Podcast Summary
A friendly conversation between collectivism and individualism at ETH Denver: The crypto community at ETH Denver showcases ongoing debates about individual freedoms vs collective action, with both perspectives contributing to innovation and progress.
The crypto community and the events surrounding it, such as ETH Denver, continue to thrive and innovate, bringing together diverse perspectives and ideas. Despite the growth and influx of new participants, the core values and vibes of these events remain strong and amplified. One notable example from ETH Denver was a friendly conversation between Kevin Awakie, representing collectivism, and Eric Voorhees, representing individualism, showcasing the ongoing debate within the crypto space about how to fund public goods. This conversation highlights the dichotomy between those who prioritize individual freedoms and those who advocate for collective action, and how crypto can facilitate both. Overall, the crypto community continues to push boundaries and challenge traditional paradigms, fostering creativity and progress.
Unexpected encounters at conferences can lead to captivating conversations: Unexpected meetings at crypto events can result in impactful discussions and collaborations, demonstrating the optimistic and futuristic spirit of the industry
Unexpected opportunities can lead to meaningful experiences and impactful content in the crypto community. At ETHDenver, an unplanned encounter with Andrew Yang led to a surprise on-stage interview, resulting in a captivating conversation about his alignment with the Web 3 community and upcoming regulatory changes. This serendipitous moment showcased the futurist and optimistic spirit of both Yang and the crypto industry, highlighting the potential for significant developments and collaborations in the space. Stay tuned for the upcoming Bankless podcast episodes featuring more insights from ETHDenver and the intriguing conversations with Eric Voorhees and Kevin Awolke.
Decentralized finance offers secure and stable loan options: DeFi provides stable interest rates, contrasting traditional banks' negligible rates, and cannot be shut down, ensuring security and stability for crypto earnings.
Decentralized finance (DeFi) products, like Notional Finance, offer stable and fixed rate loans that cannot be shut down like traditional centralized financial institutions. This provides a more secure and stable option for earning interest on cryptocurrencies, unlike the negligible interest rates offered by traditional banks. Another key takeaway is the growth and evolution of the Ethereum community, as highlighted by the increase in attendance and energy at the ETHDenver conference from 2018 to 2023. Despite the challenges faced during the bear market and the COVID-19 pandemic, the community continued to thrive and innovate. The speaker's personal experience at ETHDenver in 2018 was a catalyst for his entry into the crypto space, and the energy and conversations he had there solidified his commitment to Ethereum. Overall, the discussion emphasizes the potential and resilience of decentralized finance and the Ethereum community.
Ethereum Community's Excitement Reaches All-Time Highs at EthDenver 2022: Ethereum 2022 conference saw record attendance, content, and speakers, including Vitalik Buterin, Andrew Yang, and Danny Ryan, discussing web 3, politics, identity solutions, and Ethereum 2.0's transition to proof of stake.
Despite Ethereum's portfolio size being smaller in previous years, the excitement and energy surrounding the Ethereum community were significantly stronger. This trend continued in 2022, with attendance, content, and speakers reaching all-time highs at the EthDenver conference. One of the must-watch panels was Vitalik Buterin's keynote speech, titled "Steps to the Digital State," where he discussed web 3 and Denver's role in instantiating public goods. Another noteworthy panel was "Web 3 in Politics and Lobby 3" featuring Andrew Yang, discussing the intersection of politics and web 3 technology. Another intriguing panel was "The Off-Chain Internet" with Evan McMullen, who is leading the charge in decentralized identity solutions, emphasizing the importance of privacy and the "off-chain Internet." The "Eth 2 Panel," featuring Kamen, Nava, Alex Stokes, and Preston Van Loon, discussed the development of Ethereum 2.0 and provided valuable insights from a reputable source, CNBC's Mackenzie Sigalos. Lastly, Danny Ryan's talk on "Ethereum Proof of Stake in Our Solarpunk Future" provided a comprehensive explanation of the benefits of proof of stake and the Ethereum community's transition to this consensus mechanism. Overall, the EthDenver conference showcased the growing momentum and innovation within the Ethereum ecosystem.
Decentralizing wealth and power in Ethereum: The Ethereum community uses decentralized technologies to distribute wealth and power outwards, enabling individuals to control their assets and participate in decentralized organizations through private keys.
