RYAN SΞAN ADAMS - rsa.eth Profile picture
Crypto investor going bankless. 🏴
☀️ Leon-Gerard Vandenberg 🇳🇱🇨🇦🇦🇺 Math+e/acc Profile picture Amardeep Walia Profile picture Catherine Taylor Profile picture Hyper Profile picture schro Profile picture 5 subscribed
Feb 23, 2023 11 tweets 1 min read
The Coinbase thing is a big deal.

Ten reasons why: 1/ They choose Ethereum instead of launching their own L2. This is a massive vote of confidence for Ethereum.
Feb 20, 2023 5 tweets 5 min read
This shook me.

@ESYudkowsky says AI will end humanity.

He says @elonmusk and the OpenAI tribe are putting a demon summoning circle in every household.

He's given up.

"So this is what humanity will elect to do. We will not have more grace, not even here at the very end." @ESYudkowsky @elonmusk "When everything is in ruins you may as well speak the truth"
Oct 13, 2022 5 tweets 1 min read
1/ We had $718m in hacks in crypto this quarter.

$3 billion this yr.

"It's early, hacks will happen"

Yes.

But that's no longer good enough. Not when we face nation state level attacks.

And if we remain cavalier & don't defend our code, it'll cost us.

Thread: 2/ Notice when things turned ugly in the U.S.

The banning of Tornado.

It happened after the $625m Ronin hack. North Korea attackers made off w/ millions, pushed it through Tornado, & rattled U.S. defence aparatice.

An enemy of America got a new business model. Hacking crypto.
Jul 22, 2022 8 tweets 4 min read
1/ How did 3AC go bust?

Let's let @zhusu and @kyleldavies tell the story.

👇 2/ They failed to manage risk.

"We believed in everything to the fullest" - @KyleLDavies

They went all in on speculative projects, using margin, and didn't hedge. Kinda like gambling.
Jun 7, 2022 6 tweets 2 min read
1/ Does crypto bring equality?

One person will say crypto gives us a fair & egalitarian system. Another will point at crypto's wealth inequality & disagree.

That's because "freedom" and "equality" mean different things to different people.

There's a conflict of visions. 2/ Crypto people generally emphasize equality of process. Do I have the freedom to fork? To run a node? To get my transaction in at the market price?

Am I treated equally as all other participants? No bias. No special interests. Algorithms not humans.

Equality of process.
Jan 20, 2022 5 tweets 2 min read
1/ L1 econ

Every layer 1 chain needs to be defended.

This costs money.

You pay for the defense in two ways.

1) Inflate your money supply
2) Tax blockspace sales

If your inflation costs exceed your tax revenue you're operating at a deficit. A deficit is not sustainable. 2/ The way to create a sustainable layer 1 chain is by making your blockspace valuable.

If your blockspace isn't valuable, people won't pay for it. They'll go elsewhere. Lower tax revenue. Deficits. Money printing.

Every chain competes to make their blockspace more valuable.
Nov 5, 2021 8 tweets 3 min read
1/ Why I'm bullish on blockspace.

People forget what blockchains sell.

Apple sells iPhones.

Facebook sells eyeballs.

Blockchains sell blocks.

A thread: 2/ “I think blockspace is the best product to be selling in the 2020s.”

@cdixon said this on our podcast this week.

You ask a veteran investor who’s predicted every major era of the web what’s the best of the decade and he says “blockspace”.

Why?

shows.banklesshq.com/p/-90-5-mental…
Aug 5, 2021 7 tweets 3 min read
EIP 1559 is here!

We're burnt 300 ETH so far. 🔥

Here are my favorite places to watch the ETH burn.

Careful...this is addicting!

👇 1/ Ultrasound.money 🦇🔊

Epic site showing total burn, fee burn by block, and leaderboard. Chart also shows projected ETH supply in the years ahead.

ultrasound.money
Aug 2, 2021 4 tweets 4 min read
You ready for EIP 1559 week?? 🚀

This is bigger than the halving.

This is the most important monetary policy change in Ethereum's history.

Catch three EIP 1559 events this week on @BanklessHQ:

👇 1/ EXPERT PANEL - Tuesday

We're hosting the best EIP 1559 panel ever assembled.

Moderated by: @TimBeiko

Featuring: @lightclients @hasufl @barnabemonnot @MicahZoltu

Hear from the experts that made EIP 1559 a reality.

August 3, 10:30 EST

Join us!
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Jul 15, 2020 8 tweets 6 min read
1/ DeFi tokens

What's the hype?

Everything you need to know about DeFi tokens in Q2 can be found in this report just published by @0x_Lucas on @BanklessHQ

Read it:
bankless.substack.com/p/bankless-q2-…

Send it to a friend.

Here's a few highlights...

