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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🧵
The interest rate benchmark underpinned more than $300 trillion in financial contracts before being marred in a scandal that lasted ~ a decade.
A short🧵
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?
🤥 “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?
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.
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".
❤️🐢
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.
