Sometimes, the target users are crypto natives, in which case pander to the L1/L2-centric view by all means. But if your target user is the average Jill, then you must have a broader vision, and build an application that’s as seamless as any traditional app, with as few compromises as possible (but boldly making them where it’s essential).
No comments yet