It's Actually Happening
Dear Bankless Nation,
I know we’re winning because the magazine covers are getting better.
The above from The Economist this week. The title of the article “The beguiling promise of decentralised finance….and it’s many perils”
The writer starts by acknowledging the arguments of skeptics. Yes, crypto has been used by ransomware and to buy drugs. Yes, there have been bubbles and manias. Yes, there’s get rich quick schemes and strange cults of the “freakishly devoted”.
But it’d be a mistake to dismiss it.
Why?
I’ll quote the article directly.
“the rise of an ecosystem of financial services, known as decentralised finance, or DeFi, deserves sober consideration. It has the potential to rewire how the financial system works, with all the promise and perils that entails. The proliferation of innovation in DeFi is akin to the frenzy of invention in the early phase of the web. At a time when people live ever more of their lives online, the crypto-revolution could even remake the architecture of the digital economy.”
Crypto deserves sober consideration.
DeFi has the potential to rewire how the financial system works.
This is all playing out just like the early phase of the web.
Yes! YES!
THIS IS EXACTLY WHAT WE’VE BEEN SAYING.
Sometimes the most powerful message you hear is your own message repeated back to you by someone outside your circle—that’s when you know it’s really happening.
The Economist is a digest for globally-minded elites. Every president since JFK has read it. Bill Gates reads it. Angela Merkel listens to the audio version.
These are the people now acknowledging the potential of DeFi.
It’s not just us crazies anymore.
It’s everyone.
This is the second time this feeling hit me in the past week.
The other time was when Cathie Wood told me point blank that the banks are scared. This was my it’s actually finally happening face the moment after she said it.
Yep. Our magazine covers are getting better.
Can you spot the difference?
Does it remind you of this?
I guess this shouldn’t surprise us.
Like The Economist said—this is all playing out just like the early phase of the web.
From fear and dismissal to acknowledgment and acceptance.
It's actually finally happening.
Glad you were here on Bankless front-running the opportunity the whole time.
Here’s what’s lined up for next week:
- Podcast with Vitalik on the perils of centralization (early release here!)
- Bankless will show you how to earn by lending to institutions
- David and I are dropping an episode on the Metaverse
I hope you didn’t miss our Debrief from the Cathie Wood episode. This alone is worth the price of becoming a Premium Member.
Enjoy the weekend.
- RSA
ACTION RECAP 📚
- Execute any good market opportunities you saw in Market Monday
- Join a DAO
- Evaluate the future of FinTech and Crypto in emerging markets
- Get exposure to the upcoming wave in Layer 2 🔥
- Share what you’re doing on Layer 2