Join Josh Rosenthal, a crypto historian and Fulbright Scholar, as he draws fascinating parallels between the American Revolution and today's crypto revolution. He discusses the ideals of decentralization and self-governance that both movements share. Explore the historical evolution of value creation, from the Tea Party to modern crypto innovations. Discover the challenges of outdated regulations and the importance of community engagement in shaping decentralized finance. This lively conversation highlights how history informs the revolutionary potential of cryptocurrency.
The American Revolution was driven by the revolutionary idea of value creation and pursuit of economic independence.
The founding fathers engaged in a debate over the best way to govern the newly independent nation, with discussions revolving around striking a balance between structure and freedom.
The Whiskey Rebellion reflected the tension between decentralized governance and pushback against overbearing policies and regulations, emphasizing the ongoing battle between economic independence and regulatory environment.
The pursuit of economic independence, value creation, and the tension between decentralized governance and regulatory control are enduring themes in the crypto revolution.
The podcast emphasizes the importance of pursuing true vocation, aligning communication and economic pursuits, and the potential for value creation in a decentralized and permissionless economy.
Deep dives
Value Creation and Independence
The American Revolution was driven by the revolutionary idea of value creation and pursuit of economic independence. The colonists viewed themselves as individuals with the right to pursue their own economic interests and build wealth through their vocations. The British taxation and burdensome regulations impinged upon their ability to create value and participate in the virtuous cycle of wealth generation. The Tea Party, where the colonists dumped the tea into the Boston Harbor, symbolized their resistance against the British authority that hindered their economic pursuits. The colonists wanted to break free from the static medieval hierarchy and participate in the emerging concept of generative finance and capitalism. This idea of value creation and pursuit of economic freedom became one of the driving forces behind the American Revolution.
Debating Governing Structures
Following the American Revolution, the founding fathers engaged in a debate over the best way to govern the newly independent nation. It was not a straightforward path, with discussions revolving around striking a balance between structure and freedom. The American Constitution, enacted in 1777, lacked certain powers like taxation and government regulation. The founding fathers sought to prevent the new government from becoming excessively centralized and stifling the value creation and independence they fought for. The debate centered on divergent geographies and communities, experimentation with different forms of government, and the pursuit of a more perfect union. The parallel to the crypto revolution lies in the ongoing discourse about striking the right balance between decentralized governance and the need for certain regulations.
The Context of the Whiskey Rebellion
The Whiskey Rebellion, not often associated with the founding of the United States, holds significant relevance when examining the parallels with the crypto revolution. The rebellion reflected the tension between decentralized governance and the pushback against overbearing policies and regulations. The Whiskey Rebellion emerged as a response to an excise tax imposed on distilled spirits, affecting small-scale producers and frontier settlers. This conflict highlighted the resistance against policies that impinged upon economic freedoms and hindered value creation. It emphasizes the ongoing battle between individuals seeking economic independence and the regulatory environment that sometimes hampers their ability to participate fully in the generative economy.
Towards a More Perfect Union
The history of the American Revolution and the ensuing governance debates provide valuable insights into the present-day crypto revolution. The pursuit of economic independence, value creation, and the tension between decentralized governance and regulatory control are enduring themes. The colonists' revolt against British authority, driven by their desire for economic freedom, mirrors the current passion of individuals in the crypto space to push for decentralized systems that allow for innovation, value creation, and individual empowerment. The American Revolution was not a single event but an ongoing experiment that shaped the nation, much like the crypto revolution stands as an ongoing experiment that challenges traditional systems and aims to build a more perfect union of economic freedom, independence, and generative governance.
Value Creation and Ownership Economy
The podcast explores the revolution towards value creation and ownership in the crypto world. It draws parallels to the American Revolution, highlighting the importance of property rights and freedom in generating wealth. The discussion emphasizes the need for true vocation and the ability to pursue one's passions and skills in an economic system that rewards value creation. It notes that traditional media and platforms have divorced ownership from content and code, resulting in centralized control, while crypto offers the opportunity for ownership at scale. This shift allows for a holistic view of work and play, blurring the lines between entertainment and work, and creating alignment between personal values and economic activities.
