ETH is money
Ethereum took center stage as a global money this week in one of the world's most prestigious venues
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Dear Bankless Nation,
ETH is money.
We were saying it before it was cool.
Actually…it was very uncool when we first started saying it in 2018 and 2019.
Ethereum developers saw it as as shilly price talk (we argued that price talk and security talk are one in the same).
Bitcoin maximalists said only bitcoin could be money (we argued that anything that’s used as money can become a money).
Investors said ETH was just gas and could never be money (we argued that ETH isn’t gas…it’s *gas money* like the PetroDollar).
Speculators laughed at us because ETH price was in the dumpster. Mainstream didn’t care because “crypto is dead”. And the Ethereum community itself was so shaken by the crypto winter it didn’t know what to believe.
“ETH is money” we said.
There was a small group of believers.
Our friends at ETH Hub, DC Investor on Reddit, and members of MolochDAO to name the more visible. There were thousands of silent holders who saw it too.
Lucas published the Trillion Dollar Case for ETH in Bankless when ETH was $163.
“ETH is money” he said.
It still sounded crazy at the time.
This year it stopped sounding so crazy.
Last week a DAO raised $50m to buy one of the original copies of the U.S. Constitution at Sotheby’s. A group of strangers on the internet pooled $50m in capital to bid on one of the most important documents in American history from the most prestigious fine arts companies in the world. An incredible story in itself.
But something else caught my attention as I watched Thursday night’s auction.
At that same auction, countless other priceless artifacts and art pieces were for sale. Bids came pouring in from around the globe denominated in all the world’s major monies—USD, JPY, EUR, CHF….and ETH??
ETH listed among the world currencies?
At Sotheby’s??
Surreal how far we’ve come so fast.
While the ConsitutionDAO end up narrowly losing the auction to a billionaire hedge fund manager 😠, this whole episode demonstrated the power of these internet native capital pools that we call DAOs.
This was the first time in history we’ve seen a crowdfund this grow this large in a 72 hour timespan—and we did it without banks.
The world is learning.
DAOs are powerful.
DeFi is here.
ETH IS MONEY.
No. I’m not worried that crypto prices went down this week.
Here’s what’s lined up for next week:
Epic podcast with the Head of Crypto at Visa!
Lucas is dropping the best barbell strategy for crypto natives
Bankless Nation shares what we’re grateful for :)
Enjoy the weekend.
- RSA
P.S. For more price therapy listen to our episode with quant chartist Ben Cowen.
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Recap for the week of November 15th, 2021
🎙️WEEKLY PODCAST EPISODE
Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed
ACTION RECAP 📚
Understand why web3 will win
Compare the best zkRollups on the market today 🔥
Capitalize on the opportunity of a lifetime
Speculate if this is the end of the bull run
WATCH & LISTEN 🔊
🎙️ Listen The Fight for the Future of Money | Chris “Crypto Dad” Gancarlo
📺 Watch Layer Zero: Gmoney
📺 Watch Rollup: Constitution DAO | Tarantino NFT | Fei x Rari
📺 Watch Overpriced JPEGs: Approaching NFTs | Zeneca_33 (new bankless show!)
METAVERSAL 🧙♂️
BANKLESS DAO 🏴
Weekly Subscriber Perks 🔥
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Full Access: Web3 will win
Exclusive: Debrief following The Fight for the Future of Money
Exclusive: Alpha Alert—Saddle Finance Airdrop!
Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.
🎙️ STATE OF THE NATION
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We live stream State of the Nation at 2pm EST every Tuesday!
🗞️ Latest Weekly Rollup. Download the week in crypto to your brain.
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Jobs opportunities 🧑💼
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
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They got a free pass from the SEC but, follow the Ripple Vs. SEC case and you will have many other things to publish. XRP will be money, it is faster, more secure and more decentralized than ETH and BTC. Just wait pay attention.
ETH is dominating all financial transactions and payments in all sectors. It is also one of the top cryptocurrencies to invest in 2022. Most of the investors are looking towards ETH for obtaining good results in the coming days. It is the best cryptocurrency known for empowering thousands of decentralized applications to ensure there is a fairer financial system. Read this blog https://www.dexfolio.org/blog-posts/dex-swaps-tracking to learn about dex swaps tracking.