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Eric Wall Profile picture
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22 Jun, 11 tweets, 3 min read
How come HEX is doing tremendously well in all of this?

Uneducated guesses:
- Circulating supply miniscule due to staking?
- PulseChain giving ppl an airdrop if you hold HEX at a specific date so people are fighting for the few circulating coins?
- Other ponzinomic rewardscheme?
Apologies if I’m way off the mark, I have not been keeping up with HEX. And I still have my reservations around the project—realize I may be pissing people off just asking about it on my Twitter. I ask because I want to know and I think people would gain from knowing the truth.
I’d like some more color on this.
> The airdrop is for all ETH addresses, no need to hold HEX.

But HEX is the only thing that could have a higher price on the PulseChain among all ERC20s. Most ERC20s will die on the PulseChain due to relying on oracles that won’t report on the PulseChain.
ITT: Hexicans seem to believe they are not subject to market beta because their most liquid trading pair is USDC on Uniswap.

This is a strange idea with conflicting evidence. Many markets have become USDT dominated. These assets don’t show any special resilience to market beta.
This confusion is interesting to me because it reveals something strangely a-miss. How did this idea become so widespread? Did Richard say it? If that’s the case, maybe we’re dealing with a case of mass hypnosis here. I’ve never seen anything like it.
Best answer so far

A lot of non-staked HEX supply is dormant, read comments below the tweet.
This is probably the thing.
I really don’t get it
Crazy amounts of requests for me to debate RH and god knows It’d be fun but I have no interest in spending the next weeks reprimanded by my communities (whose points I get). If enough BTC or ETH people wanted this I’d do it, sometime. Sorry.
Is it possible to save a Hexican or is the more likely outcome you create more Hexicans if you have a following of 60k+?

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More from @ercwl

Eric Wall Profile picture
23 Jun
Q: did the miners selling approx 2.5k BTC total over the past 2 weeks tank the market? (possibly to finance their relocation out of China)

A: most likely no. Saylor bought 5x as much and he is just one guy.

On any bearish/bullish day, >100k BTC will change hands *per day*
P.S. the screenshot is wrong, it shouldn’t say 4k-5k BTC/day but per month. cc: @glassnode

miners mine 900 BTC/day and could only sell 4k+/day for multiple days in a row if they’d been hoarding (not the case here)
Generally speaking, miner selling behaviors are not able to absorb the slightest wind in sentiment. A bullish day doesn’t even notice miners measly sell pressure.

This is the same reason why the next halving isn’t going to do shit. 450 BTC/day less is a joke.
Read 13 tweets
Eric Wall Profile picture
13 Jun
I doubt it

Covenants maybe, not Taproot
It is pretty easy to imagine what can be done with Taproot it you understand MAST (it merkelizes a tree of different spenderingar scripts so an output can be locked by a number of unknown rules). It gives you some nice privacy upside and potential space savings–
but feature-wise, it doesn’t really enable ”new things” that much. It’s not very functionally different except in terms of privacy.
Read 5 tweets
Eric Wall Profile picture
29 May
It is okay to use a reputation-based system as an oracle service for some DeFi things. Yes, it is not trustless, but can be auditable/transparent, and somewhat open/composable (you don’t need to ask for permission to fetch data from Chainlink price feeds).
But, if at the end of the day, your entire model is backstopped by what is essentially a multisig (the ultimate Tier 2 backstop in Chainlink are ”super-reputable” nodes... without any stake you can slash), then the system doesn’t need its own token.
You can implement a trusted multisig system without a token. You can have a Tier 1 ring of oracles who stake ETH and have a super-reputable Tier 2 multisig slash that ETH stake if they collude. You don’t need to force a shitcoin down everyone’s throat to make this.
Read 11 tweets
Eric Wall Profile picture
28 Mar
Time for me to crawl to the cross and admit DEFEAT on the Ethereum L2 vs. Bitcoin LN bet I made vs. @RyanTheGentry & @giacomozucco in September last year.

Bet amount: 2x$1000

Data thread & how I lost 👇
Some background context--

Me: "Ethereum L2s will outrun LN so fast it's not even funny."

Ryan: "You're imagining L2 solutions that don't exist will succeed much faster than LN has. Why?

Giacomo: "Can I pile in on that?" ImageImageImage
We finally decided that we would compare the following TVL in $ value:

Bitcoin: LN public channels
Ethereum: rollups/state-channels/plasma

We'd exclude: fiat-backed tokens (USDT, USDC, GUSD, TUSD, BUSD etc.)
Read 47 tweets

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