Thread: 2/ The birth of crypto capital assets have sparked an emergence of compelling valuation models 

Each w/ a potential source of value flows, eg:

@0xProject, @Kyber, @synthetix_io - Trading fees

@AaveAave, @compoundfinance - Interest fees

@renprotocol - Swap fees

Let's explore:
Nov 12, 2019 8 tweets 4 min read
1/ Great content from @coinmetrics on Ethereum tokens.

Bottom-line: the Ethereum network is has grown massively over the past two years in use as an asset issuance & programmable money network

A few highlights and my takes. Thread: 2/ ERC20 value catching up to value of ETH. I think token value will far surpass ETH value in the future

This is good...Ethereum is a gravity well for digital assets

Not a threat to security unless permissionless assets start to exceed value of ETH:

Sep 12, 2019 10 tweets 3 min read
I want to connect some dots for you real quick on Ethereum synthetics and what that means for the value of ETH

Ready?

Thread 1/ Synthetics in traditional finance are really, really, really big

Scroll to the bottom of this visualization

visualcapitalist.com/worlds-money-m…
May 22, 2019 10 tweets 2 min read
1/ Ethernomics 102

Previously we learned Ether is the reserve currency of an economic network called Ethereum, as USD is to the US

But in many ways, Ether is more like a monetary metal than like a fiat currency

2/ What about Ether supply?

Supply of fiat currencies like USD are subject to the policies of central banks, making them a tool of nation-state politics. Need to reduce unemployment, increase GDP, or stimulate markets? Issue fiat. Can’t pay off the fiscal policy debt? Issue more
May 16, 2019 11 tweets 2 min read
1/ Ethernomics 101

Beyond the technical, most people don’t know what Ethereum really is or the fundamental reasons why Ether is valuable

A thread... 2/ What is Ethereum?

Right now, the world's economic networks are mostly nation states. We talk of the US economy or the European economy or the Chinese economy

But crypto allows the separation of economy from nation state

Ethereum is an economy without a nation state
Jan 6, 2019 10 tweets 2 min read
1/ What if Dai becomes the main MoE & UoA in the Eth economy?

This resembles an older era of money when dollars could be redeemed for value in gold. Ether as the commodity money backing a general use currency

Let's explore the relationship between Ether & Dai: 2/ In order for Dai supply to grow it must collateralize tokenized value. Today each Dai is backed by $2-3 worth of Ether. In the future, other tokenized value beside Ether will be accepted in Dai, but it's hard to see a world where Ether doesn't remain the primary collateral
Nov 16, 2018 8 tweets 2 min read
The term dapp on Ethereum should die

Thread 1/ Smart contracts on Ethereum aren’t dapps, they’re functions, subprograms, routines

Dapp implies a holistic user experience, a UI. It’s a carryover term we stole from Web/Mobile (We added a “d” to the word app—how clever!)
Nov 6, 2018 8 tweets 2 min read
A topic that deserves way more discussion: composability

Composability in the context of smart-contracts, Eth 2.0, network effects, and constellation chains.

And, are we killing composability in our scaling approaches?

First, what is it? A smart contract performs a specific function, but is also a building block. Composability is the ability to string together these blocks to build new things

Want a tokenized S&P500 asset? Ok. How? Use an Augur mkt hedged w/ 0x-powered sETH dydx derivative wrapped in Set bundle
Aug 24, 2018 4 tweets 1 min read
Eth core devs call didn't make a decision on a revision to block issuance, it listened to arguments then kicked a decision to next Friday

Vitalik's absence from this core dev call was telling—maybe he eschews any appearance of the "benevolent dictator” label

My takes: A human-driven monetary supply schedule is a attack vector for Ethereum

It’s understandable that devs want the ability to adjust monetary parameters prior to PoS, however they must recognize a TBD supply policy leaves Ethereum open to politicking by self-interested parties
Aug 16, 2018 5 tweets 1 min read
A short analysis on Maker.

If Maker secures it's smart-contract & gets the economic parameters right it becomes a shelling point for loans. A global debt protocol for a new wave of crypto banks Maker doesn’t need to own the UX. If it achieves low borrowing costs, second layers build on top. Think Coinbase Bank w money market accounts & lending services using Maker CDPs

Crypto banks will use Maker purely for profit motive, just as banks wrap services around T-bills
Aug 14, 2018 10 tweets 1 min read
10 takes on the future of crypto from the depths of a bear market:

The 2017 run-up & 2018 freefall is only a micro-bubble—the crypto mega bubble is yet to come Ethereum isn’t dead—it’s just getting started. It will become obvious that ETH is a neo-money competitor, backed by an economy of open financial primitives
Jul 18, 2018 6 tweets 1 min read
The more crypto projects I study the more I realize: ETH is way more like BTC than people are willing to admit. Don’t get me wrong BTC & ETH have may differences. But there’s a strong family resemblance—its like Judaism is to Christianity.

Elaboration: