A Crypto Native Financial System | Felipe Montealegre
Episode publishedPodcast: Bell CurveBell Curve
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Rest of the world with low property rights for the benefit of these savers. Because now you're again, Nigeria, Brazil, Argentina, pick a pick a country. And instead of saving fiat and local equities, you just go on chain and you save in USD, USDC or USDT, and you save in Apple stock or or Nvidia or the S and P or the Nasdaq. And and that just means you go from losing 65% relative to the dollar every 15 years to gaining, you know, in the stock market's case, 8 to 12% a year. It's a massive difference in the ability of these people to save. Hey,
everyone. This episode is brought to you by Uniswap Labs, who's launching the largest bug bounty program in the entire history of crypto. It's a $15,500,000 program. This is aiming to be the most rigorously reviewed codebase ever deployed to Ethereum. So if you want more eligibility on the scope, rewards, payouts, etcetera, just click the link in the bottom of the show notes. Tell them that I sent you. You'll be hearing all about Uniswap Labs later in the program. Hey, everyone. This episode is brought to you by Morpho, the sleeping giant of DeFi. That's what some people are calling them. That
to be here. I'm a big fan of the pod. Thanks,
man. 1st episode of the year. Save the best for first, you know, as they say. That's
right. That's how that saying goes. Yeah.
Dad jokes too. Dad jokes too. But, jokes aside, I'm actually really excited to talk to you today. So, you dropped something in the left curve verse chat, which that's a plug, by the way. If, there's a bell curve, Telegram chat, we'll link it in the show notes. You def definitely go hop in there. But, you posted one of the first things of the year. So this new piece that you wrote called Internet finance, and the reason I like this is because, you know, most of us are probably coming back from the holidays where you spend some time with family, probably eat too much food. And if you've been wor
exactly what you said. I mean, we've been at this for 3 years now. I've been obsessed with the kind of financial thesis within crypto for for for that period. I talked to my friends and family about it endlessly, and I get the nagging sense that they don't really understand what I'm talking about still. And it's hard it's been hard to express it, honestly, for for me. So I said, you know, this December, we'll put pen and paper, really try to really try to make it make it clear what what we're building and and write a piece that hopefully, you know, my mother and my wife can understand and and,
Alright. I wanna get into the meat of the piece here. And the foundation of the piece for me relies on a little bit of a technical distinction, but I think it's important one. So, you know, what you describe as unified servers and smart contract code. So unified servers versus, more disparate, heterogeneous groups of servers. And then that leads into 5 benefits. Right? So the 5 benefits are free flow of capital, stronger property rights, more innovation in terms of financial services, more efficiency in terms of financial services. And we can talk a little bit about, stablecoins and US based a
That that's the most technical part of the piece, but it's also the most important. I think people don't, almost nobody thinks about what it means to hold an asset in a in a financial system or in the current current system. You kinda have your Apple stock and Robinhood that that's enough for you. If you really boil it down to what it means to own something, it it means that you have your name and the asset and quantity in a ledger. And these ledgers or these date these server
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