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Ryan Sean Adams @RyanSAdams
, 3 tweets, 1 min read Read on Twitter
Ethereum is a contrarian bet again
Stellar has just passed Ethereum as measured by 2050 market cap

Ripple is about to pass Ethereum too
Update: Ethereum is now in #4 by 2050 Marketcap trailing both Stellar & Ripple

Irrational up & irrational down

(Note: 2050 Marketcap is implied value of the total expected supply asset on Jan 1st 2050)

CC @onchainfx
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1/ What if Dai becomes the main MoE & UoA in the Eth economy?

This resembles an older era of money when dollars could be redeemed for value in gold. Ether as the commodity money backing a general use currency

Let's explore the relationship between Ether & Dai:
2/ In order for Dai supply to grow it must collateralize tokenized value. Today each Dai is backed by $2-3 worth of Ether. In the future, other tokenized value beside Ether will be accepted in Dai, but it's hard to see a world where Ether doesn't remain the primary collateral
3/ Why Ether as Dai's primary collateral?

No better options. WBTC needs custodian trust. Tokenized securities need legal system settlement. Tokenized physical assets need both. Utility tokens are weak now & future-limited by DCF valuations. Ether doesn't have these limits
Read 10 tweets
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The term dapp on Ethereum should die

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1/ Smart contracts on Ethereum aren’t dapps, they’re functions, subprograms, routines

Dapp implies a holistic user experience, a UI. It’s a carryover term we stole from Web/Mobile (We added a “d” to the word app—how clever!)
2/ Ethereum is a different computing paradigm. It's slow, inefficient, but exceptionally good at one thing—storing & programming digital value

And I don’t mean a representation of digital value like electronic fiat, but actual value over IP: digital bearer assets
Read 8 tweets
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A topic that deserves way more discussion: composability

Composability in the context of smart-contracts, Eth 2.0, network effects, and constellation chains.

And, are we killing composability in our scaling approaches?

First, what is it?
A smart contract performs a specific function, but is also a building block. Composability is the ability to string together these blocks to build new things

Want a tokenized S&P500 asset? Ok. How? Use an Augur mkt hedged w/ 0x-powered sETH dydx derivative wrapped in Set bundle
The trustless tokenized S&P example above is real, composed in a weekend at a recent hackthon: devpost.com/software/primo…

Yep. A weekend

Complexity out of simple building blocks
Read 8 tweets

Related threads

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#Breaking: The protests against the #Marrakechpact in #Brussels is coming slowly on an start! They are starting to arrive! More trains to expect to arrive! already a few hundreds gathered!
#Update: Video of the protests in #Brussels against the UN Migration Pact of #Marrakech what state members will sign tomorrow in the UN New York headquarters Building!
#Update: Some more pictures of the protests in #Brussels against the #UN Migration Pact of #Marrakech what state members will sign tomorrow in the UN New York headquarters Building!
Read 55 tweets
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1/ Great study via @sebastianhrw on #Ethereum's top 250 ERC20s, investigating the fat protocols thesis via value accrual in 4 layers of the stack. medium.com/@sebastianhrw/…
2/ "The total market cap of these projects was about 10b, so compared to the ~20b of Ethereum, the initial premise of the Fat Protocol thesis seems to hold true." -@sebastianhrw
3/ While highest up the stack, "67% of the projects are being developed on the application layer (layer 4)" medium.com/@sebastianhrw/… (note: graph is by *number* of projects)
Read 8 tweets
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1/ #Ethereum is crashing (not just in USD terms but in BTC terms); has the demand for a decentralized world computer disappeared, or is something else at play? Let's consider the fundamentals from an economic point of view.
2/ The price level of all monetary goods is determined by (and only by) reservation demand. More precisely, the duration that the average unit of the monetary good is held in reserve.
3/ At one extreme you have a good like gold that is stored in vaults in perpetuity because of a widely held belief that it will retain its value long into the future.

Gold has a very high reservation demand which is why it has a market cap of over seven trillion dollars.
Read 13 tweets
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The key thing here is not the hack itself - it's the fact the Bancor team had the ability to freeze funds. How many other "decentralized" DApps have a built-in kill switch that's centrally controlled?
Starting a thread here of "decentralized" DApps/exchanges etc. that have a centralized kill switch or control. Let's start with @KyberNetwork ... looks like they can halt the network, per github.com/KyberNetwork/s…
Correct me if I'm wrong, but does this code not allow the owner of the MakerDAO contract to mint new coins? Source: etherscan.io/address/0x9f8f…
Read 7 tweets
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1/ Great post about on- vs off-chain governance!

One contention:

I’m not certain exit costs from blockchains are low.

To explain we need to define two types of exits:

1. Individual user exit
2. Group exit by forking
2/ In individual exit, costs are lower but not necessarily “low”.

There needs to be another option. And that option needs to hold enough of the fundamental properties that you value to exit.

And what about network effects?
3/ In a potential future where an SC protocol like #Ethereum hosts 1000s of apps, exiting may mean exiting the entire ecosystem.

Interoperability b/w chains may lower this cost and the cost is lower still for non-SC “currency only” chains, but the cost is not necessarily “low”.
Read 8 tweets
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Update: we are now in the same club as North Korea, Sudan & Iran
#JewishState
Clarification: the recommendation to deport @OmarSShakir was made by the liar-minister @giladerdan1, who is responsible for fighting *against* #BDS. I guess it was too complicated for him so now he's working to help #BDS
Read 8 tweets

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