That the Ethereum community, through the use of decentralized technologies like Web 3 and DeFi, is working to distribute wealth and power out to the margins, rather than having it collect inwardly at the center as in traditional financial systems. This shift is facilitated by the use of private keys, which enable individuals to control their own assets and participate in decentralized organizations (DAOs) and applications. Additionally, there were some lighter moments at the Ethereum conference, such as Vitalik's use of a bufficorn suit to go incognito and the announcement of DevCon 7 in Bogota, Colombia. Overall, the Ethereum community is continuing to innovate and push the boundaries of what's possible in the decentralized world.
Decentralized MakerDAO regains 'cool factor' post foundation dissolution: MakerDAO's decentralized nature was hindered by a centralized foundation, but since its dissolution, it has regained its status in the crypto industry. Alternative layer one projects and decentralized communities, like Bankless DAO's DAO punks, are shaping the crypto landscape.
The decentralized nature of MakerDAO was hindered by a centralized foundation, but since its dissolution, MakerDAO has been able to lean into its potential and regain its "cool factor" within the crypto industry. Another observation from EthDenver was the significant presence of alternative layer one projects as sponsors, attempting to buy access to the Ethereum community and legitimacy. Additionally, the Bankless DAO's DAO punks were a noticeable presence at the conference, further showcasing the impact and influence of decentralized communities. Despite some confusion, it was clear that the voices and personalities behind these projects and communities continue to shape the crypto landscape.
EatDenver Conference: Overwhelming Attendance and the Debate between Individualism and Collectivism: The EatDenver conference showcased the need for larger venues due to overwhelming attendance and the ongoing debate between individualism and collectivism in the crypto industry.
Learning from the EatDenver conference is that the event's success led to overwhelming attendance, resulting in long lines and wait times. To accommodate the growing audience, the organizers have decided to move the conference to a larger venue, such as the convention center, for next year. Another key topic discussed was the debate between individualism and collectivism in the crypto industry between Eric Voorhees and Kevin Awolke. Eric argued that individualism is essential for respecting people's unique preferences and that crypto empowers individuals by providing more control and privacy. While the debate may continue, the importance of individualism in the crypto space is becoming increasingly recognized. Stay tuned for more conversations on the Spankless podcast with Eric Voorhees and Kevin Awolke. Additionally, the sponsors that made this episode possible include Brave Browser, the user-first browser for the web 3 Internet, and Matcha, the smart order routing platform for Ethereum and other chains. Brave Wallet, built natively inside the Brave Browser, offers an extra level of security for managing crypto assets, and Matcha allows users to get the best prices and most liquidity when trading crypto assets. Overall, the EatDenver conference highlighted the need for larger venues to accommodate the growing crypto community and the ongoing debate between individualism and collectivism. Stay tuned for more insights on these topics and more on the Spankless podcast.
Funding Public Goods through Crypto and Web 3: Crypto and web 3 enable individual contributions and collective intelligence to fund public goods, fostering a sense of community while upholding individual sovereignty.
Cryptocurrency and web 3 technologies offer a unique opportunity to fund public goods through individual contributions and collective intelligence, rather than relying on coercive methods or government grants. While crypto is fundamentally an individualistic technology that grants sovereignty over wealth and finances to each person, the decentralized nature of these technologies also fosters a sense of community and collaboration. However, it's essential to distinguish between beneficial forms of collectivism, which promote mutualism and cooperation, and harmful forms, which involve coercion and force. The debate between individualists and collectivists ultimately boils down to the question of whether coercion is an acceptable means to an end. The crypto industry, which started with the individualistic Bitcoin, is now evolving into more collectivist web 3 phenomena, such as Ethereum, where individuals can program their values into their money and work together to build a better world.
Creating Non-Coercive Systems for Funding Public Goods: The crypto foundation of 'not your keys, not your coins' empowers individuals to build non-coercive systems for funding public goods, potentially defining public goods, limiting government involvement, and utilizing technology like Ethereum for global coordination.
The crypto and web 3 ecosystem can lead to the creation of various monetary systems with different values, from collectivist to individualist. The foundation of crypto, "not your keys, not your coins," provides individuals with sovereignty over their bank accounts. This foundation can then be used to build non-coercive systems for funding public goods on a global scale. Both Eric and Kevin have articulated pragmatic arguments, with Eric emphasizing the potential for peaceful cooperation and the creation of public goods without coercive funding, and Kevin emphasizing the need for some form of government or public goods funding to address global coordination failures like climate change. Ultimately, the best way to fund public goods non-coercively may involve defining what public goods actually are, limiting the scope of government involvement, and utilizing transparent, immutable, and programmable technology like Ethereum for global coordination.
