I'm Taylor Monahan, CEO of MyCrypto. Ask me anything! (5/16 @ 12PM PST)

#43

@arthur.tkachenko As woman founder - there always a question about how tech(and other industries) have “stone-age” views and have lack in diversity. What is your take on it and maybe you have some words for women that want to start their companies.

Anytime you aren’t part of the majority, and even sometimes when you are, there are going to be challenges you must overcome based on the assumptions people make about you. Crypto and tech is no different, but the lack of diversity seems to be more apparent and create more problems than other arenas (or, I’m just more familiar with it :wink:)

That said, I wouldn’t let fear of this dominate your thinking or discourage you from doing something you want to do. In fact, it’s even more important that you do it in these cases because you have the ability to add more value due to the diversity of your ideas, your experiences, and your solutions in a space that lacks diversity.

I just did a talk at Recolor.io with heaps unsolicited advice targeted at high school girls. We’ll put out an article and share the video when it’s ready, but for now here’s some advice I’ve got:

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#44

@joseph.sadove I wonder what your take is on what I call “Crypto End Game”. Essentially, this is what I use to get at whether CryptoHeads (for lack of a better term) think through the implications of what they believe.
How would any of the current PoW incumbents be used to any reasonable degree in buying and selling everyday things and the implications of this?
Since transactions are incredibly slow and prices will be moving all the time, how will price-setting work? It seems to imply that any transaction at any given time is speculative and there will always be a winner and a loser in the exchange.
Currently, well-run open democratic societies have the most stable and desirable currencies and the more corrupt and poorly run have very unstable currencies. If Crypto-Paradise comes along:

  1. The ability of nation-states to manage the ups and downs of economies and commerce are enabled by managing money supply. Take this away and how will that play out if Crypto replaces “fiat”.
  2. With crypto, is there no longer a penalty for poorly run corrupt societies?
  3. How will misuses of exchange be managed a la SilkRoad and the current predominant use of crypto for money-laundering, etc.?

Oh gosh, this is such a huge question.

I think a lot of what you are grappling with here has to do with how new the technology is and the fact that no one knows exactly how it can be best used.

Right now the cryptohead philosophy dominates the narrative, but as time goes on, the philosophical values will dissipate and we will see more things that are valuable to all people. What this space and technology looks like in 5, 10, or 100 years is vastly different than how it looks today. No one knows what exactly it will look like, but I have faith that it will evolve to address the questions and potential problems you are asking about here.

What’s more important to me right now is: how to we ensure that the crypto philosophy that we find so valuable today doesn’t completely disappear as crypto evolves? How do we ensure that we don’t just recreate the existing systems, whether they be corruptible governance models or the centralized tech giants that invade people’s privacy every day?

How does the value evolve? Will crypto become more stable, or will we have different coins with different levels of stability for different use cases?

How will human’s natural tendency towards greed and hype shape the evolution of crypto, especially on a macroeconomic level and speculative level?

There are some folks who truly believe that crypto will replace all fiat and the power and control the government has will lessen as crypto dominates.

I respect this view, but I personally am more hopeful that the option and influence crypto has will force existing governments to change to compete with crypto. If this happens, everyone wins even if crypto isn’t the “winning” solution and “the man” isn’t completely overthrown.

I know this isn’t really an answer to your question and is in fact more questions, but it’s the best I’ve got at this point.

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#45

@devetski how do you plan on growing another segment of the population - those that would be reluctant to have complete control over their money i.e. those that still favor a brick and mortal bank with insurance?

This is something that I’ve been grappling with a lot lately. There is the overarching problem that crypto is quite hard to use successfully, but there is a larger problem of why someone would want to use crypto in the first place. As we saw during the ICO hype / bubble of 2017/2018, people are willing to overcome the challenges of crypto if the promise of getting rich quick is attractive enough to them.

However, this doesn’t have the necessary sticking power, nor is it attractive to a large enough population of people (especially people like your parents and mine).

The more value crypto has to offer, the more likely it is that more people will “get in”, no matter how hard “getting in” is. We have to tackle both of these issues simultaneously. We have to make it easier to access crypto, but we have to make crypto more valuable as well.

Gaining interest is one value-add that companies like Compound are tackling with vigor. This makes crypto that would otherwise be sitting around useless, actually useful in other areas which in turn makes crypto as a whole more valuable. Just like with traditional banks, if the money I don’t need to spend today can be lent to a business, the entire pie grows.

Insurance, or lowering the risk and increasing the security of crypto in general will also make it more competitive with traditional options.

I have faith that the best “features” of the traditional systems will be cloned over to crypto-land at some point because these are the things that we know are valuable. As that happens, the reasons your parents (or mine) would actually want to use crypto multiply, which makes the system even stronger and more valuable and it spirals upwards from there.

How this all happens and how we overcome the problems that will arise on that journey, is probably one of the most interesting and exciting things about this space.

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closed #46