Victor Ugochukwu · Oct 22, 2020 . 5min read
Balaji Srinivasan’s Crypto supremacy case over Silicon Valley
Balaji layered on one reason with another giving contexts to back his points in respect to Crypto being the next big thing after Silicon Valley.
By Victor Ugochukwu · Sep 29, 2020 . 11min read
Balaji Srinivasan, former CTO of Coinbase and founder of Earn.com which was later acquired by the same Coinbase in his usual tweet-storms has made another bold prediction, this time its that after the wave of Silicon Valley, Crypto is the next big thing.
Balaji tweeted and said,
Crypto is what comes after Silicon Valley.
Aptly backing his bold statement with reasons, Balaji layered on one reason with another giving context to what appears most time times to be arbitrary tweets demanding a person with more than an average IQ to really get the gist of his conversations.
Balaji argues Crypto has more Philosophical Debt, Remote-first and beats Silicon Valley Technology in terms of Tech Robustness.
The first reason the former Coinbase CTO gives is that “it has much more philosophical depth than tech”. He goes further to provide more context by saying you “can’t understand BTC without history”. Who decides to go down the rabbit hole of how the mysterious Satoshi Nakamoto created Bitcoin without learning about the why? No one knows if it’s just one person or a group of cypherpunks that came together to make the world’s strongest computer network in 2009, immune to any government excesses or control and cannot be hacked by any entity that powers bitcoin cryptocurrency.
The fact is that the revolution it sparked off since over a decade now has birthed not only the best performing asset class of the decade but also a currency touted to dethrone the dollar as the world’s global reserve currency. Whether that will happen or not is always a subject of debate; however, blue chips like Microstrategy wants in, and they already are. Balaji also points to the fact that Crypto is international, which is a very strong point for Crypto. As a matter of fact, what the banking system could not achieve for decades, Crypto has been able to do. Talk about financial inclusiveness, and Crypto beats the banking sector by miles.
Balaji also didn’t fail to mention that most web3 applications are more difficult than the usual technology stacks that make up most products from Silicon Valley. Ethereum, for example, needs developers to understand Solidity programming language to manoeuvre the multi-faceted network.
Crypto is a suitable alternative to legacy products and institutions.
The tech whiz also makes a case for crypto in the area of being a credible alternative to most of the institutions present today. In his tweet, Balaji said,
It is an alternative to many legacy institutions
Buttressing on that, Balaji pitches DeFi as a smart replacement for Wall Street which is the capital funnel for Silicon Valley. And again, Balaji thinks decentralized protocols we see within the crypto industry today will make a good switch Silicon Valley. How about the hallmark of Law as a study? Smart contracts whose applications have proven powerful and yet even to be fully explored can take its place. As for Columbia Journalism, Balaji pitches crypto oracles like Chainlink and Band Protocol. For the Federal Reserve, the most powerful monetary institution in the world, he thinks algorithmic monetary policy can fit in. Whether with how Bitcoin supply is controlled through mining or the recent elastic supply model for DeFi tokens as we see with Ampleforth or others like YAM or SushiSwap, Balaji must have these in mind as he puts this point forward.
Lastly, in this area, on-chain governance upon which most DeFi protocols that sparked off the bull run of 2020, Balaji says it can replace Harvard KSG.
Crypto is more risk-tolerant and genuinely rebellious than what Silicon Valley has evolved to become
The Huawei versus the Trump administration United States only happened recently. Trump brought Google into the crossfire, which was the crowning point of the tussle. The Trump administration mandated Google to block Huawei from accessing its Android OS. Evidently, Huawei cowered. The same thing happened recently with the Trump – TikTok ban. Although Bytedance from China developed TikTok, China’s budding tech industry is still a mirror of Silicon Valley. Albeit with lesser free rein and the blurry line between private corporations and the State.
The bottom line is that just with the wave of executive fiat, an application can cease to function. This is not even factoring the gatekeepers which big tech has become. The debate as to the anti-competitive practices of Apple lingers. To check out recently how it played out in the Apple vs Epic Games saga. Dapps are immune to this. The community runs the largest DeFi protocols out there today. From automated market makers like Uniswap to lending protocols like Compound and Aave on-chain governance is the order of the day.
Crypto’s edge over legacy systems and Silicon Valley offshoots are inexhaustible. Even Balaji knows this. Who else is more qualified to share his opinion on this if not Balaji? He has the credentials to back his views. Having worked in Silicon Valley and built startups with multi-million dollar exits, Balaji Srinivasan’s crypto portfolio is equally rich.
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Komal Joshi · Oct 22, 2020 . 5min read
Billion-dollar blockchains including Bitcoin forks, Tezos and Ripple only reported less than $1,500 transaction fees combined
Atleast 7 among other blockchains it reports in terms of fees worth a combined $25 billion only generated less than $1,500 in transaction fees.
Victor Ugochukwu · Oct 22, 2020 . 6min read