Understanding Crypto's Role in Funding Public Goods: Crypto can fund public goods through regenerative systems, focusing on recovery and antifragility, rather than removing government control.
Blockchain technology and cryptocurrencies offer a foundationally better substrate for creating transparency, accountability, and funding public goods compared to traditional nation-state systems. The crypto industry has the potential to play a significant role in funding public goods over the long term, especially as the technology matures and becomes more widely adopted. However, some in the industry remain focused on removing government control over money and finance, which is seen as a prerequisite to effectively addressing the funding of public goods. Money, while a global utility system, is not a public good itself, but rather a private good that we all use collectively. Regenerative cryptoeconomics, a concept explored in the book "Greenfield," is a way to understand how crypto can help fund public goods by focusing on regenerative systems that recover over time and are antifragile. The use of terms like "regenerative cryptoeconomics" instead of "public goods" can help explain the benefits of crypto in a more accessible way.
Building a regenerative cryptoeconomic system with Impact DAOs: Invest in Impact DAOs to create positive impacts in financial, material, social, and intellectual areas, potentially reducing government responsibilities.
Impact DAOs, or Decentralized Autonomous Organizations with positive externalities for the world, are the atomic units of building a regenerative cryptoeconomic system. These Impact DAOs can create positive impacts in various areas such as financial, material, social, and intellectual. By investing resources into them, we can build a non-coercive, regenerative infrastructure for the world. Examples include Getcoin grants for open-source software, Climate DAO for carbon credits, and Proof of Humanity for identity and UBI. As this network of Impact DAOs grows, it could potentially reduce the responsibilities of governments. ETHDenver, a gathering place for the Ethereum community, is a significant event for many involved in the crypto space, as it brings together like-minded individuals to build the future. Both Eric and Kevin, speakers at the event, emphasized the importance of creating positive externalities with crypto projects. Slingshot, a decentralized trading platform, and Arbitrum, an Ethereum scaling solution, are examples of tools that can facilitate this growth.
Bridging Web 3 and Traditional Finance: Andrew Yang supports web 3 tech like Arbitrum for faster, cheaper DeFi and NFTs. Lobby 3 aims to connect policymakers with the web 3 world. Developers can build on Arbitrum for low fees and instant transactions. Users can look for DeFi apps and NFT projects on Arbitrum and consider Gemini for crypto trading.
The intersection of web 3 technology, specifically Arbitrum, and traditional finance through exchanges like Gemini, holds the potential to bring faster, cheaper, and friction-free DeFi and NFT experiences to users. Andrew Yang, a former presidential candidate, emphasizes the importance of thinking long-term and aligns with the crypto and web 3 community due to their shared vision of innovative solutions to societal issues, such as poverty. He also announced the launch of Lobby 3 to help bridge the gap between the web 3 world and policymakers, ensuring they understand the opportunities and risks associated with these technologies. For developers, Arbitrum offers low gas fees and instant transactions. For users, keep an eye out for favorite DeFi apps and NFT projects building on Arbitrum, available at portal.arbitrum.one. And for those looking to upgrade their crypto exchange, consider Gemini for its wide range of cryptos, yield opportunities, and global availability.
Addressing Regulatory Risks in Web 3 with Lobby 3: Web 3 community needs to address potential onerous regulations from US government, Lobby 3 aims to coordinate efforts for reasonable, transparent regulations, and individuals can educate others about the positive impact of web 3 technologies.
The web 3 community, including those involved in DAOs and social communities, faces a significant risk of onerous regulations coming from the U.S. government that could push development energy outside of the country. This is a concern that needs to be addressed to ensure innovation and development can continue within the US. Lobby 3 is an initiative aimed at coordinating efforts to make regulations reasonable, transparent, and in coordination with industry leaders. It's important for everyone in the industry to get involved, either by joining Lobby 3's Discord or spreading awareness about the true use cases and benefits of web 3 technologies beyond the misconceptions prevalent in DC. The single biggest thing individuals can do is to educate others about the positive impact of web 3 technologies on creators, organizations, and individuals, and the potential for trust and transparency that can reduce reliance on centralized corporations. By working together, we can ensure that regulations align with our values and support the continued growth and development of web 3 technologies.
