I still treasure the memories of my childhood. Sunny forest, I am 12, my brother 14, and my mom gathering wildberries to eat with bread. Was that the only food for that week? I was happy in the forest, but I cried afterwards: Why did my beloved parents, like millions of others, lose their engineering jobs and money in hyperinflation? Why were they tortured by their inability to provide food for me and my brother?
That was the reason I started studying economics, and why I went to NES—to understand the concept of economic freedom. In particular, my parents and over 140 million Russians lacked a vital aspect of economic freedom: protected property rights over their money.
My parents' money was depleted by the central bank, which printed money to lend to friends. Many of these friends massively bought dollars and assets, fueling a hyperinflation of nearly 1000%. They would sell some assets a year later for about a 1000% profit, returning worthless rubles to the bank. They did everything to keep their friend in control of the bank, ensuring that those who understood what was happening were too weak to challenge his position. The central banker was dubbed the
. Yes, it's not likely to be that black and white, but I hope you understand the concept.
Due to lack of property rights people deliver 20x below their potential
When power lacks checks and balances, it is often used predatorily to gain more power. If a politician can divide society and arm her supporters for wars to seize property, then war—be it civil or global—is imminent.
Weak property rights attract predators, and redistributing property can empower these predators, potentially leading to global destruction. The planet's survival depends on protected property rights. The more people who have a stake in the future, the better off we will be.
Property rights function effectively when supported by:
Political competition
Independent media
Independent courts
An independent central bank
This complex political machinery consumes a quarter of the global product and performs poorly in most countries.
Blockchain secures property rights through consensus protocols rather than politics, offering a solution that works globally for any internet user, even those living in areas affected by civil war.
The planet needs a new financial system that opens economic freedom to people and makes them stakeholders in a better future.
This new financial system will be easy to access and use, as DeFi requires no intermediaries and no political bureaucracies.
The new financial system offers:
accounts as easy to open as a social network, accessible worldwide
access to any assets that can be transferred digitally
new asset classes, now easier to bring to market
the ability to exchange any asset
no custody risk
digital wallets to manage the above
This new financial system will align people to build a better future, as measured by the Nasdaq index. Price signals from capital markets through layers of product, labor, education, and dating markets will guide people to live lives with greater impact and meaning.
Blockchain enforces property rights without the need for an army or politics, giving rise to better money and financial systems.
This is the type of game changing technology we need for our mission. We were born to change the world with greater technology and products. We will not stop until all matter and energy is used to build a better home for life.
Learn more from the most detailed culture deck on the planet: