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.
- #Ethereum code school CryptoZombies trained 208k+ users and is growing by 30k+/mo
- Truffle has 580k dls, up 56% last 3 mo
- MetaMask has >1m users
- GitHub lists 14k $ETH-based repos and 220k commits
- 1500+ dapps are in dev
- ETH does more tx and active addresses than BTC
- No, batching doesn't make up the dif in tx
- Of the top 100 tokens by MC, 94% are built on Ethereum
- EEA boasts 500+ members
- Brazil, Canada, Zug, Chile, Dubai, and Estonia are experimenting w/ government apps on Ethereum
On the topic of daily act addr (DAA):
Value transfer is a use case and those *transacting value daily* are DAUs you morons.
Fundraising with $ETH = MOE.
By DAA, Ethereum has as many or more users than BTC.
Great analysis of the Canadian Securities Administrators new guidance on ICOs and securities by @Osler_Law. Summary:
- Most ICOs/SAFT (utility tokens) are securities
- Same approach as SEC
- No new regs: existing secutiries rules apply
- Enforcement coming
Read comments below👇
"Most token offerings are subject to Canadian securities laws and that regulators will continue to take enforcement action against projects and businesses that engage in token offerings without complying with applicable securities laws"
BTC maximalists who remained untainted 😎
- regulators are monitoring the crypto-asset space
- understand commonly used token offering models (...) adopted to minimize Canadian securities laws.
- SAFTs, air drops from foreign jurisdictions
- nonetheless be subject to Canadian securities laws
1/ Put together some informal thoughts on smart contract platforms for friends that I figured I should share. Clearly, this market is #Ethereum’s to lose.
2/ The reward, however, for any smart contract platform that can achieve #Ethereum levels of success is significant. Makes the expected value of investments potentially positive, even if low odds.
3/ #Ethereum has a “feature gravity advantage” over the upstarts, and a proven willingness to move fast and avoid ossification. So long as scale doesn’t make things a quagmire, such flexible governance will suit $ETH well going forward.
1) Institute for the Future, Understand the #Blockchain in Two Minutes - 2) Savjee, How does a blockchain work - Simply Explained - 3) Don Tapscott, How the blockchain is changing #money and business - ted.com/talks/don_taps…
Lo que sabemos del #Petro hasta ahora, en los próximos tweets:
- Token será representado con el acrónimo $PTR
- Emisión máxima sería de 100.000.000 de $PTR
- Preventa comenzó ayer 20 de febrero y terminaría el 19 de marzo
- Venta pública pautada para iniciar el 20 de marzo
- El registro para el ICO es engorroso y presenta problemas
- Maduro afirmó que $735 millones han sido invertidos en el ICO, no hay manera de confirmar pues aceptan transferencias bancarias
- Miembros de @NEMofficial aseguran no haberse reunido con el gobierno, como éste indicó