This week @naval did a Twitter Spaces, here are our NOTES 🧵
@naval What Web3 Is
Open source is at the core of Web3 and Crypto. Think of Web3 as the business model for open source. Web3 is where the code is open, users own their data, and contributors own the network.
Open source is at the core of Web3 and Crypto. Think of Web3 as the business model for open source. Web3 is where the code is open, users own their data, and contributors own the network.
@naval Web3 allows you to instantiate and run open source applications in a distributed format, get paid for it, and let users own their data
@naval Web3 currently appeals to applications that need decentralization, face deplatforming, or are innovating at the edges. That said, it doesn’t have to go mainstream to be valuable or transformative.
@naval Similar to how Open Source transformed datacenters and the current web without going mainstream, or how bitcoin would be valuable just as a reserve asset.
Keep in mind, money and memes spread virally and can quickly create, hold, and capture value
Keep in mind, money and memes spread virally and can quickly create, hold, and capture value
@naval “People have made huge fortunes in crypto without it having even gone mainstream yet, and I think that trend can continue for quite a while” – Naval Ravikant
@naval Careful mixing what is true with what you want to be true, else you risk building something that doesn’t make sense in the real world
@naval Web3 may give users increased ownership of systems, but that doesn’t automatically lead to a raised consciousness level or self-awarenessWeb3 and Incumbent Systems
@naval It’s still too early for Web3 adoption in developing countries, which are yet to see mass Bitcoin adoption as a reserve asset, this is likely due to lack of education and accessible on-ramps
@naval The Web3 revolution in the developing world will largely be around Bitcoin as a way to protect your assets
In the developed nations, the disruptive nature of Web3 will place it under attack from incumbent systems
In the developed nations, the disruptive nature of Web3 will place it under attack from incumbent systems
@naval That said, Web3 is global and native to the internet, wealth creation and innovation will slip to more friendly jurisdictions
Case in point is US regulations pushing crypto teams out of Silicon Valley and United States, they are unlikely to return
Case in point is US regulations pushing crypto teams out of Silicon Valley and United States, they are unlikely to return
@naval The US doesn’t create entrepreneurs, it attracts them with unprecedented freedoms. “There is nothing that guarantees that US will stay on the forefront of human history”
@naval A mix of desperate and enlightened states will embrace the future, leaving western nations to continue in their decedent empire state
Change and the Role of Governments
Not all change is good, destroying embedded institutional knowledge too quickly is bad.
Change and the Role of Governments
Not all change is good, destroying embedded institutional knowledge too quickly is bad.
@naval An example is people calling to abolish capitalism with no view of what to replace it with.
The best governments move slowly and avoid ‘fixing things’, which they just end up breaking. They get out of the way and let the private sector innovate and satisfy society’s needs
The best governments move slowly and avoid ‘fixing things’, which they just end up breaking. They get out of the way and let the private sector innovate and satisfy society’s needs
@naval Case in point: Where are the flying cars and supersonic travel? And why do we have sky rocketing prices in education, healthcare, and housing, but deflation everywhere else? Well, the government got involved
@naval Government is best divided and its role limited to a few public goods such as national defense. Else, it only restricts opportunities and freezes innovation.
Censorship, Free Speech, and Pseudonymity Online
Tradition in history serves to keep things the same.
Censorship, Free Speech, and Pseudonymity Online
Tradition in history serves to keep things the same.
@naval The tradition of criticism is unique to modern societies and is now under attack by censorship and cancel culture
US is the only country that has the bill of rights.
US is the only country that has the bill of rights.
@naval Yet, “The most disappointing thing about the United States is how anti-American so many Americans are” – Brett Hall
Censorship has no place on online platforms, people are entirely capable of managing their online experience with blocks, mutes, and lists
Censorship has no place on online platforms, people are entirely capable of managing their online experience with blocks, mutes, and lists
@naval “The attacks on free speech are the single most disgusting feature of modern technology and modern society” – Naval Ravikant
“Stay in your lane” is a popular saying online, it’s an attempt to reduce society to a small set of academics in a circle jerk running the world
“Stay in your lane” is a popular saying online, it’s an attempt to reduce society to a small set of academics in a circle jerk running the world
@naval Pseudonymity allows people to build reputation behind an online character. This provides a good defense against cancel culture and puts people on an even footing.
@naval Case in point, the many anon accounts on Twitter that provide great value, to the point where Twitter could get displaced if it bans anon accounts
Life is a Single Player Game
Life is a Single Player Game
@naval The mindset of life as a single player game gives you the freedom to craft your life on a blank canvas and takes away the victim mindset
Later in life, the moments you will look back proudly upon will be those moments you rose past hard circumstances and accomplished something
Later in life, the moments you will look back proudly upon will be those moments you rose past hard circumstances and accomplished something
@naval That’s where characters are built, resumes are made, and pride is achieved
People have subjective interpretations of the world.
