-This is part of what makes early internet innovation so rapid- it was built on open protocols that devs knew wouldnt change

-BTC worked well as store of value in the sense that there's more and more people that accept it as such. Data supports that it is being used in countries with unstable currencies

-What is the main limitation today? Performance. A blockchain computer inherently takes a hit on performance, because the design is foundationally based on the idea of not trusting a single computer. You need to pay for the overhead of running all these computers

-Another new capability is that the code can actually hold money

-Compound, for example, is a lending protocol built on ETH with $10b+ of crypto available for borrowing. The creators could go away tomorrow and the code will still run.

What is DeFi all about? Modernizing, disintermediating (banks etc.), reducing layers of fees in the middle. Transparency. This is a big misconception. People think it's opaque and used for criminal activity. Everything in blockchains is open...

-Think of blockchains as a new kind of computer that enable new capabilities

'-If you look at a lot of the issues people have with social networks, I would argue a lot of it comes from a mismatch between the nature of these networks and the legacy corporate structures that govern them.

-Has not lived up to expectations as a pmt mechanism. Fees and vol are obstacles