Jason Smith Profile picture
Gamilaraay Aboriginal Australian. Homeschooling my kids. I run a news media company and study law. what is money?
22 Sep
A #uniswap V3 thread.
There are plans to tackle slippage, and improve capital efficiency.

Read 36 tweets
7 Sep
You know, I think Andre Cronje may have been right about governance tokens being valueless.

Here's why:
1/
Here's a thought exercise: If Andre left the yearn protocol to "the community" and went and started a new product, with a team of VC funded devs who made the UX 10x better, would you park your money in the new thing, or hang on to YFI and invest in the vaults there?

2/
Governance tokens are valuable if you believe in the wisdom of crowds.

The only thing I think governance tokens should do, IF ANYTHING, is elect a genius CEO/dictator who runs things, and everyone else gets out of the way or builds what they say.

3/
Read 8 tweets
13 Aug
Something quite remarkable happened since 2017. I don't think it was deliberate. If it was, you couldn't have planned it better.
What happened in 2017 was that BCH split from BTC and loudly preached their "we're the real Bitcoin" doctrine from every roof top.
1/n
This had the effect of attracting the attention of the very effective blockstream troll army. I know people who are into all sorts of cryptos but have no real tech knowledge. To this day they think BCH is a scam.

2/n
Unbeknownst to those very busy little trolls, the Ethereum devs and community just quietly went about building a heap of cool shit. BCH/BSV/BTC were busy all day long arguing with each other, and none of these groups noticed what was happening outside their quaint battle grounds
Read 13 tweets
6 Aug
If you wanted a cryptocurrency that gave you privacy, sound money, cheap on-chain txs, had sustainable funding, world class devs, wasn't always on the verge of a split, and attracted people who seemed to want to leave the world better than they found it, you'd look at #Zcash.
@zooko and his team's deliberate style of getting the foundations right before worrying about the flourishes has resulted in a product that seems to have what is needed to stand the test of time.
But best of all, is really useful today. It doesn't rely on absurd or dogmatic predictions about the future to define its value. It's really useful, even vital in some cases, right now.
Read 4 tweets
6 Aug
Dear #ethereum experts. Please help me understand the hype around ethereum
This is 100% not a troll question. I'm genuinely trying to see what I'm missing.
Ok there’s a heap of hype about defi and eth lately. But I can’t for the life of me figure out what exactly has succeeded;
... what the big deal is. What are people now able to do exactly that is the breakthrough? Borrow crypto against their crypto? Create yet more tokens? What am I missing?
Despite being into mostly bitcoin and zcash I admit basic attention token seems quite viable because their browser and creator network seems to have reinforcing network effects. But it would work on its own chain too.
Read 4 tweets
3 Aug
Hey #Bitcoin users. If you want privacy, don't convince yourself your coinjoins do anything. They're painfully easy to track. Just use zcash or monero. You're better off consolidating your UTXOs in anticipation of the mempool being perpetually clogged. BTC can't be used as money
in the sense that you can spend it. The Litecoin "silver to bitcoin's gold" was actually accurate. Gold couldn't be used daily by most people because small pieces were tool valuable. Bitcoin in the future will be way too expensive to actually send. It will be money for the rich.
Sorry. I know you wanted to bank the unbanked. But you won't be able to do that with small blocks. And it seems noone is interested in layer 2 stuff.
Read 4 tweets
1 Aug
I know we've mocked the Schelling point meme re #BTC, but I do _try_ to look at objective facts when I can. Check out this thread if you have doubts about #Bitcoin's future.
I struggle with altcoins' and forks' predictions in the face of this kind of data. via google trends
Read 23 tweets
28 Jul
The small block religion is entirely founded on a prediction of the future that has never actually occurred.

While they celebrate vindication in their coin’s ascendency on the price charts despite negative adoption, the question remains of what might have been.
If Bitcoin had grown a useful and prosperous economy, would it be more or less likely to be shut down by hostile state actors?
It’s a shame the Bitcoin forks didn’t try to copy the success of ethereum, and instead competed with BTC. This was a dumb move by people not good at marketing.
Read 10 tweets
24 Jul
I enjoyed a recent short @EricRWeinstein chat re China. I disagree with the modern intellectual's take on China though. I no longer think they're the bad guys. I mean, I hate that they do what they do, but I don't think they have a choice. I've hopped off the anti CCP bandwagon.
In my highschool there was a perpectual game of 3 on 3 basketball going each lunch/recess. The 3 best players were always on the court. The only thing you had to do to kick them off was beat them. One time I remember them losing. Guess what! They didn't get off the court.
When you play by the rules set up by others, they will not comply with their own rules when there is a ruling against them. The hypocritical USA is the bully in the playground that sets the rules then refuses to comply when it goes against them. There are countless examples...
Read 17 tweets