Discover and read the best of Twitter Threads about #TrueDeFi

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"The most important number in #finance", the London Interbank Offered Rate (#LIBOR), died a shameful death at the age of 52.

The interest rate benchmark underpinned more than $300 trillion in financial contracts before being marred in a scandal that lasted ~ a decade.

A short🧵 Image
2/ The scandal came into the limelight in 2008 but there is evidence that collusion between banks was going on since 2003.

🤥 “We know that we’re not posting, um, an honest” rate, a Barclays employee told a New York Fed official in April 2018.

How was it done?
3/ #Barclays was a key player.

Barclays would submit its #LIBOR estimate, claiming that it was lower than what other banks actually charged it.

A lower rate indicated a smaller risk of default & is considered a sign that a bank is in better shape than another bank. Image
Read 11 tweets
1/ Proof of Time⏳

Each day our individual hourglasses get emptied a little more. Time is really scarce for all of us so when one engages in a long-term commitment, it proves how much one values someone or something.

When in doubt, ask how much future time one has in the game.
2/ Even better than asking, use on-chain data! With ZKP tech, one could justify how much skin they have in the game w/o revealing all the details like proving a rough weighted average duration or league.

A verifiable statement could look like this:
"10+ years OG turtle".

❤️🐢
3/ Now, imagine a very exclusive #ProofOfTime party 🥳 only accessible to 10+ years stakers (turtles or above). No ticket or ID at the entrance, just the ability to show a recently signed on-chain statement proving a couple of attributes w/o doxxing oneself.
Read 8 tweets

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