People have subjective interpretations of the world.
@naval That said, interpretations that are closer to reality result in fewer mistakes, and positively interpreting reality positively leads to happier experiences
The ability to create and interpret your own meaning is liberating.
The ability to create and interpret your own meaning is liberating.
@naval Else, if life had a particular meaning, we would all try to figure it out and then become enslaved to it
“You are the meaning of your own life” – Naval Ravikant
“You are the meaning of your own life” – Naval Ravikant
@naval Create a set of meanings that will produce compound interest in good relationships, wealth, free mind, and happiness
Understand the long-term consequences of your actions, that’s part of the secret of living a long and happy life
Understand the long-term consequences of your actions, that’s part of the secret of living a long and happy life
@naval “Play the game, it’s your game, you get to design the board, to design the challenge, set the victory conditions, and that’s a lot of the creativity” – Naval Ravikant
“Intelligence is a Cheat Code”
“Intelligence is a Cheat Code”
@naval Naval once tweeted “The only true test of intelligence is if you get what you want out of life”, there are two parts to this test:
1. Were you able to hack reality to get what you wanted?
2. More importantly, were you smart enough to figure out what to want in the first place?
1. Were you able to hack reality to get what you wanted?
2. More importantly, were you smart enough to figure out what to want in the first place?
@naval Many prizes are booby traps not worth having, others are simply out of your reach
Remember, not wanting something is as good as having it
99% of your effort in life is inconsequential and only serves to help you identify the 1% that matters.
Remember, not wanting something is as good as having it
99% of your effort in life is inconsequential and only serves to help you identify the 1% that matters.
@naval Clear thinking helps you to judge what matters sooner.
Look back at all the term papers you wrote, classes you took, people you dated, thoughts you had, things you stressed about, decisions you made. How many mattered?
Better judgment is everything.
Look back at all the term papers you wrote, classes you took, people you dated, thoughts you had, things you stressed about, decisions you made. How many mattered?
Better judgment is everything.
@naval If you make good judgments, you will have a healthier, happier, and wealthier life
For instance, judging what news to consume, city to live in, person to marry, workout to do, profession to be in, etc.
For instance, judging what news to consume, city to live in, person to marry, workout to do, profession to be in, etc.
@naval The modern world gives smart people a lot of leverage to magnify the impact of their good judgment (e.g. code, labor, media, and capital).
You can swap intelligence for anything in the modern world
You can swap intelligence for anything in the modern world
@naval “I think that having a clear mind, clear judgment, and clear thinking is a cheat code to life” – Naval Ravikant
Clear your calendar to focus on what’s important rather than what’s urgent
Learn to communicate clearly, it’s a sign of clear thinking
Clear your calendar to focus on what’s important rather than what’s urgent
Learn to communicate clearly, it’s a sign of clear thinking
@naval Surround yourself with people with good judgment
On Books and Reading
Books are uniquely interesting for a number of reasons:
They are well suited for efficiently absorbing knowledge because they are asynchronous.
On Books and Reading
Books are uniquely interesting for a number of reasons:
They are well suited for efficiently absorbing knowledge because they are asynchronous.
@naval That is, you can spend an hour on a paragraph and a minute on another.
“Old questions have old answers”, a lot of the best work can be found in older books, especially in philosophy and wisdom
“Old questions have old answers”, a lot of the best work can be found in older books, especially in philosophy and wisdom
@naval The author is removed from your view when reading, this allows you to absorb the writing with less in the way
A good book has to be read slowly, it will challenge your abilities while also sparking your creativity and thoughts.
A good book has to be read slowly, it will challenge your abilities while also sparking your creativity and thoughts.
@naval The point of reading is NOT to show off a pile of books nor to absorb knowledge, especially when Google puts all knowledge at your finger tips
@naval Books are like weights at the gym, too light and you crank through the exercise, too heavy and you can’t do a single rep, adjust your weights and books.
“I have yet to meet someone who I consider at a very high functioning level of intelligence who doesn’t read for fun”
“I have yet to meet someone who I consider at a very high functioning level of intelligence who doesn’t read for fun”
@naval “Read what you love until you love to read” – Naval Ravikant
As you read more, you will become better at filtering quality books and blogs
Depth has inherent breadth because the deeper the ideas in a book, the more different subjects they are going to touch
As you read more, you will become better at filtering quality books and blogs
Depth has inherent breadth because the deeper the ideas in a book, the more different subjects they are going to touch
@naval Setting Priorities in Your Life
You can shape your life the way you want with deliberate engineering. Keep in mind, nothing is cost free
For instance, you learn to say NO, avoid social obligations and useless meetings.
