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Santiago Velez Profile picture
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Feb 12 • 9 tweets • 5 min read
Some trolling for this beautiful Saturday morning is in order:
1. @a16z is a Silicon Valley Web 2 supporter of platforms building Web 3 applications on top of public permissionless networks.
2. Case in point, @opensea was funded in lead Series A (it's VCs all the way down)
3. Evidence of this support is widely public as can be seen here:
a16z.com/2021/03/18/inv…
4. Opensea generates incredible revenues (extractive rent in the form of fees) from its users (which builders of ETH cheer on because it feeds the deflationary burn narrative in the incessant battle with BTC maxis, got to love it).
5. It just so happens that @Nike has launched a digital initiative via its purchase of @RTFKTstudios in an attempt to create digital brand exclusivity in the metaverse. Think aspirational social signaling, less about athletes & more about Nike & BAYC.
cashn2coins.com/blog/nike-acqu…
6. Huh, interesting. Nike sues @stockx , Southpark trolls A16z, as the digital gold rush ensues. Sneaker NFTs. thestreet.com/video/nike-tak…
7. It sounds like someone at Nike is really, really close friends with someone at A16z. Maybe Marc and John are BFFs from the ebay days, and one did a solid for another. vimeo.com/16317490
Maybe by driving traffic to their friend's platform:
opensea.io/collection/rtf…
8. Damn, those mysterious collections MNLTH are packing some worth even though we don't know what's inside! MNLTH NFTs are trading for 5 ETH at a time (definitely not for your average Nike sneaker head, this about BRAND!)
9. "We need to be careful here Mark, we don't want Nike associated with anything like an investment contract. That would be bad.". "Don't worry brah, I got you...I know a guy, he knows a thing or two about securities".
10. Enter the 1 & only: Mr. William Hinman. The most opinionated commissioner without an official statement to ever walk the halls of the @SECGov
"John, I told you man, we good!" Oh, & we see you ex- CFTC Commissioner Brian Quintenz.
Make sure that ETH remains a commodity!

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More from @Santiag78758327

Santiago Velez Profile picture
Dec 16, 2021
1/ CBDCs often associated with a dystopian behavioral control model of governments at the individual level. What's overlooked is that we already have this in the aggregate sense today. Given proper privacy implementations, the concerns over discrete control could be ameliorated.
2/ Studies have shown that a CBDC model, wherein issuance against government debt is on the order of 30% of GDP, could increase steady state aggregate economic output by as much as 3% over the long term, while at the same time dampening the magnitude of inherent boom/bust cycles.
3/ The structure of CBDCs could theoretically be decentralized in terms of DLT (w/ interoperable sidechain BFT systems!). It is known that at current reliability thresholds existing RTGS systems are inadequate for this purpose, so new tech / private services likely to be deployed
Read 9 tweets
Santiago Velez Profile picture
Dec 14, 2021
Empire Strikes Back!
Mark my words that the traditional banking system intends to compete both technologically, & via regulatory moats, in 2022 in a manner that will shock the crypto space to the core.
The Fed/OCC/SEC will play whack-a-mole w/ VASPs/FinTech while FIs pull forward
Oh, and FinTechs, you're on the hit list too!

People seriously think that the banking system will allow disruptors to unilaterally operate using their payment first rails (onramps/offramps) to destroy their business hegemony.

Does anyone have a good argument why they would?
Read 4 tweets
Santiago Velez Profile picture
Dec 10, 2021
Nature of NFTs

1/ Blockchains are unique database architectures that allow for shared state, or consensus between participants on common truth. This architecture lends itself to designating of basic property rights via tokenization & encryption (private keys).
2/ The 1st use case for property on chain was currency, designed for payments, fiat hedging, expressing/storing value on a common platform. The holder of the keys is assured by network enforcement with property rights. That's valuable in of itself & doesn't require governments.
3/ NFTs are a subset of property for a unique item set, & a misnomer w/ respect to fungibility. It's not a currency explicitly, but obviously carries value. It's a property primitive like a title on your house or car, but different in that it's digital w/ low transaction friction
Read 8 tweets
Santiago Velez Profile picture
Jul 7, 2021
One of the things that is interesting to me is teasing out the differences between how digital assets are value relative to the Bitcoin liquidity waterfall & their own inherent properties that drive their network effect inflation.
For example, one can study the narrative drive of Ethereum as a composable, smart contract platform that continues to add diverse use cases like DeFi, NFTs, AMMs, SCs, etc. (network effect drivers) vs. a single purpose digital asset like Monero (XMR), a privacy coin.
What you quickly notice is that for a while XMR & ETH traded at near parity (nascent networks without clear differentiation equally in the shadow of BTC). Once the additional network drivers took hold in ETH the deviation grew substantially.
Read 6 tweets
Santiago Velez Profile picture
Jun 19, 2021
1/6 "Hand in hand with this centralisation, or this expropriation of many capitalists by few, develop, on an ever-extending scale, the cooperative form of the labour process, the conscious technical application of science, the methodical cultivation of the soil,..."
2/6 "..the transformation of the instruments of labour into instruments of labour only usable in common, the economising of all means of production by their use as means of production of combined, socialised labour, the entanglement of all peoples in the net of the world market..
3/6 "...and with this, the international character of the capitalistic regime. Along with the constantly diminishing number of the magnates of capital, who usurp and monopolise all advantages of this process of transformation, ..."
Read 6 tweets
Santiago Velez Profile picture
Jun 3, 2021
This should make you angry if you use PoW chains that utilize concentrated mining pools. Shows via data that there is likely collusion in processing mempool fees are processed & overall resources optimized for the miners. Why anyone would build a financial system on top of this?
Strategic Capacity Management is the name of the game. Keep your resource at a premium at all times, even if means not delivering on the end user. Wow! Talk about being held hostage when blocks are left underutilized even during congested periods.
This is necessarily egregious.
Read 8 tweets

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