I don't know what a "true L1" is. I do believe that the core function and purpose of Bitcoin and Ethereum is to secure the fundamental human right to transact digitally. But I've also been telling you all for like 10 years now that:
1. blockchain tech is a fundamental upgrade to the technology stack (BFT verifiability!) and saying its "just a database" is dishonest and counter-productive
2. blockchains ("community computers") will dominate multi-stakeholder applications (which will obviously include lots of applications that YOU are not a major stakeholder of, or disapprove the politics of)
3. Circle etc. are building computers for their communities. It's hilarious that people are running around saying these communities shouldn't have computers, or should use different computers, or are "just" databases. they're not. they're more like a new kind of digitally native incorporation
4. There is a real problem of interoperability, and its politics. Sovereignty is a thing and interoperability between sovereigns is the very foundation of international finance. The USD plays an extremely unique role here in shaping the monetary environment of community computers.
5. BTC & ETH matter. Both as foundational technologies of international human rights, and as breakout community computers of deep international repute that are here to stay. They will remain political communities, believe it or not, but their longevity will derive from their neutrality and conservativsm.
6. The killer app of blockchains is money. BTC and ETH are not really money, but they're sitting at the table with the other monies, pounding their fists about something. Nobody really has a clue what money is, so confusion abounds. If we want to get the monetary revolution right, we should probably think harder about what money is.
7. The least I can tell you is that money is where the payments are, and stablecoins will bring crypto closer to money than it's ever been. Circle and Tether are major players in the UST repo market, really the beating heart of the US monetary system.
8. If we don't want this movement to end with upgrading the software of banks, we have to take the functions of banking more seriously, which aren't just about transferring assets but more fundamentally about clearing debts.
9.
@cyclesmoney