What's Wrong with Coinbase CEO's 10 Points? Which are the Blockchain Applications that Shouldn't be Touched?

Coinbase CEO Brian Armstrong was recently asked, "If you were to start another crypto startup today, what would you do?" He presented 10 ideas, some of which were criticized by the community. Ari Paul, the founder of the venture capital firm BlockTower, commented on Coinbase CEO's 10 ideas.

What's Wrong with Coinbase CEO's 10 Ideas?

Founder of venture capital firm BlockTower, Ari Paul, feels that he agrees with most of Brian Armstrong's ideas, here are his comments:

• Flatcoin: Some agreement, the more advanced "flatcoin" model is still a blue ocean, but for entrepreneurs... we already have many such products; come up with an idea that is 10 times better than existing products.
• On-chain reputation: At least a dead end within 5 years, will cause many to lose money. Nearly every unsecured and undercollateralized borrowing protocol and company collapsed 2 years ago, such as Celsius, BlockFi, dozens of decentralized financial protocols, etc. Without real credit approval, credit cannot be provided, and this needs to be taken into account from a more macro perspective.
• On-chain advertising: This is interesting, but for entrepreneurs, the market for this is currently very small and there are significant technological and user experience frictions. Before the world is truly "ready" for widespread use of on-chain advertising, a viable early-stage business needs to be cleverly established.
• On-chain capital formation: Agreed. Cryptocurrencies are naturally suited for this, although many areas in the crypto space already fall into this category, there are still many new things that need to be built.
• Cryptocurrency work and task markets: Simply adding crypto payments on freelance platforms like Mechanical Turk has little to do with cryptocurrency relationships.
• Layer2 privacy: It is difficult for entrepreneurs to profit from privacy-related matters, but it is of great help to humanitarianism, please develop privacy tools!
• Fully on-chain P2P exchange: As a core part of the cryptocurrency value proposition, this area is severely underfunded, which is insane. This requires highly complex engineering, and the market will not fairly reward it because privacy has been consistently undervalued, but it is absolutely possible to build billion-dollar value enterprises and protocols here.
• On-chain gaming: I have been excited about this since at least 2016... and I feel a bit embarrassed that the success rate we actually see is faster than I expected. But I am still excited about on-chain gaming. The challenge is the lack of infrastructure such as standardized smart contract systems or engines, but I am still excited about on-chain gaming, which is a promising area for entrepreneurs.
• Tokenizing real-world assets: This is a topic that BlockTower and I are most excited about, very exciting!
• Starting and managing the software of network countries Network State: Exciting! I am less focused on network countries than Balaji, but those tools will greatly facilitate a 10x improvement in business coordination, yes, I can imagine even small countries utilizing it. Finally, I emphasize again: these are my views, not necessarily shared by everyone at BlockTower or our venture team.