1/ Let's take a trip down #Crypto memory lane together !🗓️
The year is 2014. In the middle of the bear market, #Bitcoin enthusiasts are still optimist about the potential of their cryptocurrency and a book "Bitcoin for the Befuddled" is published to explain it to novices.
2/ One specific extract from this book was then published as a blog post and stood out in my memory: “A Typical Day in a Blockchain-Enabled World Circa 2030”. ⛓️
1/ Great morning for a tweetstorm updating the latest on the interaction of #WallSt & #bitcoin, drinking coffee from my new BitMug (thanks AC Fenton!) @brucefenton
2/ The most significant news--maybe most important news to date on the #WallSt front--was @tzeroblockchain's token generation event on 10/12 (a fully-compliant #STO on the public #Ethereum mainnet of true preferred stock, issued by an SEC registrant). Investor letter captures...
3/ ...perfectly the true benefit of owning #cryptoassets (which defenders of the legacy system love to ignore): investors have the option to opt out of the legacy system, which is unstable & unfair. Owners can either hold tokens at a broker/dealer OR IN A PERSONAL WALLET at...
OGs will often look at #cryptoasset charts in $BTC terms, in addition to $USD terms.
If investing in any ERC-20s, I recommend looking at them in $ETH terms too, $ZRX and $MKR shown below.
$ZRX / $ETH & $MKR / $ETH both in beast mode, showing growing confidence in these projects relative to #Ethereum.
Could also be pricing in of the growing trend of "middleware protocols" looking to operate across multiple base layer chains, de-coupling from original parent chain
While $USD prices may feel relatively static in #crypto right now, there is a lot of underlying movement in the relative accrual of value between different projects. $BTC makes this clear, but it's also showing in other quality projects.
2/ In fact, including everything into the current state and/or archival blockchain, increases miners' cost.
The connection they might have made is all the dapps and other silly stuff isn't where the value comes from, the value comes from marketing.
3/ The success of ethereum's marketing is only partly correlated w/ the number of transactions. There needs to be enough volume to support the narrative, but not too much to make it extremely hard to stay synced.
1/ #Ethereum is crashing (not just in USD terms but in BTC terms); has the demand for a decentralized world computer disappeared, or is something else at play? Let's consider the fundamentals from an economic point of view.
2/ The price level of all monetary goods is determined by (and only by) reservation demand. More precisely, the duration that the average unit of the monetary good is held in reserve.
3/ At one extreme you have a good like gold that is stored in vaults in perpetuity because of a widely held belief that it will retain its value long into the future.
Gold has a very high reservation demand which is why it has a market cap of over seven trillion dollars.
1/ in markets, investor psychology is everything. i shared my thoughts on greed, investor psychology, shitcoin, and market cannibalization at @dezentral_io in berlin and wanted to share some of these ideas here...
2/ investors in the crypto ecosystem saw everything go up and to the right. everyone in the market is feeling good, and worth a lot on paper. everyone outside the market is feeling FOMO, and wants in on some juicy returns. the narrative is "blockchain, make me money!"
3/ everyone starts looking for the next #bitcoin, #ethereum, #ripple. people begin to believe that the market will go up and to the right forever, and investors flush with paper returns from the crypto casino rush to multiply their money at the shitcoin roulette wheel.
1/ Hey #CryptoTwitter, grab a glass of vino and come sit by the fire so we can discuss your narrow-minded views on FAT PROTOCOL THEORY.
See what I did there -- how I juxtaposed "narrow" with "fat"?
Just shut up and drink your wine. 👇
2/ First, let's acknowledge it as a "theory" even though it wasn't clearly labelled as such.
A theory is just a plausible principle offered to explain phenomena.
3/ In Joel's case -- @jmonegro penned the original theory -- he was observing the phenomena that #Bitcoin and #Ethereum both had market caps that far exceeded the value of applications built on top of either protocol.
A 75 tweets long tweetstorm by @VitalikButerin on Casper. Interesting at many levels. Timing is providential. $ETH needs its community to rally and pull together to stop & reverse the sell-off. PoS would be bullish for prices by creating a new use for existing coins. #Ethereum
Another providential appearance from a key player of the Ethereum community: @ConsenSys. From yesterday. Seems key stakeholders are just as worried as other holders, and acting on it. This is good. Communicating with the marketplace is crucial. #Ethereum
1/ It seems like a lot of approaches to blockchain-based smart contracts, recognizing that "code is law" was unworkable, are going to the opposite extreme where smart contracts will be easily stoppable through administrator-type privileges, and claiming that this is necessary
2/ to ensure legal compliance. If that is true, then the benefits of deploying a smart contract to a public blockchain (vs. someone's server) are modest. By far the biggest benefit dreamed of by cypherpunks for blockchain-based smart contracts was always their potential
3/ to reduce both ex ante and ex post transaction costs by establishing an "unstoppable" arrangement on a world computer where (assuming good ex ante due diligence into the code), the parties had close to 100% certainty that the code would execute and the funds would flow.
Starting a thread here of "decentralized" DApps/exchanges etc. that have a centralized kill switch or control. Let's start with @KyberNetwork ... looks like they can halt the network, per github.com/KyberNetwork/s…
Correct me if I'm wrong, but does this code not allow the owner of the MakerDAO contract to mint new coins? Source: etherscan.io/address/0x9f8f…
PSA: If you think the #EOS launch was chaotic, wait until #TRON launches in a couple of days... I also happened to have reviewed the entire $TRX codebase.
My eyes hurt.
They should rebrand to "TRON: the Frankenstein of crypto." Learn more 👇
Justin Sun loves bashing on #Ethereum, which is hilarious, since the majority of Java-Tron's codebase is based on the EthereumJ library - one of the most buggy implementations of the Ethereum protocol. They tried to hide this, but failed: github.com/tronprotocol/j…
Unsurprisingly, the highly marketed Tron Virtual Machine is a FIFO implementation of the Ethereum Virtual Machine, which makes sense given the use of EthereumJ, but once again it was announced as an original and miraculous piece of software.