Brian Armstrong: evaluation

Transcript context

…But you don’t run Coinbase that way, right? So why aren’t you very skeptical of decentralized systems? You still have the Oracle problem — how to connect the smart contract to actual events in the world, and who verifies what has happened. And then decentralized systems can be very slow to improve because no one owns the thing who can just come in and fix it, just like the English language is a mess. Aren’t you actually just a lover of more or less centralized systems, and in your bones, you’re skeptical about decentralization? Well, I wouldn’t say that. When Coinbase started, of course, Ethereum hadn’t even been invented, so we started with the default path that was the best thing at that time. I do think that decentralization is incredibly important. Obviously, Coinbase is a centralized institution, but we’re one of many centralized institutions that are interacting with the decentralized crypto protocols, and they all have some level of interoperability, right? If you decide one day that you don’t like Coinbase, or they’re doing something that is not in your interest, then you can send your cryptocurrency off of Coinbase, and it’s fully compatible with any other private company that might be interacting in that space. There are certainly tradeoffs to decentralization. You noted some of them, but I think it’s an important component that helps preserve a lot of the great properties that have made crypto successful — and the internet and any other decentralized organization. Why do companies have mission statements at all? We would all agree, “Well, companies should stay within the law, and then there’s an obligation to maximize profits.” What extra is the mission statement adding? Or is that a Straussian layering on top to make it all sound better? When we say, “Oh, a company should stick to its mission,” what’s wrong with just following the law and maximizing profits?…

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