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LexSokolin
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Remember when people debated if the internet was useful?
No?
That's exactly how we'll remember web3 skeptics in 10 years
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LexSokolin
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Let's talk about JPM's blockchain timeline 2016: Built Quorum with Consensys 2020: Onyx launch for internal fintech use cases 2021: Interbank payments 2025: Public stablecoin If you just woke up thinking the banks have come, then you missed that they have already been here Here was the problem. JPM wanted to own the blockchain, so they started by building out a private financial enterprise chain. This doesn't work from a cost and scalability perspective -- an expensive lesson for all involved. Quorum was sold back to Consensys to maintain. Consensys pivoted to MetaMask and public chains shortly after. Then JPM wanted to own all the financial venues on top of the chain. So Onyx/Kinexys was born to build software on top of Quorum to own flows. That's fine, but it doesn't connect to Web3 and therefore is just the same as what JPM was doing on databases. They are already trusted internally, blockchains are best where you want no trust assumptions. Now, they are doing a deposit token on Base. Is Base better than Ethereum? Is it better than Quorum? No. Just go direct. Stop flirting and either deploy and own your L2 with your own apps and clients, like Coinbase, or deploy to Ethereum and let people build on you.
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Chime's problem isn't execution. It's imagination While global neobanks are building financial superpowers, Chime is optimizing for American subscriptions The next decade belongs to borderless banking built on stablecoins I want Chime to win and think even bigger
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Remember: Banks aren't your friends They're businesses And you're leaving money on their table Money market yields > Bank yields Also stablecoins literally made from money market funds
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Breaking: Your bank account is a donation to bank shareholders Meanwhile money market funds are yielding 4%+ Be smarter with your cash Move it to brokers Stop subsidizing banks Also, stablecoins are money markets.
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The US should have just let all these retailers become Industrial Loan Companies Commerce doesn't want to pay banks net interest and interchange Stablecoins disintermediate both payments and deposits by letting retailers use tokenized money market funds, ie stables, for commerce
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