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Emin Gün Sirer Profile picture
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28 Jan, 4 tweets, 2 min read
Important reminder about @RobinhoodApp's past track record.
Robinhood has a history of failing to provide "best execution" to their clients. In essence, they let hedge funds like Citadel and others front-run the orders from retail, costing millions to the retail investors.
Are DEXes better? Undoubtedly. But DEXes on slow PoW chains like ETH1 just don't cut it, because they allow miners to front-run the orderflow.
hackernoon.com/front-running-…
We need DEXes on better infrastructure. Luckily, the $AVAX blockchain does away with the notion of leaders or miners, and offers much faster execution.

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More from @el33th4xor

Emin Gün Sirer Profile picture
29 Jan
Another #FreeLoveFriday. So far, I’ve covered Bitcoin, Mastercoin/Omni, and last week ChainLink and the importance of decentralized oracles. Today, let’s talk about one of the most fascinating projects in crypto - @MakerDAO
In my thread about Mastercoin, I briefly touched on the vital role fiat-backed stablecoins play in crypto markets, but there’s a catch with them:

The counterparty risk of a third-party holding fiat in reserves.
Enter MakerDAO, which set out to create a decentralized, collateral-backed cryptocurrency, DAI, that would be “soft-pegged” to the U.S. Dollar using the power of algorithms. In crypto tradition, its supporters said trust game theory, not operators.
Read 15 tweets
Emin Gün Sirer Profile picture
22 Jan
Back with another #FreeLoveFriday. Last time, we covered how Mastercoin/@Omni_Layer pioneered digital asset issuance on blockchains. Today, let’s discuss @Chainlink and the vital role it plays in connecting blockchains to the real world.
I have said repeatedly that digital asset issuance is the killer application for blockchains. The next frontier is bringing real world assets to networks like @AvalancheAVAX, but we often face a significant problem:
Namely, how do you get data from the real world onto blockchains and into applications running on them? More critically, how do you achieve that securely and transparently in real-time? Smart contracts are tamper-proof, but they're only as reliable as their input data.
Read 10 tweets
Emin Gün Sirer Profile picture
22 Jan
In Bitcoin, a transaction isn't final until it's in a block that is k deep. k depends on exchanges and is 3 or more, with 6 being a typical choice. Since the initial block wasn't that deep, a "spend" didn't happen, and therefore there could not have been a double spend.
Now, the choice of k depends on a few factors. 6 isn't a magical number that's correct for all time. It depends on the amounts of hash power available to the attacker. If the attacker has access to 49% of hash power, k should tend towards infinity.
The tail of any PoW blockchain is kind of like a scratch/working area. Changes there are to be expected and perfectly normal.
Read 8 tweets
Emin Gün Sirer Profile picture
20 Jan
Sad to see another PoW coin come under 51% attack. The long term solution to attacks like this is to migrate to Avalanche.
Remember that PoW's safety depends solely on the amount of hardware that is available to launch a 51% attack. If an attacker has 51% hashpower, the number of confirmations required for safety is infinity -- the coin is not safe to use.
Changing the hash function is something that people try, but it typically doesn't work: once the coin is turned into a GPU-mined coin, the attacker has as much hardware to attack with as there are GPUs to rent.
Read 15 tweets
Emin Gün Sirer Profile picture
15 Jan
Back with another #FreeLoveFriday. My first thread focused on what I love about Bitcoin, and features we borrowed for @avalancheavax. Today, let's focus on @Omni_Layer, or as OGs knew it, Mastercoin

Let’s wind back the clock to early 2010s. Bitcoin is just getting started. Deep techies and cryptography people are hearing whispers, reading Satoshi’s whitepaper, and many are getting hooked on the idea that money can be decentralized.

But why stop at money?
In January 2012, J.R. Willett publishes “The Second Bitcoin Whitepaper v0.5”, which laid the foundation for what has always been the absolute killer app for blockchains: digital asset issuance sites.google.com/site/2ndbtcwpa…
Read 12 tweets
Emin Gün Sirer Profile picture
8 Jan
There’s not enough positivity spread between projects that are more commonly considered rivals, rather than peers. I’m starting a new series called “Free Love Fridays” to dive into what I like about the best projects in crypto. Naturally, #Bitcoin is up first.
Bitcoin has had an outstanding few months as it surged through all-time highs, but these new benchmarks are the culmination of years of hard work by its community constructing the narrative of BTC as a hedge against the traditional financial system.
Bitcoin has solidified its migration from peer-to-peer cash to store-of-value / digital gold, and extended this narrative well beyond crypto twitter to famed investors and institutions who are now diving in.
Read 14 tweets

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