Opinion | A Crypto Optimist Meets a Crypto Skeptic (Published 2021)

Ezra: Bitcoin is an energy disaster. If Bitcoin were a startup and you go to their board meeting, they would probably say we have to work on this energy problem. But given it's decentralized nature, nobody is giong to change it. It makes me wonder if there are downsides to smart contracts being hard to alter.

Katie: Sometimes the middleman can be important. Let's address the environmental disaster: there re blockchains that are carbon negative. Many have adapted proof of stake. The problem of electricity usage is in proof of work consensus mechanisms. Right now 76% of Bitcoin miners are incorporating renewables into their mix. I have confidence in the B... See more

Eza: My concern is that as these new companies get created, it will create the next layer of intermediaries. We're seeing this with OpenSea for example. - they have the power. New giants will emerge - what in the technology will stop this from happening?

Katie: Centralized and decentralized models can coexist. There is a big class of consumers who might want to use a marketplace like OpenSea. In exchange for the take rate, you get discovery, reliability, etc... You will see decentralized marketplaces for NFTs as well.

-Indra Nooyi - My life in Full.

Ezra: I worry about a world where the stars can leave institutions and make their full market value. There is a lot about institutions that is valuable - fund investigative reporting, etc... I wonder about how this works in a decentralized vision as it empowers the individual and creates more winner takes all dynamics. Are we losing some of the str... See more

Katie: Not everything in crypto is decentralized in terms of business models. For example, Coinbase is a centralized exchange. Like Coinbase, OpenSea is centralized. The difference between the tech giants and OpenSea is that OpenSea takes a modest take rate on every sale. The powerful difference is that the vast majority of the money that is being ... See more

Katie: Right now you have janky consumer experiences. People say they value their privacy but when push comes to shove people go where it's convenient. But we can't judge the current state of innovation with the end state of innovation. We don't have the end state. People will say centralized companies are winning right now but you have these socio... See more

-The Company, about the creation of the LLC, which at the time was about a controversial idea.