[JumpCrisscross]

> Crypto enables anyone to store money with minimal third-party trust. This freedom acts as a check and balance on corruption and builds economic resilience

In a world where cash is disappearing, this is crypto’s single validated value: in exchange for giving up the stability of a currency, you get the resilience of crypto.

> decentralised Crypto protocols are governed by code that cannot be practically censored or easily changed. For example, you know exactly how many bitcoin will exist in 80 years

Crypto has value in its interface with humans. (This is true of value, fundamentally.) Pretending it’s robotic money is a convenient fiction. If miners decide the number of Bitcoins needs to be increased, it will be increased. You can plead you’re on the real chain, the one as it was meant to be. But that is akin to refusing to convert your lira into Euros on principal.

> we have never had a platform with standardized APIs and immutable open programs for finance

This is almost entirely on account of regulation, not fundamental limits. There are some nonsense limits. Crypto has done a good job of uncovering those, and they’re in the process of being fixed, e.g. FedNOW and T+1 settlement.

[amadeo_warden]

That's true. Vitalik calls this the 'Social Layer' of Blockchains.

I'm not one to call crypto protocols immutable, so I'm sort of with you. That's why I added 'practically' and 'easily' to that sentence.

Not even China was able to ban a decentralised chain. So I'm cautiously optimistic...

-- Edit --

Hadn't seen your first and third points.

1) & 3): Agree with your points. I'd just add that you don't have to speculate to use these networks for real day to day transactions. Also, i'm not bullish on incumbents innovating faster than these permissionless protocols.

[JumpCrisscross]

> not even China was able to ban a decentralised chain

This may be due to the difficulty of enforcement, but I don’t get the sense they’ve tried. (We ultimately won’t know until their next balance of payments scare, when capital flight becomes an existential concern to the state.)

(Sorry for the live edits!)

> not bullish on incumbents innovating faster than these permissionless protocols

I’m not either. But the good ideas are being ported over quickly enough to cap crypto’s TAM. There is a model in which crypto is the financial system’s alpha environment. The curiosity is the value seems to accrue to the workers, i.e. when central banks and other players want to implement an idea from permissionless protocols, they aren’t contracting with the companies. They’re hiring folks away. (This is also true in many areas of asset management.)

[amadeo_warden]

All good!

All good points and I'm super curious to see how it plays out :-) For what it's worth, I hope you're right and non crypto FinServs can improve as a result of alpha leakage.