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Again, what is with this mentality that can only think in extremes? No, someone who is just starting with crypto should not be thinking about estate management.

Again, what is with this mentality that can only think in extremes? No, someone who is just starting with crypto should not be thinking about estate management. But someone just starting with crypto should not be putting so much money into it to even worry about that. They are - by definition - just starting.

shagie 5y ago
So how does the average person buy a house where the title is managed on the blockchain with a significant portion of their life's savings and a mortgage from a bank? ... Or is this something that is not possible? If this is not possible, is this economy inherently excluding the average person?
- rglullis 5y ago
  No, it's not possible (yet?) to have a financial system on the blockchain that maps 1:1 to the existing financial system. > So how does the average person buy a house where the title is managed on the blockchain with a significant portion of their life's savings and a mortgage from a bank? The average person won't buy a house and will not have a mortgage, unless your idea of average person is of the average American. But you know what any average person can do? They can put their capital (no matter how little) in a money market [0] where the lending rates are higher than what any other bank will offer them. They can stick only with stablecurrencies to avoid price volatility. If they do want to take on risk, they can speculate in the derivatives market [1]. They can get together with other "average people" in participate in a distributed capitalization lottery [2] and participate in a no-lose game. With DAOs, they can profit even from being "share holders" in a system. Again, let me use ENS [3] as an example which is a good example of a project that has a "real business" with a clear business model. They just released their governance token, and it is quite possible that in the future this will become a vehicle to have a revenue share where token holders get to receive a dividend. [0]: https://aave.com https://aave.com [1]: https://synthetix.io https://synthetix.io [2]: https://pooltogether.com https://pooltogether.com [3]: https://ens.domains https://ens.domains

shagie 5y ago

So how does the average person buy a house where the title is managed on the blockchain with a significant portion of their life's savings and a mortgage from a bank? ... Or is this something that is not possible? If this is not possible, is this economy inherently excluding the average person?

rglullis 5y ago
No, it's not possible (yet?) to have a financial system on the blockchain that maps 1:1 to the existing financial system. > So how does the average person buy a house where the title is managed on the blockchain with a significant portion of their life's savings and a mortgage from a bank? The average person won't buy a house and will not have a mortgage, unless your idea of average person is of the average American. But you know what any average person can do? They can put their capital (no matter how little) in a money market [0] where the lending rates are higher than what any other bank will offer them. They can stick only with stablecurrencies to avoid price volatility. If they do want to take on risk, they can speculate in the derivatives market [1]. They can get together with other "average people" in participate in a distributed capitalization lottery [2] and participate in a no-lose game. With DAOs, they can profit even from being "share holders" in a system. Again, let me use ENS [3] as an example which is a good example of a project that has a "real business" with a clear business model. They just released their governance token, and it is quite possible that in the future this will become a vehicle to have a revenue share where token holders get to receive a dividend. [0]: https://aave.com https://aave.com [1]: https://synthetix.io https://synthetix.io [2]: https://pooltogether.com https://pooltogether.com [3]: https://ens.domains https://ens.domains