Revisiting Communication and Vocation
The podcast delves into the historical context of communication and vocation. It highlights the importance of pursuing one's true self and engaging in meaningful work that benefits oneself and others. It discusses how crypto and blockchain technology provide a unique opportunity for individuals to align their communication and economic pursuits. It emphasizes the shift towards an ownership economy, where individuals can generate value by following their passions and working in communities with shared values. The podcast underscores the massive potential for value creation and the freedom to explore esoteric interests in a decentralized and permissionless way.
Parallel Debates on Governance
The episode draws parallels between the debates on governance during the American Revolution and the current discussions in the crypto world. It highlights the role of public discourse and the open square in shaping governance models. The podcast discusses how the crypto space explores different governance approaches, such as quadratic voting, electors and delegators, weighted voting, and expert-driven decision-making. It showcases the experimentation and evolution of governance models within the crypto community. The episode emphasizes the ongoing shift towards more inclusive, efficient, and decentralized governance structures.
Participating in Crypto's Great Experiment
In this podcast episode, the hosts discuss the importance of participating in crypto's great experiment. They emphasize the need to get political, meaning engaging with governments and advocating for clear regulations that support crypto innovation. They highlight the significance of building, whether through coding, community building, or content creation, to actively contribute to the growth and development of the crypto ecosystem. Additionally, they stress the importance of helping others by sharing information, supporting projects, and contributing to public goods. The hosts encourage listeners to embrace the opportunities that crypto offers, to experiment, and to learn in public. They underscore the significance of this historic moment and invite individuals to actively shape the future of crypto.
The Evolution from Renaissance to Crypto Revolution
In this episode, the hosts draw parallels between the Renaissance, the American Revolution, and the current crypto revolution. They discuss how each phase represents a crucial point in history where established structures were challenged and new opportunities were created. They highlight the importance of freedom of value, freedom of vocation, and freedom of governance as key drivers for revolutionary movements. The hosts underline the need to build and experiment in order to define a new economic model based on ownership and participation. They emphasize the role of pluralism in creating a diverse and robust crypto ecosystem, encouraging listeners to help others and contribute to public goods.
Taking Action in the Crypto Revolution
In this podcast episode, the hosts provide actionable steps for listeners to take in the crypto revolution. They urge individuals to get political by engaging with governments, advocating for clear regulations, and exploiting trojan horses to showcase the economic and social value of crypto. They emphasize the importance of building, whether through coding, community building, or finding ways to turn cost centers into revenue-generating activities. The hosts also stress the significance of helping others, sharing information, supporting projects, and contributing to public goods. They highlight the historic opportunity to actively participate in shaping the future of crypto and moving towards a more perfect union.
Josh Rosenthal is our favorite crypto native historian. He has a Ph.D. in history, and received a Fulbright Scholarship to the Sorbonne’s Institute for Advanced Studies.
Josh moved beyond traditional academia, sold some Web2 companies, and is now a crypto investor. He’s the historian that helped us craft the Crypto Renaissance podcast episode, which many people credit as the reason why they got into crypto.
And he’s here to do it again with the Crypto Revolution on the 4th of July, harkening a new independence day for the crypto nation.
0:00 Intro 6:00 Josh Rosenthal 14:43 The Broad Themes of History 23:33 A Permissioned World 28:40 The Context of Revolution 36:21 Taxation and Value 42:30 The Revolutionary Goal 46:34 Launching an Experiment 50:51 Coordination 54:07 The Whiskey Rebellion 1:02:45 Flawed Policies 1:07:45 Net Improvements 1:16:28 Vocation 1:23:52 The Land of Opportunity 1:30:24 The Public Forum 1:37:50 Permissionless Building 1:45:40 Digital States 1:51:25 Make things easier 1:57:30 Get building 1:59:58 Help others 2:05:00 Closing
----- 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
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