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Hasu Profile picture
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17 May, 7 tweets, 4 min read
We’re excited to announce some major changes at @DeribitInsights.

Starting today, we welcome four new permanent contributors to our team:
insights.deribit.com/market-researc…
@AviFelman, who is Head of Trading at BlockTower. Avi is not just a great trader, he also wrote the terrific CryptoAM turned TowerWatch newsletter (discontinued in 2020). For Deribit Insights, Avi will pick up the pen once again. blocktower.substack.com
@benjaminsimon97, who does research and investment analysis for Mechanism Capital, one of the most successful Defi funds. Ben is a strong writer with two guest articles on Deribit Insights already under his belt.
@mrjasonchoi, who is a partner at Spartan Group and founder of the popular BlockCrunch podcast, where he interviews many of the smartest minds in crypto. In his articles, Jason will focus on giving you a unique perspective on all things Asia.
Finally, Zaheer Ebtikar, also known as @SplitCapital on Twitter. Zaheer is a partner at Immutable Capital, a proprietary trading firm. Check out his recent appearance on Deribit’s Deep In The Money Podcast:
These four will join @zhusu as permanent contributors, while I will move to the role of their General Editor.

We look forward to bringing you the best independent market research in this space.✌️
Finally, to kick things off, @benjaminsimon97 has written an excellent discussion on Optimistic vs ZK-rollups. He compares the two approaches on security, UX, and -what I consider most underrated- their ability to onboard Defi protocols today.
insights.deribit.com/market-researc…

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More from @hasufl

Hasu Profile picture
20 May
Why do many hacks and rugpulls coincide with overall market downturns?

Same reason crime explodes in an economic depression.

People stop seeing the market as a long-term positive-sum game. Instead, they switch into survival mode, taking with force what the market „owes“ them.
For most people, this means making self-destructive moves, like using high leverage to „make it all back in one trade“.

Others are willing to take from other people - by force.
There are two important takeaways from this:

1) In theory, smart contracts allow us to build applications that require no trust in the developers.

In practice, there‘s a near endless number of governance apologists, telling you that this or that loophole is necessary.
Read 8 tweets
Hasu Profile picture
19 May
PSA: The experience of different users on the same chain (Matic, BSC, etc.) can differ wildly based on which RPC endpoint they are using.
If you're using these chains, you should have a list of different endpoints saved up so you can shuffle through them during times of congestion.
And by congestion I mean p2p layer congestion :) On-chain congestion is rarely the problem
Read 4 tweets
Hasu Profile picture
18 May
I would consider myself a power user of Argent and have onboarded several friends to become power users themselves.

The experience of using a smart contract wallet with social recovery is SO much better than any other type of custody setup IMO.
My workflow:
1) Establish an encrypted channel between Argent and a Defi app via Walletconnect. This only needs to be done once for each app.
2) Make all my txns on desktop
3) Review and sign the txn on the Argent mobile app, which acts as a 2FA
A smart-contract wallet, as the name suggests, is an on-chain contract. It has one signer key and several guardians (think of those as an on-demand multi-sig setup).

The signer key is generated in the Secure Enclave of your phone, and it can never leave from there. Image
Read 9 tweets
Hasu Profile picture
6 Mar
One of the most common questions we get around EIP-1559 is how predictable the price of getting into the next block will be. Or in other words, how often will you able to pay the current basefee + minimum tip compared to the system degrading to today’s first-price auction (FPA)?
First, a quick excursion: Why do blockchains need to put a price on scarce resources anyway?
1) To maximize user welfare (allocate resources to those who gets the most utility from them)
2) To minimize the social cost txns have on other nodes
To cap the social cost, Ethereum currently puts a hard gas limit of 12.5m on blocks. As of right now, the marginal price of each unit of gas is around 120 Gwei. In other words, at a marginal price of 120 Gwei, there is 12.5m gas worth of demand to transact.
Read 9 tweets
Hasu Profile picture
30 Jan
It is absolutely mental how many famous Bitcoin evangelists reject coordination problems as a concept. Why? If they admitted that coordination problems exist, they'd also validate their possible solutions, e.g. a central government, or above that, an international order.
However, that thinking is incredibly short-sighted. It's possible to admit that coordination problems exist AND that we need better solutions than central parties. Bitcoin itself is such a solution. But that opens another can of worms...
If they admitted that a rule-based system, enforced by cryptography and economic incentives, are a useful to solution to anything else than digital gold, they'd risk also validating Defi and at least a few other altcoins... oops
Read 4 tweets
Hasu Profile picture
28 Jan
Some money quotes in Dalio's note on Bitcoin

"It seems to me that Bitcoin has succeeded in crossing the line from being a highly speculative idea that could well not be around in short order to probably being around and probably having some value in the future." (p1)
Dalio challenges the idea that Bitcoin is as scarce as people think, since there is an unlimited number of "Bitcoin-like assets". More innovative coins can probably carve out their own demand, and arguably we are already seeing that today. (p1)
Though Dalio knows about the ability to hold coins in cold storage, he's still concerned about the ability to shield them against cyber attacks and hold them securely. He warns that increasing digitization also increases systemic risk. (p2)
Read 8 tweets

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