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Lucas Nuzzi
@LucasNuzzi
, 9 tweets, 2 min read Read on Twitter
1\ I wouldn't be surprised if, in ~2 years, Binance were to become Ethereum's equivalent to Bitmain; a massive, centralized, self-serving agent that retains a lot of power.

Thread on BinanceChain 👇
2\ Binance has been successful because they were able to capitalize on (1) continuous speculative demand for tokens, (2) a shift in the regulatory landscape in China, (3) the issuance of a token that simulates (the illusion of) scarcity, and (4) an incredibly competent team.
3\ Given that the only "utility" of most Ethereum tokens at this point is as a medium of exchange, they would surely be better-off (especially when it comes to liquidity) by migrating to a centralized chain associated with a centralized exchange.
4\ The timing for BinanceChain is particularly good, since a lot of these tokens failed to deliver on 2017 promises and are grasping for relevance (or at the very least a partnership-announcement-pump). Many tokens are now in line to get the "migration pump" or an IEO.
5\ There is a lot of confusion around what BinanceChain *actually* is.

TL;DL: it's a network built with the Cosmos-SDK running on a centralized Tendermint-based DPoS.

What this means is that it's trivial to add an EVM module to it, and execute anything based on Ethereum.
6\ The EVM will be necessary for Binance to successfully push its IEO strategy.

While this can abstract value from token issuance and trading on Ethereum, maybe it's exactly what it needs at this point to prove its worth beyond speculation.
7\ While the intended use-case for BinanceChain is a DEX, I would characterize it as a DEX-ish, given its dependence on a centralized counterpart for liquidity, and its reliance on a centralized validation quorum.
8\ The rise of IEOs also shouldn't be surprising. Speculation continues to be the main use case for tokens, and this is an example of a secondary market (Binance) vertically integrating the primary market (Ethereum), where tokens are issued.
9\ In essence, this is Binance trying to control the entire supply chain of tokens.
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More from @LucasNuzzi see all

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Lucas Nuzzi
@LucasNuzzi
The potential lack of security in Bitcoin's PoW as it transitions to a model without block subsidies is often used to rationalize and justify [perpetual] inflation.

Here are five reasons why I don't believe Bitcoin's security model will ever require perpetual inflation👇
1\ I recently wrote a piece on Schnorr signatures that explored how demand for private transactions will increase L1 fees.

In essence, new transaction types will incentivize the use of privacy-preserving techniques that increase demand for block space:

medium.com/digitalassetre…
2\ The adoption of quantum resistant techniques will also result in larger (and more expensive) transactions.

Post-quantum crypto algorithms require larger key sizes, which in turn increase the size of non-witness data in a transaction. For more, read:

eprint.iacr.org/2018/213.pdf
Read 7 tweets
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Lucas Nuzzi
@LucasNuzzi
I just published "Schnorr Signatures & The Inevitability of Privacy in Bitcoin."

A look at how the activation of Schnorr-based signatures is the first step toward solving two of the biggest challenges faced by Bitcoin.

Thread 👇

link.medium.com/iUi5dSnR1U
1\ It is reasonable to assume that Bitcoin’s long-term adoption depends upon the strength of its privacy guarantees, and that the proliferation of blockchain analysis can be a threat.
2\ At the same time, the popularity of the Lightning Network and its own potential to host private payments has generated uncertainty about future demand for on-chain settlement and the security of the network when there are no more block rewards.
Read 12 tweets
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Lucas Nuzzi
@LucasNuzzi
"ASIC-resistance" is the one of the biggest lies that gets tossed around in this industry. Truth is, the majority of proactive measures to keep ASICs out *do not work.*

Instead, they further centralize mining around very few manufacturers that quietly developed a workaround.
I've been tracking Monero's hashrate distribution for some time. My guess is that a Cryptonight ASIC was deployed around November '18.

Notice the difference in hashrate distribution under "Unknown" only in the past two months, it doubled:
What this probably means is that someone figured out how to create an ASIC that is flexible enough to endure the changes in CryptoNight's core parameters every 6 months. To be frank, this was a very naive ASIC-resistance strategy to begin with.
Read 4 tweets

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Madam Ó TÓ GÉ
@MissOzil10
Good morning!

I have a gist for those of you who are not from kwara but love to see, hear and share your views about kwara and Kwarans. Importantly Kwarans living in diaspora.

To start with, @bukolasaraki is the Nigeria's Senate President and not the kwara Governor.

#Thread
@AbdulfataAhmed is the Governor of kwara State NOT Saraki as popularly portrayed by people outside kwara.

Fatai, was elected as the Governor, under the @OfficialPDPNig in 2011. He's enjoyed his own good, bad and the ugly days in office as the 001 of Kwara..

#FataiAhmedIsAScam
Though, there's been some speculations surrounding his ineptitude to perform well as the Governor due to his loyalty to his Godfather Saraki. However, we've seen a lot of power play in Nigeria politics of Godfatherism but that should still not be an excuse for a good governance
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sam cassatt
@samcassatt
#Ethereum is about to undergo the #Thirdening - a reduction in issuance of new $ETH to miners from 3 ETH/block to 2 ETH/block, or a reduction of 33%. It will happen at block 7,080,000 as part of the Constantinople hard fork, which is estimated to be January 16th.
That's a bit like the US Federal Reserve saying, "we're about to reduce the number of new dollars we print next year by 33%." This is one step along the way to #Ethereum's eventual plan to have <1% annual issuance, as Proof of Stake and Serenity roll out. #Thirdening
When an asset's supply goes down (fewer miners selling newly-mined $ETH), assuming demand is the same (or higher), prices trend up. This is obvious when looking at $BTC price mapped against the #halvening, a similar event in $BTC where block reward halves, next one is May 2020.
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CBN Gov Akinsola Ak🇳🇬
@cbngov_akin1
PDP---------POWER 16years in Power
Before you criticise a 3yrs admn of APC
Govt in Nigeria pls read this;

How PDP ruined Nigeria.
1. PDP met a bag of rice at less than N2500 in
1999 but left it at N10,000 in 2015 when they left
power.

#thread
2. PDP met the Dollar at N20 when they came in
1999 but left it at N220 in 2015 when they were
leaving.
3. PDP met petrol pump price at N11 when they
came in 1999 but left it at N87 when they were
leaving in 2015.
4. PDP met a bag of cement at less than N400
but left it at N2000 while they were leaving in
2015.
 5. PDP met a tin of milk at N15 in 1999 but left
it at N100 when they left in 2015.
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Deji Oladoye
@dejioladoye
ATIKU’S LIES (PART 1)

The Claim:

Atiku claims he ran the Nigerian Economy as Vice President under President Obasanjo.

The Truth:

#Thread
2/ Obasanjo did not have an Economic Team until Ngozi Okonjo-Iweala became Minister of Finance in 2003.
3/ In her book, Reforming the Unreformable, 2012, she writes (page 8): “I flew to Nigeria in May 2003 to discuss the scope of my job and to get President Obasanjo’s agreement on the formation of a Presidential Economic Team.
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Brenda
@brendapresko
The UN is full of incompetant & criminal individuals. 30-60% of UN aid disappears-much of it goes to Hamas, Boko Haram, African warlords, African Presidents & former pres who are close friends w the Clintons. UN peacekeepers rape & UN ldrs don't stopa any of it. NWO plan.
The poor management, lack of accountability, lack of oversight & lack of penalties for failures has made the UN ripe for corruption & plunder for decades. Leaders of the UN are self serving corrupt little tyrants w too much power & money. Theft is rampant
un.org/apps/news/stor…
unroll
Read 35 tweets

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