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Feb 27 8 tweets 2 min read
1/ SWIFT decision taken and I am going to take a "predicting the nuances" victory lap on this one that the media mostly did not get in advance.

Sanctioned banks disconnected, other Russian banks left on the system to allow for oil/gas payments.

2/ According to the Wall Street Journal, the main concerns were:

1) Allowing for oil/gas payments
2) Allowing for repayment of Russian debt
3) Discouraging use of alternative systems
3/ SWIFT disconnections are inconvenient but there are work arounds
4/ There is a background concern that this will push Russia and China to deepen their own messaging systems (this is obviously going to happen now)
5/ I think we can assume the SWIFT topic is basically done now.

You may not have expected that following 6529 will give you an advance heads-up on how financial system sanctions will play out, but here we are 😉
6/ The bigger issue, more serious are the sanctions against the Central Bank of Russia.

Russia has been reducing its dollar exposure but might have not moved enough exposure off the USD/EUR system.

This will hurt much more than SWIFT.
7/ It will also have second order effects, in that China is going to be re-evaluating its reserves position this morning.

I find it interesting that the US/EU are throwing all their financial tools at Ukraine.

It will be powerful in the short-term, but expensive long-term
8/ It will be expensive because all non US, non EU powers will start reducing reliance on the USD/EUR system over time.

So I dunno, maybe it is worth it to give up this tool in the future, but maybe it is not.

Difficult decisions, shades of grey decisions.

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More from @punk6529

Feb 26
1/ On SWIFT

39.9% of you are right. Congratulations!

SWIFT is a banking industry consortium messaging system

The banks transfer/settle with each other or an intermediary (correspondent bank) via the currency zone's central bank run RTGS (Real Time Gross Settlement) systems
2/ Banning Russia from SWIFT will be very annoying to Russia bc all banking IT systems are integrated with SWIFT so businesses in short-term won't be able to transact.

It doesn't prevent a bank from making a payment to a Russian bank tho.

To prevent payments, you need sanctions
3/ The US sanctions to-date on the systemically important Russian banks specifically exempt energy payments so Europe can keep paying for natural gas.

Taking Russia out of SWIFT adds admin costs to the payment process but does not prevent these payments from happening
Read 40 tweets
Feb 20
1/ The last 24 hours in NFT UX

✅New @opensea contract does not work with @Trezor @MetaMask combo
✅PANIC! Revoke your OpenSea NFT permissions due to possible phishing
✅I think(?) latest MM build breaks Trezor T compatibility completely (but not sure)
2/ I am easily in the top 0.1% of NFT/crypto sophistication, I have wasted several weekend hours on this and I am still not 100% about some things.

This is an inconceivably bad UX for any normal person.

We CANNOT mainstream this way.
3/ These are not obscure edge case outcomes with obscure firms.

These are three of the five main infrastructure firms in the NFT space who are not coordinating with each other at all

Each of the teams needs to do better on comms, better on coordinating their release cycles
Read 10 tweets
Feb 17
1/ There are no other constitutional rights in substance without freedom to transact

Being meaning to write this for 6 months, but the Canadian response to the trucker protests is illustrating this so vividly, that today is the day.
2/ I assume we are in agreement that constitutional democracies are a good form of government or, at least, a better form of government than the other methods we have found to-date.

This means that I am taking for granted the following assumptions.
3/
- People have fundamental rights to speech, assembly, religion and so on
- People are innocent until proven guilty
- The state cannot punish people without due process, which generally means that, in a court of law, the state has to prove you have broken some specific law
Read 57 tweets
Feb 16
1/ NFTs are the most socially optimal art platform we have found to date.

Art serves multiple private and public functions.

NFTs have solved the problem of how to serve these functions simultaneously, plus a few more things.
2/ Let's start with the private functions of art.

On the side of the artist, art allows an artist to express a certain point of view that the artist believes should exist in the world.

This is the creative/artistic/expressive part of art
3/ Artists, like everyone, need money to live their lives, so the economic models that have evolved are, broadly:
a) private patronage/commissions
b) public patronage/commissions
c) purchase of primary pieces (private or public)
Read 24 tweets
Feb 7
1/ Introducing the 6529 NFT Fund

On October 5, 2021, I laid out a game plan here. It is time for an update on how things are going.

2/ The current status update is:

✅ Fund -> launched
ℹ️ 6529 City -> v0.001 (this month I hope)
ℹ️ 6529 Education -> this month, definitely
ℹ️ 6529 Studios -> softer ramp up, maybe this month
ℹ️ 6529 Fam Card -> March (I have some wild ideas)
3/ I will be back on the other topics

Today though, I would like to give an update on the fund, what it is, who is running it, what the objectives are and how it fits into the broader 6529 mission.
Read 27 tweets
Feb 3
1/ Mini-thread

How to improve the Transfer function on @opensea @SuperRare @withFND

Over the last couple of months, I have transferred more than 1,000 NFTs from my 6529 hardware wallet to the 6529 Museum gnosis multi-sig

Improvements can be made...
2/ I am pretty sophisticated and pretty careful and I spent most of the time terrified that I would fumble a cultural grail and, like the dead ringers, send it into the ether
3/ Right now the transfer function on all major marketplaces is absolutely a raw, naked, unassisted transfer.

You put an ETH address in a box and off you go.

If you screw it up, well, sucks to be you.
Read 12 tweets

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