jared.xyz Open in urlscan Pro
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URL: https://jared.xyz/whats-different
Submission: On April 26 via api from US — Scanned from DE

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WHAT'S DIFFERENT?

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JARED HECHT

April 26, 2024

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I remember buying my first BTC on Coinbase in 2013. It was during one of the
first crypto bubbles, and the world was freaking out that BTC had surpassed
$300. I happily participated in that hype cycle without really understanding
what crypto was. 

When I was building Fundera I was pretty heads down for the better part of a
decade. I continued to buy BTC over time - I can probably time my purchases to
increased mainstream media coverage. I was easily influenced and I never really
took the time to do a deep dive and teach myself about blockchains or read the
BTC and ETH whitepapers. It wasn’t until I read Digital Gold in 2018 that things
really started to click. 

After Fundera was acquired in 2020 I finally did the work. I voraciously
consumed every piece of literature I could get my hands on. I also tried to play
with every product I could. As I was doing this, I would attempt to identify
areas of opportunity and investment. What protocols would power the future
internet? What was the underpinning of a new financial system? Which NFTs would
maintain their value through a market downturn? Of course, this was in the midst
of the last bull market. Needless to say, I got rekt. 

This was an important learning experience for me. I was fine with losing money
as an angel investor, especially because a lot of the investments I made had
sound reasoning behind them, they were just poorly timed. They also provided a
good opportunity to tax-loss harvest. What I wasn’t fine with was getting caught
up in the hype and doing things because of FOMO. It was disappointing to succumb
to it, and it taught me that doing things because they are in vogue is not the
right reason to do them. I should do them when I have a deep understanding and
conviction. I imagine this is a lesson I’ll continuously learn, but I can at
least now recognize what it feels like in the moment. 

Fast forward to today and something is very different for me in the world of
crypto. I am fully red-pilled, as Nick likes to point out. When I first started
to really dig in in 2020, a lot of the products I used felt like they were
enabling me to participate in the global casino. They were speculative in
nature. It was fun, and there were definitely foundational developments that
emerged, but a lot of the UX for me was oriented around trading and swapping and
buying and collecting and hodling. Today so much of the UX is wrapping my hands
around products I can regularly use and immediately get utility and joy from.
They’re social in nature and familiar, yet novel and experimental.

There has been much talk and writing about the theoretical power of onchain
applications in the context of rebuilding consumer networks and services, but
now we are seeing those theories become reality. Every day my eyes light up when
I see the power of composability and headless application architecture and open
graphs manifest in the form of a new product and experience. Entrepreneurs are
connecting the dots in real-time, and they are enabling consumers to experience
a better way of doing things on the internet.





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