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An Inquiry into Decentralization with Erik Voorhees (WiM083)

Dec 2, 2021

02:07:41

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INSIGHT

Decentralization Is Multi-Dimensional

Decentralization is multi-dimensional and exists on spectra across nodes, developers, users and token holders.
The important question is not binary decentralization but degree and which vector matters for each purpose.

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ADVICE

Match Decentralization To Purpose

Decide how decentralized your project needs to be based on its purpose and threat model before designing trade-offs.
Accept efficiency losses when prioritizing censorship-resistance for money-like systems.

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INSIGHT

Premine Isn’t A Permanent Death Knell

Genesis token concentration doesn't permanently bar decentralization because ownership can diffuse with adoption.
Degree matters: a premined token can become decentralized over time as holders diversify.

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The Purpose of Decentralization

04:40 • 5min

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Is Etherium Decentralized?

09:19 • 4min

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Is the Dow Hak of a Theorium a Proof of Decentralization?

Is Bicoin Hard Forked?

19:49 • 4min

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Is Eath a Cryptocurrency System or a Bitcoin?

23:24 • 2min

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Is Bitcoin Market Proven?

25:44 • 3min

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Decentralized Exchange

28:24 • 3min

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Can the Government Shut Down Decentralized Exchanges?

31:02 • 2min

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Etherium Corp Development Team - Could They Stop the Decentralized Exchanges?

33:29 • 2min

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The Social Contract Is More Divisible Than on Bit Coin

35:27 • 2min

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Etherium and Cryptocurrency Are Competing for Just One Market

37:39 • 3min

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The Problem Is the Ultra Sound Money Narrative

40:21 • 5min

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The Store of Value Function of Money

45:31 • 3min

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Is Bitcoin the Greatest Investment of All Time?

48:04 • 2min

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Is the Lightning Network a New Asset Class?

50:20 • 3min

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Is the Theorium More Decentralized Than Bicoin?

53:15 • 2min

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I'm Not Sure if It's Custodial or Not.

54:57 • 2min

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Nidig - The Most Important Bit Coin in the 20th Century

56:55 • 4min

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The Rise of Decentralized Exchanges in Shapeshift

01:01:03 • 3min

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The Shapeshift Platform Is Going to Zero, Right?

01:03:41 • 2min

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How to Decentralize the Work of a Company

01:05:45 • 4min

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Is It Still Sheepshift?

01:10:15 • 2min

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Cryptocurrency and Censorship Resistance

01:12:25 • 3min

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Is There a Way to Decentralize Cryptocurrencies?

How Does the Voting Work?

01:23:09 • 3min

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Decentralization Is a Trend, Isn't It?

01:25:50 • 5min

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Politicians in Cryptocurrencies?

01:30:46 • 3min

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Is It Open Source or Public?

Is There a Generating Problem With Fox Tokens?

01:37:10 • 3min

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What Should We Do About This?

01:39:57 • 3min

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Is Everything That Isn't Bitcoin a Scam?

What Is the Utility Value of Ethereum?

01:52:26 • 3min

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Is There a Utility of Etheorium?

01:54:56 • 2min

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Is the Issue of the NFT on Bitcoin?

Decentralized Social Media, Et Cetera?

02:01:39 • 2min

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Is There So Much Like Potato Chipped Content Out There?

02:03:37 • 2min

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Bicoin and the Sheepshift

02:05:19 • 2min

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Erik Voorhees joins me to explore the nature of decentralization.

Be sure to check out NYDIG, one of the most important companies in Bitcoin: https://nydig.com/

GUEST
Erik’s Twitter: https://twitter.com/ErikVoorhees
Erik’s Company: https://shapeshift.com/

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Transcript:

OUTLINE
00:00:00 “What is Money?” Intro
00:00:08 How Do We Determine Decentralization?
00:06:09 Decentralization is Solely for Censorship-Resistance?
00:09:24 Does Ethereum’s Pre-mine Prohibit its Decentralization?
00:13:08 The Ethereum Post-DAO Hack Fork
00:17:57 “Code Is Law”
00:22:07 Ethereum Is Not Money; It Is Liquid Venture Capital
00:26:50 Is Ethereum Market-Proven?
00:28:33 Is Decentralized Exchange a Valid Use Case?
00:35:43 The Indivisibility of the Bitcoin Social Layer
00:37:57 What is the Total Addressable Market for Ethereum?
00:41:00 The “Ultra-Sound Money” Narrative
00:46:33 The Store of Value Marketplace Dynamics
00:51:30 Is Lightning Network Decentralized?
00:56:53 NYDIG
00:58:00 What is Shapeshift?
01:04:22 Where is Shapeshift on the Path to Decentralization?
01:10:14 What are Decentralized Autonomous Organizations (DAOs)?
01:15:45 Current Law Does Not Contemplate the Existence of DAOs
01:19:10 Are Other Organizations Pursuing the Path of Decentralization?
01:23:09 The Governance Model of Shapeshift DAO
01:27:21 Why Not Build All DAOs on Bitcoin?
01:30:55 The Non-Coercive Politics of Decentralized Protocols
01:38:40 ICOs and Self-Regulation
01:43:19 Can Self-Regulation Work in Practice?
01:52:30 What is the Utility Value of Ethereum?
01:59:23 What is the Endgame of Bitcoin and Decentralization?

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