jonwu.eth Profile picture
Sep 13, 2022 14 tweets 3 min read Read on X
Are you going to jail for interacting with Tornado Cash?

Well, today we find out!

I read US Treasury's OFAC office Tornado Cash FAQ's so you don't have to:

(Note: I'm not a lawyer 🤠)
On getting money out of Tornado Cash:

You can do it!

...if you apply for an individual withdrawal license which includes furnishing provenance for your funds:

home.treasury.gov/policy-issues/… Image
On getting "dusted" by Tornado Cash-tarnished funds:

Technically you are still liable! And you still have to report all blocked funds to OFAC.

...but they won't delay processing your report of blocked property. Image
On using Tornado Cash at all:

No, absolutely not, nein, nyet, non. Image
On the mere mention of (whispers) *Tornado Cash* being a punishable thought crime:

It's not a thought crime!

You can:
- copy the code
- discuss it
- show it to others
- include it in written text Image
And...that's it.

What of course OFAC fails to address here is the sanctity of deployed Ethereum code as speech.
In other words, if I deploy credibly neutral technology that ends up being used by adversaries of the United States, OFAC is saying by omission that they can still levy sanctions.
Before you get mega upset, it's worth noting that the Office of Foreign Assets Control (OFAC) has a very specific purpose and mission:

To serve America's national security and foreign policy interests.

It's an intelligence agency, not a regulator.
In other words, OFAC doesn't know or need to know about Ethereum, consumer privacy, immutable contracts.

That's not its mandate.

It knows:

North Korea bad.

Tornado Cash seem help North Korea.

Tornado Cash bad.

Me do sanction.
It's sort of like the CIA seeing that North Korea used Tornado Cash, except instead of sending SEAL Team 6 to execute an extralegal assassination of the devs, it used its mandate to freeze assets in place.
So don't get it twisted:

OFAC is only here a regulator in the Warren G sense of the word--by depriving foreign adversaries of access to U.S. (and U.S. citizens') assets.

The history of OFAC as an intelligence agency is actually fascinating, but that's for another thread.
For the full list of Tornado Cash FAQ's see here:

home.treasury.gov/policy-issues/…
Follow me for more news to help relax your pucker and take you from 😖 to 😌

@jonwu_
this thread is for sure getting suppressed, he said to no one in particular

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with jonwu.eth

jonwu.eth Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @jonwu_

Mar 22
Hearing from a few teams who are scrambling to get a marketing strategy in place before we go parabolic.

You're fine. If you're struggling with narrative and positioning here's what to do in the next 30 days.

Plus 1 thing you absolutely should NOT do:
1) Founders: start tweeting every single weekday.

Four single posts, one long post.

No excuses. Drop whatever it is you're doing, stare at the screen, get it done. Marketing leaders: literally sit next to your CEO and encourage them.

Pat them on the head. Give them treats.
An A++ personal feed should look varied, with some mix of:
- explainers
- insights / "takes"
- shilling your project
- media (video, pictures)
- retweets of your partners & ecosystem

If you are just doing 1 content vertical, challenge yourself to vary it up. Do one type a day.
Read 15 tweets
Mar 13
I've talked to 50+ crypto projects in the last 10 days looking to hire a CMO or Head of Marketing.

They're not going to have an easy time.

Here's why hiring an all-star marketing leader won't fix your problems:
Before we even get to what a CMO does, let's talk about how hard they are to find.

The head of talent for a leading crypto VC estimates the total # of "true" CMO candidates in crypto at 10-15.

Already, your odds are not good:

Hundreds of projects looking to hire 10-15 people.
And if you're lucky enough to find a "true" CMO, their comp can easily be in the 7-figure range.

- $250K++ cash
- 50-100bps of equity at Series A/B

Read 16 tweets
Feb 16
I saw a headline that went unnoticed yesterday:

"White House confirms US has intelligence on Russian anti-satellite capability"

Here's what would happen if an adversary took out America's global positioning system:

(+ why you should have 30 days of supplies)
People are sleeping on the threat of anti-satellite weapons.

Even the White House downplayed the threat.

Spokesman John Kirby said it was "troubling," but claimed no immediate threat and that anti-satellite weapons couldn't cause physical destruction on Earth's surface.
So why then are anti-satellite weapons so "troubling?"

Because destroying GPS--a constellation of 31 satellites owned and operated by the US government--would send us back to the stone ages.
Read 25 tweets
Feb 15
The recent discourse on airdrops upsets me deeply, and probably not for the reason you think.

I personally understand the difficulty of managing users who demand compensation for their participation.

I've been through it and it isn't easy.

But--guess what?

That's the deal.
To be even more explicit about what the deal is:

"You put your hard-earned money into our protocol, and we will pay you."

That's what we all signed up for.
That is the precedent, expectation, and culture, first established by the Uniswap airdrop and expanded and iterated on by all its successors.

You can be in denial about reality, but that doesn't mean it isn't true.
Read 16 tweets
Jan 3
2024 is going to be an insane year.

It's not too late to get ahead of it and make a plan.

You can do this exercise in an afternoon to win your year:

(Bookmark this!)
I just finished my third year doing yearly planning with @maggielove_.

We've simplified our system to just three components:

- reflection
- planning
- accountability

Here's how it works:

First, look back at 2023 and chart out the year :

- travel
- major events
- illnesses/injuries

Below that, craft a few summaries:
- accomplishments/failures
- lessons
- who influenced you

It will become obvious what 2023 was "about." Image
Read 20 tweets
Dec 19, 2023
If you pay someone to do something, they're more likely to do it.

"Show me the incentive and I'll show you the outcome"...right?

Wrong.

Money is a special type of good, and paying someone money to do something might make them want to do it LESS:
This outcome was explored by the extraordinary study and paper "A Fine is a Price" by Prof Uri Gneezy.

In it, the designers predict something called the deterrence hypothesis:

Assessing fines will lead to less of the fined behavior. Image
The setting?

A daycare where parents were perpetually late picking up their kids from daycare, forcing teachers to stay late.
Read 12 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

:(