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Omid Malekan 🧙🏽‍♂️
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Omid Malekan 🧙🏽‍♂️
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Prediction: In the years to come, a stablecoin issuer will differentiate itself by its refusal to intervene or do freeze and seize, pushing this to the boundaries of what's possible legally. This will be a killer GTM strategy and take massive marketshare. Logic: Everyone and their mother is going to issue a stablecoin, but they are notoriously difficult to differentiate. As Tolstoy said, every narrow bank is the same, fractional-reserve banks are each fractional in their own way; Neutrality and none-intervention is one of the few ways a stablecoin could distinguish itself, and this will appeal to DeFi a great deal. And most users. Counter: But...but...hacks and smart contract errors..and regulators...and Liz Warren...and none believers...and Suits and their Simps...they want seize. They want freeze. They want 1-800-REFUND functionality. My Response: That's TradFi. Feel free to keep using it. Not being that way is the whole point of crypto.
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Omid Malekan 🧙🏽‍♂️
03-14
If you go to a TradFi person and say "here we have a blockchain with censorship and reversibility built-in for emergencies. We built it for you, because you wear a really nice suit, and we want to build interweb financial systems, so we cater to your needs, bailouts and all" then the first thought he'll have is: "Oh that's great, if I ever make a mistake on your blockchain, I can call someone and have it reversed" Then he'll go home and think some more. The second thought he'll have is: "Wait a minute. This design also means that if I book a highly profitable trade, my counterparty could call someone and have it reversed, screwing me." And then he'll bring this up with his smart colleague who knows the history of TradFi and she'll add: "If they have censorship and it succeeds eventually they'll weaponize access and threaten to kick us out unless we pay through the nose. That's the history of all TradFi" And then our man we'll realize he'd rather have a chain that is never reversible and can't censor, because it's easier to make sure that you never make a mistake than it is to make sure nobody else ever screws you or censors you.
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Omid Malekan 🧙🏽‍♂️
03-13
There's a strange tendency in crypto to wildly vacillate from one core belief to the opposite. Not that long ago, every shitty PFP project was worth millions and memecoins were a new way to monetize attention. That was dumb. But you know what else is dumb? Concluding that incremental improvements of FinTech solutions via stables and capital market activity via tokenization are the only thing crypto is good for. I for one still believe that every esoteric non-financial application, from digital art to DeSo to digital credentials to new governance primitives to data provenance to DePIN will still be a thing, and someday, a very big thing. We just have to figure out the right way to do them, have integrity, and wait for society to evolve a bit more. Ironically, the AI boom is going to cause borderline-emergency need for some of these solutions very soon. How do we very data in a world where gen AI could create perfect counterfeit documents? How do we verify identity when deepfakes run amok? How do we verify facts when everything is diluted with slop? We do all that by building on top of a new global root of trust that anyone could access but nobody controls.
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