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

Ezra: Even if that's true, if Bitcoin were made by someone who had control over it, if the ownership structure were different, they would try to change that sooner.

Ezra: Even if crypto works, it will have downsides, just like Web2 does. If what this does is allow creators to capture their full value and break down institutions, do you worry about the people left behind?

Katie: It's a great question. We're seeing that the middle class suffers in traditional institutional settings. Crypto democratizes participation. Investigative reporting is an area where crypto can help - we've seen crypto crowdfunds take off.

Katie: When I send an email using an Internet protocol, you get it and we don't need to know each other. If I want to send you a photograph, I can do it freely and cheaply using Internet protocol. Now let's take value. What the Internet did for information it can do for value. For example, I can send you without knowing you Bitcoin on the other sid... See more

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.

A conversation about what crypto can do vs. what crypto is.

Katie: Excited about people building on decentralized virtual land. There are virtual real estate agents doing this as a full time job. If you think about the metaverse, it is a generational moment. There's a generation more comfortable spending time and money in the digital world than in the physical world. Roblox has bags that will sell for more ... See more

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

Ezra: I use Venmo, but you are saying that because of this architecture you don't need Venmo or Wells Fargo.