August 28, 2023
The classical definition of Sanity is the ability to distinguish Fantasy from Reality. The sculpture shown is 'il disanganno' or the release from deception. I am always surprised by what captures peoples attention and what doesn't. I recently was part of an all day session where people were showing their technology. There were people showing brilliant tech with ok ppt-ware and I was blown away. A group of banks were in the room and brushed aside what was excellent, and were in love with a group of folks with excellent ppt-ware, a good website, but no technology. I was aghast.
A global head of innovation for a top 20 bank stated that his team had built some technology using blockchain as a cool test, but the bank was never going to use DLT as long as he was head of Innovation. He said, he had budget, he needed to spend it, and this was a really fun exercise to learn.
The diligence to build tech and bring it to market and get people to use it is a critical test of reality of any project or business. In addition we need people who are seeking to deploying working technology in a market that is rational and real. Defi and the players in defi are building but they need to rationalize the collateral, collateral management, acceleration, and a cross enterprise solution architecture for real assets to have real oracles opine on their condition, marks, continuing function, and value. This includes little things like the ability to accelerate.
I am no way casting aspersions on those who are early in the game...that is awesome, but show what is real, show what is aspirational, and lets not decieve ourselves or potential clients. In addition we as an industry need to avoid buying our own rhetoric. Ami Ben-David at Ownera (who is a deeply charitable and good man) once told me we can never be down on anyone who is actually building, no matter what stage they are... I can not agree with him more. We need realists, building real tech, and lets work with real partners, who want to move forward. The internet never sought to partner with Sears...and Sears was happy with their catalog. We need to partner with those who are interested in working technology and want to get started...They are out there, there are a lot of them, but there are also a ton of window shoppers.
The Road goes ever on and on
Down from the door where it began.
Now far ahead the Road has gone,
And I must follow, if I can,
Pursuing it with weary feet,
Until it joins some larger way,
Where many paths and errands meet.
And whither then? I cannot say.
- F & B Baggins