At Coinbase in 2015 we convinced USAA to use the Coinbase API to allow everyone with a USAA bank account to connect their Coinbase account and view their Bitcoin balance. It was before Ethereum existed and felt like a huge deal at the time.
10 years later JP Morgan is launching a stablecoin on Ethereum and more banks are on the way. Crazy.
If you used Bitcoin early, you understood the limitations and then saw Ethereum.
If you used Ethereum early, you saw all the products it enabled like stablecoins, DeFi, prediction markets and NFTs.
Newcomers always want to jump into hyped up narratives to make money but you can never go wrong ignoring narratives and just letting the use of products guide you.
The GENIUS Act is great for crypto and stablecoin market cap will 10x from here ASAP because of it.
But the bill could be even better if it was decided by the people with skin in the game via futarchy rather than politicians beholden to corporate donors.
How a stablecoin bill decided by futarchy could work:
- Congress agrees stablecoins are great for America and the best measure of success for the bill is the total market cap of stablecoins.
- Many variations of the bill are proposed.
- Conditional prediction markets are created for each variation. "If Bill A passed, will total stablecoin market cap will grow from $250B to $2.5T in 3 years?"
- Anyone can put their money where their mouth is and the market decide on what the best bill is to achieve the goal.
A few years ago this was a pipe dream but Polymarket volume has grown over 23x Y/Y and it's now a go-to info source for world events. The most entertaining outcome is the most likely.
The GENIUS Act is great for crypto and stablecoin market cap will 10x from here ASAP because of it.
But the bill could be even better if it was decided by the people with skin in the game via futarchy rather than politicians beholden to corporate donors.
How a stablecoin bill decided by futarchy could work:
- Congress agrees stablecoins are great for America and the best measure of success for the bill is the total market cap of stablecoins.
- Many variations of the bill are proposed.
- Conditional prediction markets are created for each variation. "If Bill A passed, will total stablecoin market cap will grow from $250B to $2.5T in 3 years?"
- Anyone can put their money where their mouth is and the market decide on what the best bill is to achieve the goal.
A few years ago this was a pipe dream but Polymarket volume has grown over 23x Y/Y and it's now a go-to info source for world events. Anything is possible.
MakerDAO was the first DeFi app on Ethereum and the decentralized collateralized stablecoin vision is the holy grail. The Maker product has always been amazing, but centralized collateralized stablecoins like USDT and USDC have outshined DAI and projects w/ aggressive yield farming have outperformed MKR.
USDS and SKY are at the bleeding edge of DeFi again. Bullish.
Coinbase mentioned Ethereum once and Bitcoin 69+ times at a conference this week.
Why?
Ethereum is still punk rock. There’s not a strong narrative around it and there’s no coordinated corporate interests shilling it loudly. There’s still many open questions about ETH. It’s not yet obvious, and this is a great thing.
When Coinbase mentions it 69+ times at a conference, the upside won’t be as high.
Coinbase mentioned Ethereum once and Bitcoin 69+ times at a conference this week.
Why?
Ethereum is still punk rock. There’s not a strong narrative around it and there’s no coordinated corporate interests shilling it loudly. There’s still many open questions about ETH. It’s not yet obvious, and this is a great thing.
When Coinbase mentions it 69+!times at a conference, the upside will no longer be as high.
Twelve years ago, bought an engagement ring with BTC from Reed's Jewelers. They were offering a 2% discount for BTC payments and wanted to support their Coinbase integration.
Twelve years ago, bought an engagement ring with BTC from Reed's Jewelers. They were offering a 2% discount for BTC payments and wanted to support their Coinbase integration.