David’s story of getting into
Initially David wanted to get into health and sciences in order to figure out ways to improve people’s life (though mental health, physical therapy/movement, nutrition.) He found that the industry was very bureaucratic and required many years of education to get a stamp of approval.
At the same time he fell down the crypto rabbit hole in 2017 and got captured by the bull market. And unlike many others from those times – he stuck around.
David loved the fact that crypto did not have bureaucracy – it was a world of builders and permissionless building.
Eventually he compared the 2 possibilities and decided to go and do stuff in crypto without knowing what exactly. Then he started writing in the sector, launched his first podcast followed by the second podcast then things developed further and David ended up with Bankless.
What did we discuss in this episode:
2017 bull run – vs now
In some respects both are going to be the same because of the human psychology.
At the same time they are completely different.
Now in 2021 we have so many different things outside the crypto that are very relevant to our industry – the money printing, the President of the US being de-platformed from social media, Robinhood, etc. The society is moving closer to needing crypto more in order to solve its problems.
Now we are starting to bridge the gap between what the society needs and what crypto could offer.
In 2017 having a good brand was scarce – everyone got corrupted by a high amount of money being floating around – it was too much to ignore.
2017 there were too many conversations about price and in 2018-2019 there were not enough conversations about price.
Striking that balance is not easy but that’s what me and Bryan tried to play with.
The industry is about money and we can’t ignore it.
Audience that we have accrued in – all Bankless audience needs to get information to make educated decisions. We have no interest in pumping tokens – that’s not a long-term game – it’s a short term gain.
Bankless Nation have – no interest in leveraging our community for financial gain. Instead we want to leverage to promote the things we think are important for the ecosystem but also for the world.
Life without Banks?
It is 100% possible to live a life without banks and to get that done we need all others to also live their lives without banks.
Intermediaries are always less sufficient – less intermediaries – more values will be retained with the people and less will be sucked by intermediaries. So eventually people will move to more efficient ways of transitions.
When will it happen?
At the end of the day we need the younger people of the world to grow up and become the old people of the world.
In about 15 years most of the people won’t be using bank accounts.
It starts small and grows outwards and takes time. If you are in cryptocurrencies you are probably only 5 years away.
NFTs are in the 2017 ICO phase – the reason they died out and got replaced by DeFi tokens because DeFi tokens innovated. NFTs will go through innovation phase. It won’t take the 4 years that took ICOs to mutate to DeFi tokens – will happen much faster.