Crypto Stories Live: Balaji Srinivasan and Erik Torenberg on Crypto in a Borderless World
|David Senra||Sep 1, 2018|
How do we get a billion people on the blockchain? Facebook signed up a billion people over 8 years. That’s signing up 4 people every second for 8 years.
There is a room for blockchain first social networks. You can’t go full blockchain in 2018. You can decentralize everything as once. Think of the blockchain as a backend service that providers users with private keys and encrypt messages and sign contracts etc.. if you have that as an augmentation to a social network you have got something quite powerful. A social network where users go from poke and like to one where they earn money doing tasks.
Earn was doing quite well. Making millions profitably because lots of businesses will pay to reach people. People will definitely pay to get a reply to an email.
Law is a function of latitude and longitude. Your physical location determines the local, state, and federal overlays that constrain or incentivize your behavior. If law is a function of latitude and longitude and mobile (technology) is making us more mobile it’s becoming easier to change the law under which you live. That’s an interesting combination of two obvious observations that leads to a non obvious observation which is the cost to change your governing law is decreasing rapidly.
There are 3 technologies that will converge over the next few years: social networks + blockchain + VR= What I call a digital economy. When you put on your VR headset you are at work. You are earning digital currency for doing digital work. Your morning commute is your morning compute. More and more work is becoming more digital.
It is much easier to chop your personal burn rate to 10%-20% of what they are than it is to increase your net worth by 10x. There are companies like Nomad List and Teleport which are search engines for location. They allow you to take your current lifestyle and find the location around the world that best suits you while reducing your cost of living.
The most important metric for an individual is your personal runway. Savings / monthly expenses = personal runway. If you have a long personal runway you don’t need angel financing. You can bootstrap and own 100% of the equity.
One thing that is interesting is the asymmetric nature of it. Chinese entrepreneurs are hyper-aware of everything going on in the US. US entrepreneurs do not go and read Chinese blogs. So one group is aware of all the ideas from here but not vice versa.