Discover and read the best of Twitter Threads about #HollowAbstractions
Most recents (4)
Coinbase says they don’t list any securities, end of story.
Except Braintrust's token, BTRST, is a security.
And BTRST is listed on Coinbase.
Why Coinbase is gaslighting about securities 🧵
Except Braintrust's token, BTRST, is a security.
And BTRST is listed on Coinbase.
Why Coinbase is gaslighting about securities 🧵
The Howey Test defines what it means to buy a security:
“An investment of money for a reasonable expectation of profits to be derived from the efforts of others.”
In the non-crypto world, it's established that every company's stock is a security.
“An investment of money for a reasonable expectation of profits to be derived from the efforts of others.”
In the non-crypto world, it's established that every company's stock is a security.
Things are fuzzier for crypto investors.
According to the SEC, there’s at least one crypto asset that’s not a security: Bitcoin.
In 2019, then chair Jay Clayton said BTC isn't a security because it could hypothetically substitute for a sovereign currency like USD or Euro.
According to the SEC, there’s at least one crypto asset that’s not a security: Bitcoin.
In 2019, then chair Jay Clayton said BTC isn't a security because it could hypothetically substitute for a sovereign currency like USD or Euro.
Braintrust (@usebraintrust) is one of the highest-profile attempts at a Web3 use case.
With $123M raised, investors say it's a decentralized network disrupting Upwork.
My analysis shows it's a centralized staffing agency juicing up growth metrics.
Who does your brain trust?🧵
With $123M raised, investors say it's a decentralized network disrupting Upwork.
My analysis shows it's a centralized staffing agency juicing up growth metrics.
Who does your brain trust?🧵
Braintrust presents itself as a manifestation of @cdixon’s “insight” that Web2’s take rate is Web3’s opportunity.
So how exactly is it able to operate with a lower take rate? The answer will shock you…
So how exactly is it able to operate with a lower take rate? The answer will shock you…
Braintrust's home page proclaims: You can keep 100% of what you earn.
It neglects to mention that's after subtracting a 10% take rate. Oops.
Some Braintrust investors, like @packyM, level with us about the 10% take rate. Other investors, like @variantfund's @jessewldn, don't.
It neglects to mention that's after subtracting a 10% take rate. Oops.
Some Braintrust investors, like @packyM, level with us about the 10% take rate. Other investors, like @variantfund's @jessewldn, don't.
.@Helium supporters have been accusing me of FUD.
To encourage one another to stay positive, they cite exciting corporate partnerships such as... @Goodyear Tire & Rubber.
Maybe I can help them perform a sanity check before they pin their hopes on this promising "customer".
To encourage one another to stay positive, they cite exciting corporate partnerships such as... @Goodyear Tire & Rubber.
Maybe I can help them perform a sanity check before they pin their hopes on this promising "customer".
Believers of the Goodyear/Helium partnership envision a future where your vehicle connects to the internet... through its tires.
Inspiring.
I'd hate to burst their bubble that a Goodyear Ventures investment with the goal to "learn about new mobility" isn't proof of real demand.
Inspiring.
I'd hate to burst their bubble that a Goodyear Ventures investment with the goal to "learn about new mobility" isn't proof of real demand.
To learn more, I watched this presentation by @AbhijitCVC of Goodyear Ventures:
Does Goodyear have a plan for giving tire sensor devices their own internet connection?
Not really, says Abhijit: "Assume we have the right sensors, and we don't yet..."
Does Goodyear have a plan for giving tire sensor devices their own internet connection?
Not really, says Abhijit: "Assume we have the right sensors, and we don't yet..."
.@Helium, often cited as one of the best examples of a Web3 use case, has received $365M of investment led by @a16z.
Regular folks have also been convinced to spend $250M buying hotspot nodes, in hopes of earning passive income.
The result? Helium's total revenue is $6.5k/month
Regular folks have also been convinced to spend $250M buying hotspot nodes, in hopes of earning passive income.
The result? Helium's total revenue is $6.5k/month
Members of the r/helium subreddit have been increasingly vocal about seeing poor Helium returns.
On average, they spent $400-800 to buy a hotspot. They were expecting $100/month, enough to recoup their costs and enjoy passive income.
Then their earnings dropped to only $20/mo.
On average, they spent $400-800 to buy a hotspot. They were expecting $100/month, enough to recoup their costs and enjoy passive income.
Then their earnings dropped to only $20/mo.
These folks maintain false hope of positive ROI. They still don’t realize their share of data-usage revenue isn’t actually $20/month; it’s $0.01/month.
The other $19.99 is a temporary subsidy from investment in growing the network, and speculation on the value of the $HNT token.
The other $19.99 is a temporary subsidy from investment in growing the network, and speculation on the value of the $HNT token.
