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Source: youtube/20230406-ZXmace-9u9M-Web3 Fundamentals Ep. 01 Financial Alignment.mkv
SHA-256: 04aa4017e3817cbaaa0cd7d89d0b541ea5e654252b8837a9981fa1fbd86842f4
00:00:00.080 Speaker 1 [gentle music] This is Seeking Minima.
00:00:06.080 Speaker 1 There's some interesting news over the weekend about the health of the US banking
00:00:09.540 Speaker 1 system. Now, if you've seen my video on local minima, you know that this is not at
00:00:13.940 Speaker 1 all surprising to me. Everything is way over-financialized, so they're kinda just
00:00:18.860 Speaker 1 shuffling around [chuckles] the pieces a little while longer. That's fine. But what
00:00:24.420 Speaker 1 it did remind me of is the importance of the Web3 values, and these were never
00:00:30.460 Speaker 1 about getting rich. They were never about
00:00:34.380 Speaker 1 any of the madness that we saw recently. To me, it has always been about
00:00:40.140 Speaker 1 helping humans coordinate, solve social coordination problems, getting us to work
00:00:46.140 Speaker 1 together and play on the same team, and be nice to each other, and work towards the
00:00:48.980 Speaker 1 same goal. So we're gonna talk about three of the Web3 values and why they're so
00:00:53.140 Speaker 1 important to everybody. They are important for the same reason that freedom of
00:00:57.780 Speaker 1 speech is important. Doesn't matter whether you like it or not. It is useful. And
00:01:02.360 Speaker 1 the first one is financial alignment. Financial alignment is the oldest and simplest
00:01:06.880 Speaker 1 of them. This is like equity in a startup. You take risks together. You get rewards
00:01:12.500 Speaker 1 together. If it works, you go up together. If it doesn't, you go down, you go down
00:01:17.260 Speaker 1 together. It's that simple. By tying yourself to another person with something to
00:01:22.360 Speaker 1 lose, you guys actually work together pretty well. You are incentivized to help one
00:01:27.100 Speaker 1 another, and that's why financial alignment is the simplest and easiest, and
00:01:31.900 Speaker 1 typically the first one to go to when you just need people to work together. It's
00:01:36.740 Speaker 1 old-fashioned, but it still works, even in the digital age.
00:01:49.720 Speaker 1 [upbeat music]