Bankless 19 - DeFi vs Banks | Hasu
Jun 28, 2020
Hasu, a prominent pseudonymous crypto researcher, challenges conventional norms in the DeFi landscape. He discusses the social contracts of Bitcoin and Ethereum, revealing their differing philosophies. Hasu debates the risks to Bitcoin's survival and positions DeFi as a transformative force against traditional banking. He dives into the implications of Ethereum's transition to version 2 and the significant impact of EIP-1559 on transaction efficiency. With wit and insight, he balances community values and technical innovation, exploring the future of crypto banking.
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Crypto as Religion
- Crypto tribalism mirrors religious movements, creating strong social dynamics.
- This religious fervor, although sometimes illogical, can be a positive force for ambitious movements.
Crypto: Religion or Nation-State?
- Cryptocurrencies exhibit characteristics of both religions and nation-states, particularly in their social technologies.
- These social institutions aim to scale trust and cooperation beyond small groups.
Developing Social Norms
- Bitcoin's social layer and enforced norms appear richer than Ethereum's, possibly due to Bitcoin's longer history.
- Ethereum's values are still developing but becoming more defined through a process of removal, pushing out fringe views.
