Eric Wall | BIP-444 Profile picture
Sep 6, 2021 11 tweets 4 min read Read on X
imagine thinking that the UTXO model makes you impervious to front-running and MEV

or atleast not specifying which forms of MEV it prevents when writing a paragraph like this
ok MEV even *disappears* now 🤦‍♂️
how are wallets going to make sure they spend *the other* UTXO that isn't being used in that block -- mempool surveillance? mempools aren't universal, they're different for everyone depending on where you are in the network graph
no one that built an architecture for DeFi would settle for this -- fractured liquidity -- is the problem that Cardano was being developed since before every L1 understood they had to be a "DeFi" platform, and all the peer-review would be for nothing if they had to start over?
a *market order*... listed onchain? do you mean a limit order? market orders consume limit orders, they don't stay onchain...

and btw what's the clever part? how does this not introduce MEV again (if we even pretend that it "disappeared" in the first place)?
why did you write this article if you only listed the problems, listed bad solutions, mentioned that your solution is different, but did not share in any form how it was different? what is the reader supposed to learn at all from this?

"we got it solved DW" .. k

i am tuned ffs
"unlikely the death of cardano"

we just took a quick look under the hood, noticed one poorly functioning basic aspect and you're already at the "this is not the death of cardano!!" stage

how brittle is this project

what happens when we start looking for real?
how is it "the earliest of early days", you guys were founded in 2015, that's 6 years ago

that's longer than IOTA has been failing to disable the coordinator
what

you did not outline a single good thing

if any of those things were good, why would you say "but we're not using any of that, we're using something else"

you knew they were awful solutions and can't even be transparent about what the "good" solution is
who peer-reviewed this
oh no

@InputOutputHK themselves linked to this blog post

Cardano, please, I really wanted to like you. I wanted to write a balanced piece about your tech to show what fairness and unbiasedness looks like. But you're making it impossible

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More from @ercwl

Feb 21
If you want to understand what happens to funds after they’re stolen by North Korea/Lazarus Group, the Chainalysis 2022 report is great

Step 1: Swap any ERC20s (like stETH) into ETH

Step 2: Swap any ETH into BTC

Step 3: Cash out BTC to cash (Chinese Renminbi) using Asian exchanges

This process can take years. They are in no hurry.

In 2022, it was noted how North Korea was still sitting on $55 worth of funds from hacks that happened six years earlier (2016).Image
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In the meantime, @Bybit_Official will have to shore up ~$1.5b worth of ETH.

They’re doing that now by loans

But the reason to go the loan route was likely because there was a chance to retrieve the funds.

Then it’s easier to use the confiscated ETH to pay back the loan than going out and market blasting $1.5bn worth of ETH and ending up with double the money if you get it back.

But seeing as this is confirmed to be the Lazarus Group, there’s very little chance that those funds will ever be returned.

So @Bybit_Official will have to buy the ETH to pay back their loan (or pay back the USD amount owed, which would then constitute an OTC buy), and there’s really not much sense in waiting that long to do this.

So net net, Bybit will be buying ETH and Lazarus will be dumping ETH for BTC.

Net effect on ETH should ~cancel itself out.

BTC will catch a bid from Lazarus and over the years turn into sell pressure, but that can take long.
@Bybit_Official Link to Chainalysis report:

Start at page 132, but the whole report overall is a worthwhile read.go.chainalysis.com/rs/503-FAP-074…
Read 9 tweets
Dec 3, 2024
one piece of analysis i haven’t seen on ct yet surrounding the xrp pump is

”is asia driving this?”

if anyone remembers e.g. xrp mania was always driven by south korea whose population always went crazy for this coin for some reason

a cursory view suggest it might be (upbit): Image
compare this imbalance to other exchanges. can’t find any other exchange of similar size that has volume so heavily skewed toward xrp pairs

(could be a result of % of retail vs institutional on the exchange—i’m a bit rusty doing these analyses these days)
this is for example what it looks like on bitstamp and bitfinex

doesn’t have the same skew AT ALL

i highly suspect it’s the asians again Image
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Read 5 tweets
Jul 9, 2024
i'm still mulling over the fact that the @OpenAI board fired @sama because he couldn't be trusted and the entire superalignment team quit over safety concerns

for months i've been wondering what actually happened and there's quite a lot of content out there for anyone who's interested.

my goal has been to understand if this happened because there was too much money involved in the ai industry, and if it made sense for engineers/employees to switch jobs since ex-OpenAI engineers are hard currency for any other AI startup

so i've been doing my own research into the individuals involved and unfortunately it doesn't seem to me as if there are any mitigating circumstances here.

You have (all former):
- Jan Leike (senior engineer @ superalignment)
- William Saunders (researcher @ superalignment)
- Ilya Sutskever (chief scientist, cofounder)
- Daniel Kokotajlo (researcher @ governance)
- Leopold Aschenbrenner (researcher @ superalignment)
- Helen Toner (board)

they all paint pretty much the same picture. the incentives push @OpenAI to participate as any capitalistic enterprise in an arm's race and to neglect safety.

to the extent that i'm able to intuit what a person is about and what their motives are (i've read mostthere is to read from these people and listened to nearly all the podcast episodes they've done on the subject) and i can't come to any other conclusion than that they're being sincere about what they experienced.

it's most clear to me from leike (and also aschenbrenner)

i've watched long clips from leike from before the superalignment team disbanded and he struck me as genuinely excited about the work he was going to do - only to discover that the resources his team was promised (20% for alignment research) wasn't going to happen

what i've heard from saunders and kokotaljo also confirms the picture. sutskever is always been a bit political (understandable), and toner i don't know that well, but the picture comes together in a way that's hard to refute.

i did not find any breadcrumbs of insincerity or something that could allow me to spin an alternative theory for why they're saying what they're saying.

i'm a big fan of @OpenAI's products and it just sucks to have it so confirmed that it's an untrustworthy organization

(yes, i should have known, worldcoin eye scanner orb bad etc etc)

i'll post my sources below for anyone who's interested to make their own assessment:
long podcast episode with leike when the superalignment team was new:
Read 11 tweets
Jan 28, 2024
2024 predictions:
1. Bitcoin hits a new all-time high.
2. ETH/BTC has seen its bottom for the year.
Read 13 tweets
Jan 7, 2024
Time to review my 2023 predictions. As usual, it'll be most interesting to see what I was wildly wrong about, and why.

(and if I'll beat my score from last year which was 21.5/30)
Half a point.

He was found guilty on all seven fraud counts and faces a maximum sentence of 115 years, but hasn't been sentenced yet.
Read 33 tweets
Dec 5, 2023
Why did BRC-20 take over not only Bitcoin, but also *Ethereum, Solana, Near, Polygon, Celo and Fantom*?

Because burning gas/wasting blockspace is one if the last distribution mechanisms that exists with _open access to retail_.

Read on 🧵👇


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How are you supposed to get access to a low cap cryptocurrency these days? Say, a sub-$1m mcap coin?

Retail-facing ICOs are simply illegal at the moment. Only accredited investors can buy. You’ll get access to these coins at exchange listing, at $100m+ FDV market caps.
What about airdrops? Yes, you can farm airdrops. This means you have to fuck around with every chain and dapp that doesn’t have a token yet, hoping you do it before the snapshot date, hoping you fulfill the evermore elusive criterias trying to exclude routine farmers like you.
Read 23 tweets

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