Permissionless money is still the end goal

in LeoFinance16 days ago

Permissionless money is still the end goal.

Direct from the desk of Dane Williams.




Achieving a parallel system offering the permissionless transfer of money, text, media and assets.

Everyone in crypto is hurting.

The mainstream media is jumping all over Terra’s death spiral and there’s no doubt that governments are gathering ammo to try and lock down the space.

But whatever you do, don’t lose sight of the end goal in this crypto game that we’re all playing:

A parallel system offering the permissionless transfer of money, text, media and assets.

Let’s continue the discussion on why establishing this parallel is all that matters in the long run and some further lessons to be learned from Terra’s collapse.

The regulators are coming

Can you hear that?

BOOM…

BOOM BOOM…

BOOM BOOM BOOM…

The slow, methodical drum beats from regulators as their legal army marches on the gates.

Orc army marching upon the gates representing the regulators coming at stablecoins.

We know governments and regulators are coming.

But just remember that it doesn’t matter what they do when there is a parallel system of permissionless money.

Algorithmic stablecoins are still the only way forward.

The fact that Terra’s code was flawed means and changes nothing in the grand scheme of how important permissionless, untouchable, WORKING algorithmic stablecoins are.

The tech has already passed regulators by and while they can make the rules within their parallel, there’s nothing they can do to touch the other.

This is going to be extremely important to remember over the next months as the legal avalanche swamps those sitting at the top of Terra’s ivory tower.

The Terra blockchain is no more

Speaking of the head honchos over at Terra’s head office, did you see they today flicked the switch on the network itself?

The Terra blockchain has officially halted at block 7607789.

Terra Validators have halted the network to come up with a plan to reconstitute it.

More updates to come.

So just like that, the entire blockchain is able to be halted and essentially shut down.

If you are a project looking for a home for your killer dApp, you NEED to consider just how decentralised and censorship-resistant the underlying network is.

I loved the sound of Terra’s marketing material as much as the next guy, but that doesn’t sound like a network that can house permissionless money

Even if the LUNA/UST tokenomics weren’t completely unsustainable and it survived, the obviously entirely centralised network itself is a totally unsustainable vulnerability.

Just like we saw here on Terra, we keep seeing this same scenario play out on the entirely centralised Solana network and nothing seems to change.

These are not the conditions required to house permissionless money.

Maybe this will be the come to Jesus moment for projects?

Terra based projects looking for a home

With the lights going out on the network because head office said so, we already see newly homeless Terra based projects looking for a solution.

One such project being a dApp with a community somewhat similar to LeoFinance called Loop:

Yes that is them and their community voting to stay the course and follow their fearless leader who just turned the lights off on them, wherever he goes.

My god.

One by one, projects like Loop will experience their come to Jesus moment and join the truly decentralised, permissionless parallel.

Maybe not today.

Maybe not tomorrow.

But they will.

You’ll see.

Best of probabilities to you.

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It's been a show just watching what happened on LUNA and UST. I feel like the regulation play is what happens every time a stablecoin has an issue and I remember similar calls with the IRON stablecoin.

I hope some of these projects do move over to Hive.

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We're primed to welcome Loop Finance if that is what they choose.

In my opinion, Hive is the perfect home for their own social community.

But we'll just have to wait and see what path they choose.

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Most of the time, decentralization and decentralized money are nothing but marketing gimmicks. People want to have something that is permissionless and decentralized. And what people get from LUNA,

Spend, Save, and Stake Like Never Before that can be turned into ashes in just 3 days. Period.

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Copy that! 😅
I think I've said on the comment section of a lot of contents countless times... Let's just keep staking and enjoy the situation somehow

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LUNA's implosion was down to flawed tokenomics.

But my point is that without a truly decentralised, censorship-resistant network running underneath, good code or bad code, it wouldn't have mattered in the long run.

If all it took was a few people to get together and shut down the entire network, then that would have been a major point of failure in the future.

Getting this base layer right is the real key to permissionless money.

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let's see how things go and I will say, Terra is just another example of how things can tune bad the centralized blockchain when they try to chill with the big boys like BTC and Hive lol.

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Haha, I'm not sure we can call Hive a big boy just yet ;)

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Lol 😆

Hive can make wood from the fallen tree with this situation.

Since HBD held up quite well in the face of this bleeding, it can be said that a lot could be learned, either good things or bad things.

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Hive can make wood from the fallen tree with this situation.

Hah, great expression! I wasn't familiar with that but I'll definitely start using it

Also, I agree with you

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:D You're welcome..

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Just like tokenizedsociety said above, that is a great expression!

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Hahaha XD

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Hive be like
image.png

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...now just waiting for the copyright infringement lawsuits to come rolling in :P

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!CTP

Thanks for the tip mate.

So I take it that you agree with me that permissionless money is still the end goal?

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So your corporatist scarcity crypto model seemingly no longer holding value very well? Some of you guys projects being destroyed overnite.. I bet that shatters the confidence of these so called algorithimic stable coins and so on.. so what you guys going to do now? hit your heads up against the wall some more.. only this time around i suspect there will be less of you harming yourselves

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You know that I'm just a blogger sharing my opinion here, right?

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I think the problem is there needs to be correction to the information you spread and the people who listen to you. So there is some responsibility there. For example you keep calling this crypto a money. It's not a money it's a high risk speculative device. Nobody is really accepting this crypto. it lacks intrinsic value. It's not structured to be well distributed so what it is really is a gambling poker chip and most economist would agree with me.

So i have to correct that. People like @themarkymark are selling worthless jpegs.. he could be selling them to himself it's funny he claims everyone else is a scammer Sold one of these air in a bottle ideas to someone for like $20k or something. this is not a work by van gogh or someone.. it's a jpeg with stupid square lines unsustainable nobody can sell this stuff back and forth the entire market at this point is mostly a farce .. he could be the real scammer.. that still remains to be seen but so far he's not looking too good. So it's nothing personal i just feel the need to correct what i believe to be inaccurate information you spread and if you disagree i'd appreciate you disagree with data, stats and facts.

This post has received bbd coins

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