Why Are We Here?

September 18, 2023

Some wise words from Eric Voorhees about the 'why' in Web3.

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GM 👋

This is the Smoothie Newsletter.

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Matt & Vineet

Last week at Permissionless, Eric Voorhees, gave a passionate talk that got the industry talking.

You can watch this 24-minute talk that got 2.5M views.

But if you’re the kinda person who just wants to gulp down their Smoothie and doesn’t want to eat your fruits, keep reading:

We ARE here for a rebellion - a peaceful, but no less revolutionary!

This revolution started 15 years ago with Bitcoin in 2008.

Bitcoin invented permissionless money.

Ethereum, a few years later, with its smart contracts made it possible to build all the tools necessary for a permissionless financial ecosystem.

Before crypto, any movement of funds required permission from someone - your bank, authorities, payment processors, etc.

Every time you pay with your card, you’re being granted permission.

Not even cash is permissionless.

National interest

Just like Human Rights, money is so fundamental to our human existence.

That we should care more about its quality, character, and who controls it.

Most of the time, we don’t notice because the permission is granted

… so long as you behave.

This isn’t freedom.

Just 120 years ago, there were no income taxes and no passports.

Gradually, the permission to keep what you earn and move freely across borders was retracted in the name of national interest.

Today, half the money you earn is stolen by a set of strangers - the state.

And we allow that to happen.

In return, we get to vote for our masters.

The political class is plundering our wealth.

We owe nothing to them but we owe a lot to the society.

Crypto is our rebellion against permission.

Modern World needs modern rules

We don’t need the state’s permission to build great things.

Washington is no more necessary for the good of society today than King George was 250 years ago.

Don’t get it wrong - we’re not seeking freedom from rules.

We’re seeking a set of rules that are objective and transparent.

That set of rules is governed by the laws of mathematics i.e. code, not by the laws of humans.

The laws of humans are weak and inconsistent.

They aren’t to be respected.

Laws of physics, laws of mathematics, and laws of code are the laws worth our respect.

They are powerful and consistent.

The rules of human laws are ambiguous, lack objectivity, can not guarantee implementation, and leave wide areas for interpretations.

Perhaps they were needed once just like the Post Office, but they are no longer necessary.

Smart contracts or codes are consistent, objective, enforced 100% of the time and we know exactly how they will be executed.

Human laws are made with back-room dealings mostly profiting the political class.

Crypto codes are built with open-source collaborations.

Compare an audited and verified smart contract with any piece of congressional legislation.

Which one is more scientifically sound?

That’s why we are here

Human laws are the invention of the past.

Politicians are the ones who are printing billions of dollars and pretend not to know where the inflation is coming from.

Obviously, they are against a system that’s trying to replace them.

Crypto is a technology of the 21st Century.

And that makes our work even more important for the society.

Yes, we have our struggles.

We have scammers.

We are condemned by the system that we’re trying to replace.

We are here to build an open-source, composable, and immutable code to replace the laws of the past with more transparency and decentralization.

How was your weekend, degen?

Fipto: $16M

Payment and Treasury Management Solution for Businesses Fipto raised $16M in a Seed funding round led by Serena Capital, with participation from Motier Ventures.



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