“Polymarket odds are meaningless because all users are outside the U.S.” is a deceptive narrative that probably works on people who don’t yet understand the difference between polls and markets.
In polls people indicate how they’re going to vote. An international poll obviously does mean much.
In markets people bet on what they think the outcome will be. At scale a lot of people and volume betting on an outcome is meaningful no matter where they live.
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At this point no one in their right mind can believe the SEC is acting in the best interest of the American people by forcing Kraken to shutdown its staking offering
The SEC reached out to me about staking in 2020 bc they saw an article about @1confirmation's interest in staking. We had a good discussion - they were genuinely open minded & interested in learning
Today shows that while there's great people at the SEC, leadership is lost
Stopping a company which has earned a lot of consumer trust by providing users over a decade of great service from allowing Americans to earn staking reward doesn't help anybody
The reason is institutional LPs are lazy at allocating, so way too much $$ goes to VCs that fit a mold and spin a good narrative but lack original insights, strong vision and product understanding
That leads to things like FTX, which was propped up by hundreds of millions in out of touch venture capital, which was propped up by bad institutional capital allocators 🫤
It’s useful to make a good faith assumption that SBF & team are trying their best, but the hypocrisy (which prob won’t be addressed by PR speak) is hard to deny
Here’s context on why many who care about crypto and freedom were triggered by the recent FTX post on the DCCPA bill:
FTX is the known consumer brand that offers a crypto exchange to retail, but there’s also Alameda Research, a lesser known investment firm closely affiliated with FTX
Many have assumed there has been shared ownership & decision making at FTX/Alameda & observed a recurring pattern between them that has been predatory to retail
If Citadel owned and operated a penny stock exchange, bought early, then pumped & offered higher, that’d be bad…
The tldr is it has venture upside over a 5+ yr time horizon & grail purchases make NFTs more “real” to the masses which is great for creativity in the world
Most see NFTs as a zero sum casino but there’s something deeper happening. More on the asset class, collection & punk...
Creativity is what makes us uniquely human and NFTs are enabling a new wave of creative freedom