Sirwin
Sirwin

Letting the Masses Into Finance


One of the conclusions I’ve reached over the past 6 years in crypto is that many of the institutions that ostensibly claim to have the purpose of “protecting” individuals are actually mechanisms for reinforcement of the elite-centric status quo.

The SEC is the prime example with accredited investor laws being the pinnacle.

I was thinking about this as I read through The Clockwork Universe: Isaac Newton, the Royal Society, and the Birth of the Modern World .

There’s a section in there about the Royal Society’s pivot from fervently protecting new intellectual discoveries to a much more transparent, open process.

Some of it was profit-driven and understandable, but as Edward Dolnick, the author points out:

“Like other priesthoods, intellectuals had long luxuriated in arcane rites and obscure vocabulary. The new scientists could have taken the same line. That would have seemed a natural step and an endorsement of a deeply entrenched and hugely powerful doctrine–true knowledge was too deep to put in ordinary words and too dangerous to trust to ordinary mortals.”

This is how I feel about finance.

Wall Street uses complex terms like “credit default swaps” and hundreds of others which actually serve to obscure finance from “ordinary mortals.”

But that’s changing.

Web 3-or at least those genuinely committed to it and not the fraudsters/scammers- is about believing that the language of finance is not too deep or too dangerous to give to “ordinary mortals.”

The Royal Society’s transition to transparency set off an explosion of innovation and discovery which led to the modern world we all enjoy.

Satoshi did the same thing when he launched the Bitcoin blockchain.

Today, the Web 3 entrepreneurs and builders are the “Royal Society of Finance”

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