The decentralized future
Nader Dabit shares his motivation and experience on recently transitioning to focus on technologies and communities that support the decentralized internet. In this hot topics discussion, we cover all the buzz words youāve likely heard over the past year. We have honest and nuanced conversations about the world of Ethereum, Cryptocurrencies, NFTs, DAOs, and Web3. Hype or hit? Youāll have to tune in to find out.
Matched from the episode's transcript š
Nader Dabit: Yeah, it was just definitely not expected, but it was very welcome to me, seeing it⦠Because I was really worried about āOkay, what if I go into this and itās not what I thought it was?ā Or maybe I go into this and Iām able to not really network and create the relationships ā or really keep the relationships that I had in the past with people that I really cared about, and I always wanted to continue building those relationships. It is a 24/7 market, but itās also an accessible market, that doesnāt need anyone to tell you that you can participate or you canāt participate.
[20:14] I think one of the biggest things that is interesting to me around any revolutionary technology is that it really is something that abstracts away something that in the past needed a lot more time, effort, work, and people to kind of make work⦠And to me, what youāre seeing now, especially if you look at stuff like decentralized finance, where you have these multi-billion-dollar protocols that are doing the same work with about a dozen or two dozen people, that in the past would have taken orders of magnitude more people⦠So weāre talking about thousands or tens of thousands of people within a traditional banking system to operate the types of operations, combining both software and physical locations and all this other stuff, that are now being done and abstracted away by teams of much smaller people⦠So that really excited me. The fact that anyone in the entire world can create a wallet and get paid really excited me.
One of the things that really excited me at first, honestly, was also the idea of stablecoins. When I knew about crypto, I only knew about Bitcoin and Ethereum, and that theyād go up and down every day like crazy⦠But in reality, some of the most interesting stuff is happening in stablecoins. And stablecoins are pegged against another piece of value in the actual physical world. And this isnāt that important for people in the U.S, whose U.S. dollar is very stable, but in other parts of the world, itās actually really possibly game-changing, because if your currency goes up and down like Ethereum goes up and down, or even more ā letās say that it goes down to almost nothing, like it happens all the time, what if instead you could be able to have a very easy way to get paid and hold on to your value in a currency that stays the same?
I think this has really hit home for me, because I had had a family member that was visiting ā or not visiting, he actually had to move from Lebanon to the United States as an economic refugee, because all of their businesses, and even their life savings and stuff ended up being stuck in one of the banks in Lebanon, because of the financial and political crisis that theyāre having over there⦠And having a conversation with him, and seeing how someoneās life can completely be ruined almost by the limitations in centralized authorities. A lot of it has to do with money; people donāt wanna sometimes say that money is that important⦠Most logical people do, but there are people that will say āOh, this isnāt perfect, so letās not even consider itā, and then theyāre sitting back on their half a million dollar or a hundred thousand dollar a year salaries, saying that āThis solution isnāt perfect yet, so letās not use it.ā Meanwhile, people are literally having to flee their home country and lose all their s**t because the thing that may not be perfect would actually have saved them a lot.
I kind of have gone off on slightly of a tangent there, but that is some of the stuff that I would say interested me about this space when I decided to ultimately make the move into it.