116 - Why Bankless Is Wrong | Ethan Buchman - Cosmos
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 2 May 2022
⏱️ 105 minutes
🧾️ Download transcript
Summary
https://shows.banklesshq.com/p/116-ethan-debrief
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Ethan Buchman is a fantastic human being, an Internet Biophysicist, Monetary Localist, and Co-Founder at Cosmos. In addition, he is President of the Interchain Foundation.
Today, he comes on Bankless to tell us why we’re wrong.
This episode’s dialectic explores the fate of the blockchain ecosystem—will we have a multi-chain sprawl of different protocols, or will we see a few chains with a power law distribution?
We dive into the value of monetary premium, set against the opposing side of monetary clearing and velocity.
And what does this all mean for security?
The ultimate answer we seek is how to avoid turning the world into a dystopia. On either side of the tyranny spectrum lies anarchy and autocracy, so perhaps the answer rests somewhere in the middle.
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Topics Covered:
0:00 An Internet Biophysicist
6:10 Why Is Bankless Wrong?
9:35 Network Topology
15:55 Co-op Full vs Bankless
23:06 Monetary Premium vs Clearing
33:25 Empires vs City-States
44:48 Discussing the EVM
51:59 The Role of Bitcoin
56:39 DeFi vs ReFi
1:00:49 Systems and Cycles
1:09:00 The Network Effect of Money
1:14:48 Mutual Exclusivity
1:19:34 Layer 2 vs Cosmos
1:26:38 Cooperative Democracies
1:32:31 Plutocracy
1:42:15 Chaos and Order
1:47:55 Closing & Disclaimers
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Resources:
Map of Zones
https://mapofzones.com/
Debt: The First 5000 Years
https://en.wikipedia.org/wiki/Debt:_The_First_5000_Years
Cosmos EVM
https://evmos.org/
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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures
Transcript
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| 0:00.0 | Welcome to Bankless, where we explore the frontier of internet money and internet finance. |
| 0:11.2 | This is how to get started, how to get better, and how to frontrun the opportunity. |
| 0:14.7 | This is Ryan Sean Adams. |
| 0:15.9 | I'm here with David Hoffman, and we're here to help you become more Bankless. |
| 0:20.7 | All right, got a special podcast episode for you today. |
| 0:23.7 | You've been listening to Bankless for a while, probably, and that's good. |
| 0:27.3 | But are you in a silo of information? |
| 0:31.6 | Where is the Bankless thesis actually wrong? |
| 0:34.6 | Is the question we posed today? |
| 0:35.8 | We brought on someone who shares many of the same values that we do at Bankless, but has |
| 0:39.7 | an alternate view of how to get there a few things that we talk about today as Ethan Buckman |
| 0:45.4 | tells us why we're wrong. |
| 0:47.0 | Number one, are we going to live in a many-chain future or a few power-law-winning chain |
| 0:52.8 | future? |
| 0:53.9 | Number two, can a chain win without actually being money? |
| 0:57.2 | Bankless doesn't think so. |
| 0:58.4 | Ethan seems to. |
| 0:59.5 | Number three, Ethereum shared security. |
| 1:02.6 | We're going to have that model of the world or an app chain model. |
| 1:05.6 | That's what Cosmos is driving towards, and what are the trade-offs of both? |
| 1:09.1 | And fourthly, I think this is the big question of the episode. |
| 1:12.2 | What is the best way to build this crypto world without turning it into a dystopia, |
... |
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