Decentralized Advocacy for Web 3 in DC by Lobby 3 DAO: Lobby 3 DAO, a decentralized autonomous organization, advocates for web 3 in DC with compelling narratives from organizations and promising figureheads, while also supporting political candidates aligning with the industry. The decentralized nature of web 3 necessitates a decentralized approach to advocacy, making the DAO model an effective solution.
The future of web 3 hinges on collective action in the next year, and the Lobby 3 DAO, a decentralized autonomous organization, is spearheading efforts to advocate for web 3 in DC. The team behind Lobby 3 DAO includes individuals who have previously advocated for anti-poverty measures in the US capital. By having organizations with compelling narratives, like an anti-poverty group, present the opportunities of web 3 to policymakers, it can change the conversation. Erica Rhodes, an elementary school teacher and candidate for Congress, is an example of a promising figurehead for the web 3 movement. While Lobby 3 focuses on advocacy, it's essential to support political candidates who align with the web 3 industry. The Lobby 3 DAO has a roadmap, but priorities may shift in response to regulatory actions. For those not interested in DC politics, understanding this process could be an intriguing way to engage. Essentially, the decentralized nature of the web 3 industry requires a decentralized approach to advocacy, and the DAO model allows more people to lead and contribute to the movement.
Biden administration's crypto regulation call to action: Engage with regulators to advocate for reasonable crypto regulations, invest in resources to ensure a favorable outcome, or risk unfavorable rules that could negatively impact the industry and push energy overseas.
The upcoming Biden administration executive order on cryptocurrency regulation is a call to action for the Web 3 community. The order will initiate the regulatory process but will not provide immediate answers, leaving room for potential onerous rules that could negatively impact the industry. To avoid this outcome, it's crucial for the industry to engage with regulators and advocate for reasonable regulations that promote innovation and growth. This requires resources, time, and commitment from the community. The potential benefits of clear regulations include increased confidence, clarity on the rules of the road, and the multiplication of the industry's potential. Conversely, failing to engage could result in unfavorable regulations that push energy overseas and hinder the industry's growth. It's essential to trust but verify the regulatory process and invest in resources to ensure a favorable outcome.
Engage with policymakers and community leaders: Web 3 community should collaborate with policymakers and leaders to shape regulations and change negative perceptions, highlighting positive impact stories.
The web 3 community needs to engage with policymakers and community leaders to help shape regulations and change negative perceptions. This involves identifying stories of positive impact and amplifying them to key decision-makers. The web 3 community, while traditionally anti-government, can benefit from working with regulatory bodies. Organizations like the Blockchain Association are advocating for sensible regulations and welcome new members. This is a critical area of investment for web 3 as the legislative and regulatory windows are currently open. Andrew Yang, the former presidential candidate, emphasized the importance of optimism and taking action to bring about positive change in the world. He believes entrepreneurs solving real-world problems are the key to a better future.
Bridging the knowledge gap in Washington about web 3 technologies: The community must share positive stories and educate lawmakers about web 3 technologies to bridge the knowledge gap and promote their potential benefits in politics and beyond
There's a growing trend towards decentralizing learner and employee data, and this could provide new opportunities for individuals to showcase their skills and value to potential employers outside of the traditional educational and professional advancement systems. However, there's a significant knowledge gap in Washington when it comes to understanding web 3 technologies like cryptocurrencies and tokens. The average member of Congress is not well-versed in these topics, and their opinions are often formed based on negative media coverage. It's up to the community to help bridge this gap by sharing positive stories and educating lawmakers about the potential benefits of these technologies. The Forward Party, a third party focused on technological advancement and progress, plans to leverage web 3 technologies in their campaigning and legislative efforts to promote a more positive alternative to the current political system.
It's not gonna build itself: Success requires active effort and dedication. Don't rely on luck or external factors, take action and stay committed.
Building something, whether it's a project, a business, or a team, requires active effort and dedication. The statement "It's not gonna build itself. Am I right?" emphasizes the importance of taking action and not relying on external factors or luck. It's a reminder that success doesn't come easily or automatically, and that each of us has a role to play in making things happen. Whether you're leading a team or working on a personal project, remember that the only way to achieve your goals is to put in the work and stay committed. So, let's roll up our sleeves and get to work!
