Promoting crypto discourse and discovery through inquiry.
Joined May 2021
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File under "probably nothing":
New $100M fund by Silicon Valley insiders, with a major web3 investment focus.
AND APPLE IS AN "ANCHOR" LP.
“The internet’s really unhealthy right now, and I think we can do better.”
ICYMI: why @davemorin and @brit are so bullish about investing in web3 with their new fund Offline Ventures👇 forbes.com/sites/alexkonrad/…
Not much on CT about the $41M penalty that the CFTC assessed on Tether for fraud about its reserves.
But I'm wondering:
Tether's peg to USD has been remarkable despite 2+ years of regular FUD -- so what kind of Tether news could cause the peg to break?
Exactly. And Congress must wake up and realize that our 100-yr-old securities laws are outdated
We don't need to force their 1930s-style regulatory reqs - public information disclosures - onto DeFi projects which HAVE CRITICAL INFO AVAILABLE FOR EVERYONE TO SEE & REVIEW ON-CHAIN
Excellent thread about why the left wing should be pro crypto.
It creates open, community-driven economies that favor users, doers and creators.
They need to understand that this is what crypto's really about - not the distracting sideshow of pump-and-dump schemes.
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1/ The biggest deal nobody's talking about: @AaveAave building a decentralized social media protocol.
Corporate social media loves to extract value from its users & transfer it to shareholders.
It can & should be replaced.
@AaveAave's protocol would:
theblockcrypto.com/daily/112…
3/ ✅ Make social connections portable -> lower switching costs btw social networks, so they need to compete for users
And it's backed by one of the biggest, most trusted players in crypto.
This is what technological self-determination looks like.
2/ By using a protocol (e.g. providing liquidity to a pool) you earn the main protocol token - call it a uCOIN (user token). Each uCOIN has 1 vote.
When a uCOIN is sold, it autoconverts to an iCOIN (investor token). Each iCOIN has 1/100 vote.
4/ There are many possible variations:
* uCOINs can be awarded in airdrops, to devs, etc.
* uCOINs & iCOINs can have diff improvement proposal votes (instead of or in addition to diff gov votes)
* can combine w Curve-like lockup, e.g. lock up iCOINs for X yrs, get % in uCOINs
5/ * can incentivize voting with uCOIN or iCOIN issuance
* can make uCOINs interest-bearing
* can change any parameter (e.g. votes per token)
* can combine w almost any other voting system
@Uniswap @SushiSwap @CurveFinance @lex_DAO @LeXpunK_DAO @ChrisBlec @lex_node @fund_defi
Is the "wBTC / wrapped BTC" terminology just bad marketing?
It's jargon for DeFi natives. It doesn't clearly communicate that ethereum can leverage all the financial properties of BTC, and the bitcoin network can't.
Little things like this add up. We can do better!
Big
We have a block! Took a bit longer than expected, but London is live on Ropsten 😅
ropsten.etherscan.io/block/1…
Not directly crypto related — but the ACCESS Act would be a good step in creating a more open, permissionless, interoperable internet. And the EFF has some ideas for making it even better. I’m following this bill closely as it winds thru Congress.
The #ACCESSAct is a rarity: a federal law that will make the internet BETTER for us all*. But it's not perfect, so we've got some suggestions for this week's markup session in the House Judiciary Committee.
eff.org/deeplinks/2021/06/ne…
* OK, not monopolists. It'll be worse for them.
US banks hold $18 trillion in customer deposits. Maker, Aave and Compound combined have $34 billion TVL. More than a 500x growth opportunity in the US alone.
And that's just one portion of DeFi, which is just one application of Ethereum.
Wow!
1/ I was trying and failing to explain the value of crypto to a skeptical friend (they exist!) until one explanation resonated with him. I though I’d post it b/c while it’s obvious to crypto natives, it’s eye-opening for laymen. It’s a story of money, politics and power:
5/ So people no longer need banks. Which means they can make the money the banks are making. And the same situation applies to securities exchanges, brokerages, etc. Let the people earn using the value of their own money!