I remember last holiday season my brother-in-law, a warm-hearted Cornell-educated man, told me the unvaccinated shouldn't be allowed to use hospitals.

I'll never forget that.

Him, looking me in the eyes and telling me my family was undeserving of emergency healthcare services.
Two years ago, I was fired for requesting exemption for the vaccine.

I agreed to test twice weekly, wear a mask, & eat in my office.

Note: This boarding school allowed unvaccinated students to live, dine, & take trips to NYC together.

Text from my dept. head 👇
I learned governments, administrators, co-workers, & even family and friends could quickly be taught to see me as threat.

By many, my family was deemed unworthy of healthcare, employment, travel, & education.

Some countries even made it illegal to be unvaccinated.
Still today, patients -- even children -- are denied healthcare due to their vaccination status.

Many reading this tweet will see no problem with this.

In fact, there's still a large portion of the population who believe the unvaccinated shouldn't have healthcare rights at all.
So, on #HumanRightsDay, I remember that rights are for the compliant.

And at any moment they can be taken away.

Your bank accounts can be frozen.

You can be denied emergency care.

You can be fined into destitution.

You can lose your job.

You can be denied travel.
And I'm not anti-vax.

I don't advocate against vaccines.

They just didn't fit our risk / reward:

My family had Covid & fared fine.

There was emerging data on breakthrough cases.

Myocarditis data was indeterminate.

We had no pre-existing conditions.

And we masked sensibly.
But I digress.

Thank God for DeFi.

It helped my family survive my unemployment.

It provided me with a career.

It taught me how to protect my family's finances from undue seizure.

And it enabled me to provide food, water, medicine, and housing to people without means.

• • •

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More from @phtevenstrong

Dec 2
It's no secret that I like funding rate arbitrage.

But it can be complicated.

Here's a tool to find the opportunities for you.

E.g. 682% Delta Neutral on SOL for the past 25 days
First, shout out to R33Y in the DeFi Dojo for integrating exchanges APIs and standardizing the data.

He's the real MVP here.

I just did the functions and made it look pretty.
We chose exchanges available to anyone globally
(even us hamburgers)

@MEXC_Global
@Bybit_Official
@kucoincom
@dYdX

Anyone in the world can use these exchanges with a VPN and without KYC -- unlike many other exchanges offering futures.
Read 8 tweets
Dec 2
Spent the last hour watching the arbitrage play of the century on BNBx & stkBNB while I was stuck in a meeting.

Congratulations to everyone who arbed to restore the pegs of those two healthy LSDs.

Fortune favored the bold there, and many made a quick 2-10x.
That said, there's still meat on the bone! You can still get a nice yield from the slight depegs still on BNBx and stkBNB.

Oddly, I made a video THIS WEEK on how to arb these depegs.

So check on my video 👇
I even made an LSD Arb Depeg calculator.

Feel free to use it.

You can see, annualized, ARBing these is still quite the play.

Link: tinyurl.com/LSDARBITRAGE
Read 4 tweets
Nov 22
Word of the day: Rehypothecate

(Verb)

To generate yield on client collateral.

In TradFi, this benefits banks & brokers, but in DeFi, rehypothecation can means higher yields for lenders.
Imagine posting 10,000 USDC into a money market, but USDC's utilization is only 20%.

Meaning 80% of deposited USDC is doing nothing.

With rehypothecation, some of the 80% might go to Yearn, Curve, or Convex for additional yield, which would be redistributed to lenders.
This means that rehypothecation allows deep liquidity for money markets and liquidity pools /simultaneously/.

This makes DeFi more efficient, but potentially more centralized as money markets compete to rehypothecate to the most trusted yields.

What else can be rehypothecated?
Read 7 tweets
Nov 11
We're nowhere near understanding the extent of FTX contagion.

It took over two months for 3AC et al to fail after the LUNA collapse.

We're in for a bumpy next few months.

SO, here are things crypto investors need to consider in the next few days / weeks,
Limiting CEX Exposure:

Bottom Line: We don't know what we don't know.

CEXs with bad debt (like BlockFi) are likely to halt withdrawals.

CEXs that claim they are unaffected by bad debt may be lying.

"Guilty-until-proven-innocent" approach mitigates risk short term.
POR is coming:

To build consumer confidence, many CEXs will be implementing Proof-of-Reserves (POR).

POR uses on-chain data to prove CEXs' assets & liabilities.

CEXs w/ POR will be less able to hide bad debt from consumers.

Expect @nansen_ai & @DefiLlama to lead this charge.
Read 11 tweets
Oct 31
Stablecoin Megathread Monday

⦿ Different Types of Stablecoins
⦿ How to Find Stablecoin Strategies
⦿ Best Stablecoin Strategies Today
⦿ The Real Reason I'm Writing This

🧵👇
1/

Different Types of Stables:

Traditional Categories

• Fiat backed
• Crypto backed
•Commodity backed
•Algorithmic

This is silly. No one uses commodity-backed stables in DeFi.

There are four different categories that make much more sense.
2/

Ranked by perceived safety:

➊ Paper Backed
Backed by FIAT, Treasuries, Bonds
Ex: USDC

② Overcollateralized:
Minted/Borrowed against collateral of greater value
Ex: DAI

➌ Partial-Algo:
Mostly backed by crypto, partially algo-pegged
Ex: FRAX

④ Algo:
Bad Idea
Ex: UST
Read 23 tweets
Oct 26
Funding Rate Arbitrage for Dummies:

My Longest Thread Ever

🧵👇
1/

The basic idea:

1. Have equal long & short position
2. Collect funding rate interest

Questions:

• What is funding rate?
• Where does it come from?
• How can you open a FR Arb position?
• Which tools help us pick a good position?
• When should you close your position?
2/

Funding rates incentivize keeping and asset's mark price on an exchange close to its index price.

Mark Price: Current contract price on exchange
Index Price: Averaged price amongst major exchanges

It get's much more complicated, that's for another day.
Read 20 tweets

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