116 - Why Bankless Is Wrong | Ethan Buchman - Cosmos

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May 2, 2022

Ethan Buchman, Co-founder of Cosmos and expert in blockchain systems, dives into why traditional views on cryptocurrencies might be misguided. He discusses the future of blockchain—debating multi-chain sprawl versus dominant chains. The conversation touches on monetary systems, promoting decentralized governance over centralized control. Buchman emphasizes the need for community-driven approaches to avoid dystopian outcomes and critiques the focus on purely financial metrics in the DeFi space. His insights advocate for an inclusive, resilient financial ecosystem.

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INSIGHT

Emphasis Differences

Ethan Buchman believes Bankless overemphasizes monetary premium and the empire model.
He prefers to focus on monetary clearing and city-states.

INSIGHT

Network Topology

Buchman envisions a future of many interconnected, sovereign blockchains (city-states).
He believes this emergent network topology better represents diverse community needs.

INSIGHT

Co-op Full

Buchman advocates for "co-op full," emphasizing cooperative ownership.
He believes corporate structure problems must be addressed alongside banking.

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✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/116-ethan-debrief

----- 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

------ 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/

----- 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