You can shape your life the way you want with deliberate engineering. Keep in mind, nothing is cost free
For instance, you learn to say NO, avoid social obligations and useless meetings.
@naval In return, you are rewarded with spontaneity, creativity, and productivity
When you are growing, don’t be afraid to disappoint people and leave them behind
When you are growing, don’t be afraid to disappoint people and leave them behind
@naval “If you want to operate at maximum productivity, efficiency, and creativity, you are going to work on things you are excited about at the moment you are excited about them, accept nothing less” – Naval Ravikant
@naval “Most of us are wrong most of the time, but you don’t need to be right a lot in this world, especially in the digital domain” – Naval Ravikant
@naval Being wrong in the digital domain has limited downsides, while being correct can have significant upside (Imagine investing in Eth at the right time)
“The goal of media, at some level, is to make every problem your problem” – Naval Ravikant
“The goal of media, at some level, is to make every problem your problem” – Naval Ravikant
@naval It will offer you all kinds of triggers till it finds what gets you hooked.
Get good at solving your own problems, have a clear mind, then selectively choose other problems you can solve
What is True But not Obvious?
Get good at solving your own problems, have a clear mind, then selectively choose other problems you can solve
What is True But not Obvious?
@naval Identify the places where the majority of people have an opinion that you know is actually false, that’s where you will have an opportunity to make a difference or create wealth
“Don’t debate them in the media when you can debate them in the market place” – Naval Ravikant
“Don’t debate them in the media when you can debate them in the market place” – Naval Ravikant
@naval Case Study: Everyone seems to agree Earth has finite resources and doom is inevitable unless we conserve natural resources, this is completely false
In reality, the more we know, the more resources we have, and the better our ability to harness and transform.
In reality, the more we know, the more resources we have, and the better our ability to harness and transform.
@naval It all boils down to knowledge.
For instance, Uranium was just a rock, till our knowledge taught us it’s a resource
Naval defines wealth as “Assets that earn while you sleep”
For instance, Uranium was just a rock, till our knowledge taught us it’s a resource
Naval defines wealth as “Assets that earn while you sleep”
@naval David Deutsch defines wealth at a civilizational level as “The set of physical transformations that you can affect”
The sustainability trap is a deeply pessimistic approach that gained traction because pessimism is intellectually seductive.
The sustainability trap is a deeply pessimistic approach that gained traction because pessimism is intellectually seductive.
@naval In reality, it only shows a lack of imagination and reading history.
If the victim mentality keeps a person down, pessimism keeps society down. More so when articulated by eloquent people
If the victim mentality keeps a person down, pessimism keeps society down. More so when articulated by eloquent people
@naval Outside of physical sciences, predictions become prophecies, regardless of how many letters you have after your name
Put it this way, “I would trust a physicist on climate science much more than I would trust a climate scientist” – Naval Ravikant
Put it this way, “I would trust a physicist on climate science much more than I would trust a climate scientist” – Naval Ravikant
@naval “I think that the people who control you through greed actually have a lot less power than the people who control you through fear” – Naval Ravikant
In a capitalist environment, greed is best served by selling a useful product in a voluntary transaction
In a capitalist environment, greed is best served by selling a useful product in a voluntary transaction
@naval Aliens and Origins of Life
“All life is problem solving, the more knowledge you have, the greater the repertoire of different problems that you are able to solve” – Bret Hall
“All life is problem solving, the more knowledge you have, the greater the repertoire of different problems that you are able to solve” – Bret Hall
@naval Biology isn’t friendly towards starting the project of life, it appeared to have happened once on Earth, and we yet don’t fully understand the mechanism by which it happened
That said, it seems like life started on Earth as soon as conditions stopped being hostile
That said, it seems like life started on Earth as soon as conditions stopped being hostile
@naval “Extraordinary claims require extraordinary evidence” – Naval Ravikant
Respond with this whenever someone demands you prove their grand theory false, especially when backed with weak evidence, such as never improving photos of UFOs
Miscellaneous
Respond with this whenever someone demands you prove their grand theory false, especially when backed with weak evidence, such as never improving photos of UFOs
Miscellaneous
@naval “100 years now people will look back and it will considered laughably archaic that we used to pass around pieces of paper, that we had something literally called a money printing press” – Naval Ravikant
@naval That's a wrap!
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