Everybody wants to pick winners and losers. Like, is it going to be the apple or is it going to be the potato, right? Like, which one of these are we doing? And I'm saying the future actually looks like gazpacho, right? Like, it's just going to, everything's going to be in there and it's all together. I worry right now that, to be totally honest, and I've said this elsewhere, we're seeing a whole lot of my space and very little Facebook. And the answer to who will win is

none of the people currently on the field.

Hi, everyone. Welcome to Unchained. You're a no-hyped resource for all things crypto. I'm your

host, Laura Shin. The stable coin race is heating up in a big way, with both big and small players getting in.

I had a conversation with Austin Campbell about how it might shake out and was surprised by what he said.

Once stable coins become integrated, he believes the system could end up all being a lot less decentralized and censorship resistance than the ideals that crypto has long espoused.

Austin seems to think that tech innovation will matter less and financial regulation would matter

more and could even prevent disruption from happening to the same extent as has happened in other

industries.

This sort of echoes what Jim Bianca was saying in the recent interview I did with him, that regulation

will end up being the kingmakers.

I do wish I had managed to ask Austin about one thing.

He talks about how the fact that Ethereum validators didn't censor anything related to the by-bit hack

shows that Ethereum isn't ready for prime time when it comes to real-world assets.

I suspect a number of you would find those to be fighting words.

My main question is that it could become not just a slippery slope, but a full-on quagmire

if Ethereum were to censor in those instances, especially for less clear-cut cases.

I was also surprised when Austin called out a couple of blockchains that are, yes, in the top 25,

but not part of the hype cycle. And he said that he thought they had the potential to be

better solutions than Ethereum for real world assets. At this moment in time, I'm skeptical of

those claims, even as I'm aware that a lot could change in the next five or ten years.

Either way, Austin is engaging as always.

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