1/ identity is a data architecture

web2 tolerates credentialing without identity, but does not allow commerce without identity.

web3 nyms will preserve credentialing without identity, and enable commerce, incorporation, and much more without identity.

gwern.net/docs/bitcoin/1…
2/ this presents challenges for the state

the reason states begin managing identity centuries ago was for purposes of accounting, and subsequently taxation and conscription

this is why the state wants to maintain its control on all identity data and its structure and topology
3/ the friction point for the nyms in the metaverse will always be the translation point between digital with physical

this is why you see government agencies going on phishing expeditions to connect government issued identities to onchain identities - they're mapping nyms
4/ we are at a fork in the road. choose either:

a. surveillance state, with restrictions and surveillance
b. libertarian state, with freedoms and privacy

the covid pandemic has greatly accelerated the arc of cyberspace towards (a) and has been a boon for surveillance states
5/ if you value your freedom and privacy, i highly recommend you:
- create a nym
- learn how to completely isolate your nym from your government identity (infosec)
- securely provide your nym with economic resources (ie bitcoin)
- learn how to communicate via secure channels
6/ the game is changing, and quickly. you can see the moves being laid out on the chessboard.

play for the long term fam. see u in the metaverse.
7/ GUIDE from @ChristopherA - an internet pioneer and brilliant mind who is also exceedingly patient with goombas like me

github.com/namcios/pseudo…

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More from @Melt_Dem

24 Aug
1/ a quick thread on NFTs and why JPEGs are worth spending some time and energy understanding

are NFTs a bubble?

no.

wealth is a bubble. 1% of the global adult population are now millionaires.
2/ the global market for luxury goods i.e. conspicuous spending is absolutely massive

NFTs are digital flex / status symbol for a new class of consumers, but unlike the traditional markets of wealth and status, they are open to anyone, anywhere with verifiable scarcity
3/ for those who says spending millions on JPEGs is dumb and we should be solving world hunger, please give the folks on the trad art collector list a call first

people are spending $200M on blobs of paint. how is spending $2M on blobs of pixels any less noble?
Read 6 tweets
21 Jul
1/ investing in bitcoin has historically been limited to passive exposure (long BTC)

yesterday, @viridifunds launched $RIGZ, the first publicly listed crypto mining ETF

as the bitcoin industry grows, so do opportunities to invest along the bitcoin value chain 👇

let's dive in!
2/ before bitcoin, i worked in the oil & gas industry.

investors who want exposure to oil & gas in their portfolio don't just buy contracts for WTI crude or nat gas.

they buy a diversified portfolio of companies and commodities across the oil and gas value chain
3/ an E&P company can produce oil at a lower cost than they sell it, and investors can realize significantly more upside than holding just the underlying commodity, oil

a refining company that converts crude into product and retails it can extract higher margins
Read 9 tweets
5 Jul
1/ time for my monthly #Bitcoin mining update, apologies for skipping June

i'm 151 days into my @compass_mining experiment, and i've mined 0.09 bitcoin

🧮 let's whip out the calculator and do some basic math
2/ i bought my rig and hosting service from Compass - i sent them $, they did everything else

i chose @f2pool_official as my pool - i see my daily payouts and hash power on a nice little dedicated dashboard and download the CSV file to assemble this lil' report
3/ BTC mined - in the last week alone, bitcoin mined per day has gone up 45% thanks to the drop in difficulty

BTC price has dropped by ~45%, effectively keeping dollar ROI flat from May 5 to now 🦥

BUT rn mining 72% more BTC per day than i was in february when i started
Read 7 tweets
30 Jun
1/ some insights from our amazing speakers

Ian Lee from IDEO VC / SyndicateDAO

"we are building a new social graph that reflects what you believe in based on what you invest in and who you choose to back."

influence isn't about likes + RTs, its about how you allocate $$$!
2/ Kinjal Shah from @blockchaincap / Komorebi Fund

"today, a career is a collection of activities, a portfolio. DAOs are an amazing way for people to build this portfolio based on their participation in different communities."

DAOs can help reshape traditional career paths!
3/ Erikan from Audacity Fund

"people should be paid for their passion, their time, their creativity - so many creators are exploited and left empty handed while platforms and their investors are enriched. what's the value of time? DAOs can help people earn money for their time."
Read 5 tweets
30 Jun
1/ house hearing on cryptocurrencies



brad sherman just stated he believes it is more beneficial to society that people play the California lottery than invest in cryptocurrencies, ladies and gentlemen this is your elected representative
2/ now on to witness testimonies - Eva Su from the Congressional Research Service reminding everyone that bitcoin and ethereum are *not* securities, good start

she's focusing on securities regulation and potential changes to securities laws
3/ ok next witness @alexisgoldstein

kicking off with archegos capital and form 13-F issues and then extrapolating to crypto - this is nonsensical since exposure today is on-chain and fully collateralized?

she claims "dire risks" from forced liquidations in crypto (how?)
Read 18 tweets
20 Jun
1/ the #Bitcoin network is a complex, dynamic ecosytem, and the latest changes to the distribution of the network are interesting, but not unpredecented

let's look at the data - here is how market share has evolved over the last three months
2/ total hash rate on the network fluctuates in response to a number of factors including the cost and availability of ASICs (capex), the cost and availability of power (opex), and the price of bitcoin

looking at the last six months, we've seen a lot of volatility in global hash
3/ the size and rate of this decrease is consistent with other previous drops. migratory mining has been a trend for the last 3-4 years!

long-term, hash rate will respond to these variables and seek jurisdictions where there is clear, consistent policy and ample renewable energy
Read 8 tweets

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