I just pledged to vote pro-crypto this year. Join me and make sure crypto voters are heard at the ballot box. @standwithcrypto standwithcrypto.org/vote
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Val Klump retweeted
In the decade I’ve been posting here, I’ve never done a product review. But here’s one that may interest readers.
I tried out Coinbase’s “borrow” product. This lets customers borrow cash using their BTC as collateral. I didn’t have a need for this, but since it’s becoming a popular retail-facing product for Coinbase and other companies, I wanted to see how easy they’ve made it.
I was amazed. The entire process was simple and took just a few minutes. You deposit BTC as collateral and get USDC, which is immediately convertible to USD, then a quick transfer to your linked bank account. It’s seamless and you never leave the platform. The variable APR 30-day average is currently 4.82%.
Of course DeFi borrowing has been around a long time. But my sense is that many people in this space don’t realize how easy the process has become for the casual, non-tech user (or how competitive the APRs are). It certainly makes BTC an even more useful and attractive asset to own.
My main takeaway was “disruption.” Once you get in the trenches and see how quickly products are evolving in this space, you understand the growth potential -- and how much the legacy Wall Street firms will lose if they don’t adapt and dive in.
Val Klump retweeted
When I read this NYT article on the SEC's approach to crypto yesterday, I was outraged and submitted a comment on the article that has not been approved. I suspect it may not ever be approved. I happened to save the text since I was on my phone and paranoid about losing the comment. Here is it:
This article is seriously lacking in context.
Biden’s SEC did not stop any of the many frauds in crypto. They were buddy-buddy with Sam Bankman-Fried, one of the biggest fraudsters in HISTORY, and missed FTX, Terra/Luna, Three Arrows Capital, Celsius, Voyager, etc.
Instead, they went after upstanding companies for registration infractions, which aren't anywhere near as important for its goal of investor protection.
It makes perfect sense that the Atkins SEC should now drop a number of these frivolous, wasteful lawsuits.
The Gensler SEC’s refusal to create guidance as to how existing laws from the 1930s/1940s applied to crypto is partly responsible for the fact that FTX was offshore, giving investors less protection.
If the Gensler SEC had been clear about how the rules applied, then companies (and consumers) could know ahead of time what was/wasn’t kosher. Instead the SEC kept secret exactly how the laws from the 1930s and 1940s applied to crypto and would surprise crypto companies with lawsuits.
This is not a fair or normal way to run a government agency. It was also supremely stupid since the companies they went after were largely good actors.
Lastly, more than half of crypto people are/were Dems who voted for Trump because of Gensler’s antics. They don’t love Trump’s business conflicts with crypto either.
I advise you to never learn a lot about a subject, because once you see how much the NYT gets wrong, it will make you question EVERYTHING they report on.
i really want to believe that NYT is trustworthy but that has become nearly impossible
the whole framing of this new crypto story (yet again) relies on the (false) premise that the prior admin’s attack on crypto totally normal
it wasn’t
the attack was widely rebuked for years — by bipartisan members of congress, by federal courts, by basically anyone that wasn’t part of a small cabal of elizabeth warren-aligned officials. mainstream democrats never took up her cause. one time the dem senate voted overwhelmingly to overturn an insane SEC policy and biden was forced to VETO it
these partisans, who often owed their jobs to a deal struck between biden and warren during the 2020 campaign (widely reported) included consequential appointees in the biden admin who previously worked directly for her, or those who she personally approved.
these partisans included staffers for regulators who immediately went to warren-aligned non-profits like better markets and the consumer federation of america. these included entrenched officials inside banking regulators, who have now been exposed for inappropriately targeting legal industries
so the idea that the regulatory pivot on crypto over the last year is somehow because of the president’s personal interest, and not because the prior regulatory posture was absolutely INSANE, is dishonest framing that ignores 4 years of direct attacks by the actual partisans
this type of reporting relies on the readership being uninformed, which unfortunately too many are. this relies on Gell-Mann Amnesia and the “paper of record” is actively promoting crypto dementia
Val Klump retweeted
NEW: CEO of $4.5 trillion dollar NVIDIA, Jensen Huang, says that “bitcoin is taking excess energy and storing it as a new currency. You can take it wherever you’d like, transporting it everywhere.”
My son is at an age now where he tells me things I already know, like “the key to a good BLT is the tomato.” But I don't tell him I know. Instead I nod and allow him his wisdom.
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What would be the ultimate Silicon Valley career, starting in 2000? Something like this...?
2000-2004 Google
2004-2008 Netflix
2008-2012 Facebook
2012-2016 Tesla
2016-2020 Stripe
2020-2024 OpenAI
2024-2028 ???
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Every time I read about how much Anthropic is worth now, I feel a tiny bit bad for SBF.
We've raised $13 billion at a $183 billion post-money valuation.
This investment, led by @ICONIQCapital, will help us expand our capacity, improve model capabilities, and deepen our safety research.
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What's up with every website eschewing passwords for emailed codes lately.
Just let me enter a password, I really don't want to open my email.
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Today it was "Academy Awards" theme day at my kids' camp and all the kids voted on Best Picture.
"KPop Demon Hunters" won in a landslide.
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Just updated my popular web app, How's My Hair, to use the latest WebRTC API.
It's the web’s #1 utility for checking your hair.😛
Compatible with all laptops / browsers / webcams.
valdean.github.io/howsmyhair…
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Great tips on effective UX writing from @Apple. 16 minutes, worth watching.
youtu.be/iaafpzDJHS8
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