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Max Bronstein @max_bronstein
, 3 tweets, 1 min read Read on Twitter
1/ Tokens as units of capital within economies without a central authority:

- Monetary/SoV Tokens: Financial Capital
- Governance Tokens: Political/Social Capital
- Work Tokens: Human/Machine Capital
2/ These are simple heuristics, but it’s interesting to compare proposed value accrual mechanisms to real world analogs
3/ The story gets more exciting if we think of blockchain networks as a means to more freely and globally allocate capital (value). This fulfills the primary goal of markets, to most efficiently allocate capital
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1/ Just finished listening to @eriktorenberg's Venture Stories podcast with @spencernoon and @cyounessi1 in which they discussed their investment thesis for ETH. This was a really great discussion and prompted some thoughts of my own: breaker.audio/venture-storie…
2/ It's still too early

Many of my maximalist peers cite this as a reason for why Ethereum is far too experimental to hold any real value, but the same logic can be applied to Bitcoin. These networks have only been around for 9 years total.
3/ There is little consensus on optimal inflation rates, incentive mechanisms, and schelling points for how much decentralization is necessary for certain use cases. The ability for these networks to adapt based on future utilization will be crucial.
Read 16 tweets
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{Thread} 1/ The more I think about the decentralized financial system, the more I think that 'Relayers' are one of the highest leverage business opportunities in the blockchain space
2/ When most people think of relayers, they associate them with a specific protocol. For example, we think of @RadarRelay and @ParadexIO as specifically '0x relayers,' and @bloqboard as a 'Dharma relayer.' Relayers don't have to be constrained to one protocol
3/ If we strip relayers down to their core, what are they comprised of?

💻 a front-end UI

🔐 smart contracts

⛓ database/blockchain

At base, a relayer is just an interface for users to place and fill transactions on some blockchain protocol
Read 7 tweets

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Political Risk is fundamentally different than other kinds of Risks because it impacts Governments; therefore, Political Risk by its nature is Systemic Risk when it impacts the major countries of the World.
In other words, the Populism we see throughout the West is not only Political Risk, it is an example of Systemic Risk because it is Government Risk that impacts the Foundations of our Economic System.
When Central Banks decided to manipulate interest rates to set them to zero (or negative!), they were explicitly underpricing Systemic Risk, not only in theory but also explicitly because we learned Systemic Risk was a major concern during Credit Cycles, which we learned in 2008.
Read 23 tweets
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Lessons of the market. The thread we promised.
The SV dream of 100s of tokens, each accruing value in their own ecosystems, is dead. Whatever your mental model - a complex theory of velocity (MV=PQ) or the idea of "work tokens" - it's important to realise all tokens ultimately compete on a single playing field:

Currency.
The problem with "ecosystem" tokens deployed on existing blockchains is that they try to innovate on two levels at the same time:

1) Business -> success or failure depends on cash flow and generating profits
2) Currency -> success or failure depends on liquidity and adoption.
Read 31 tweets
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Anarchists have never done any of these things.

"Anarchism is a product of despair, the psychology of the unsettled intellectual or the vegabond and not of the proletarian." - Lenin.

How could anarchists "construct society based on mutual aid" without a leading workers Party, without a workers State? They cannot.

How could anarchists "abolish [private] property relations" without the working class imposing socialist property relations? They cannot.
And how on earth will the anarchists "ensure everyone's needs are met through cooperation" without a central authority accounting for, planning & producing any one societies material needs? They cannot.
Read 6 tweets
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"The 25 points of the NSDAP Program were composed by Adolf Hitler and Anton Drexler. They were publically presented on 24 February 1920 "to a crowd of almost 2K and every single point was accepted amid jubilant approval." (Mein Kampf, Volume II, Chapter I)
"Hitler explained their purpose in the fifth chapter of the second volume of Mein Kampf: hitler.org/writings/progr… …
"THE COMMON INTEREST BEFORE SELF-INTEREST - THAT IS THE SPIRIT OF THE PROGRAM. BREAKING OF THE THRALDOM OF INTEREST - THAT IS THE KERNEL OF #NATIONALSOCIALISM.
Read 51 tweets
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THE WATCHMAN

[...] "The watchman’s task has always been a thankless one.
"There are treacherous fifth column elements, who are really working for the #defeat of the #nation, at the hands of its enemies.
"These subversive elements readily gain and hold the #public’s ear, because they soothingly tell the people what they want to hear. Go back to sleep, no danger can come, and there is nothing you can do.
Read 134 tweets
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1/ Bitcoin price is falling off the cliff. It was $20k at peak and now in 30 days, it has crashed 64% to around $6k today.

What’s happening? The answer lies in its network effects.

This thread will explain how bitcoin rose and why it’s falling.
2/ Here's bitcoin without network effects.

In early days of bitcoin, few enthusiasts who believed in developing a system where anyone could send anyone else money without a central authority (like a bank) or without requiring anyone’s permission (like a government).
3/ Early bitcoin enthusiasts invested their hard earned money and time in setting up this network. Let’s assume that the cost of doing this was $X and the network had a total of BTC A amongst all of them.
Read 17 tweets

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