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Jacob Franek Profile picture
Jacob Franek
@panekkkk
@AllianceDAO. Former co-founder @coinmetrics, epidemiologist and health economist. Decentralizing finance. https://t.co/MNdtWiOVgA
Sep 13, 2023 • 14 tweets • 4 min read
Hi these are fake.

Glad we cleared that up.

“The number three medical school in Russia” lmao hindustantimes.com/world-news/two…
Nov 8, 2022 • 6 tweets • 2 min read
Why is it so hard for skeptics to do the bare min of research before forming opinions about crypto?

Somehow FTX failing = DeFi is a giant house of cards?

The FTX saga is yet more proof positive that DeFi and on-chain transparency can be transformative. Image It's such a stupidly simple concept to grasp the differences here.

For centralized (even regulated) entities, understanding their complete assets<>liabilities mix is often impossible. Certainly to the general public.
Nov 7, 2022 • 24 tweets • 7 min read
1/ Given all the turmoil at Twitter, I’ve started digging into alternative and similar social networks.

I’ll live blog my experience here.

First up: @farcaster_xyz (farcaster.xyz).

🧵 2/ Farcaster bills itself as a “sufficiently decentralized network”.

This boils down to two things:

1. A guarantee that users own a direct relationship with their audience (i.e., users own their social graph)
2. Devs can always build apps on the network
Jul 24, 2022 • 28 tweets • 6 min read
Does the merge make ETH a security?

I think the answer is clearly no.

But let’s examine some of the counterarguments made in the quoted thread below.

Disclaimer: I am not a lawyer, so this is not legal advice.

🧵 2/ 1️⃣ Let’s start with the odd fetish of some to retroactively label ETH, a 7-year-old asset, a security.

- What is the practical reason for this?
- Who is the issuer of the security?
- What remedy can the SEC pursue? Rescission?
- Do ETH purchasers want their $5/ETH back?
Jul 26, 2020 • 5 tweets • 1 min read
Poker buddies are asking about crypto again.

Sell when your barber or neighbor asks. Crypto bubble model (highly academic)

1. Memes
2. Thought pieces
3. 3+ coins 100x+
4. CT posts ending in “DYOR”
5. Fees spike
6. Poker buddies start to text you ⬅️ YOU ARE HERE
7. Crypto media “what is X?” (X = DeFi today)
8. CNBC asks Tom Lee “thoughts on X?”
Apr 19, 2020 • 13 tweets • 4 min read
@naval outlines the correct approach to evaluating different countries' strategy for managing COVID.

It requires 2 key things:

- Dispassionate QUANTITATIVE analysis of data
- Careful QUALITATIVE analysis and interpretation of data and interventions

Some important takeaways: 1. The sooner full lockdowns are implemented the better. Sweden's top epidemiologist says as much.

New Zealand is a clear example of this.

dailymail.co.uk/news/article-8…
Oct 19, 2019 • 10 tweets • 2 min read
I don't know how PoS will work and neither do you.

You don't know how it will affect overall asset distribution.

You don't know how it will affect validator weight distribution.

Why? - There are infinite possible implementations of PoS
- Initial coin distribution matters (a lot)
- Crypto systems are dynamic and emergent -- tech and behavior will evolve over time
- Staking has cost/risk your morons: CAPEX, OPEX, opportunity costs, tech risk, price risk
Jun 23, 2019 • 26 tweets • 4 min read
This thread is my attempt to explain the value proposition of crypto assets ("crypto") like bitcoin ($BTC) and ethereum ($ETH) to newcomers like you.

I've seen many attempts but most fall short for a variety of reasons.

Let's see if we can fix that. 👇 First, know that this thread only scratches the surface.

It will take weeks or months of research before things really click.
May 23, 2019 • 11 tweets • 2 min read
1/ Why I prefer "open" to "decentralized" finance.

Decentralization of finance is a spectrum enabled by

1) distribution of trust/responsibility
2) transparency

Not all #OpFi will be 'fully' decentralized.

But what makes it sufficiently different is transparency. 2/ This transparency will not be easily accessible to all.

It will be shrouded in the complexity of code and mechanism design.

But it will undoubtedly be more open than the closed, centralized systems of today.
Jan 27, 2019 • 15 tweets • 3 min read
Thread.

If I were building a mega crypto-incubator, my investment targets would be:

✅Core dev
✅Clients
✅Tooling/doc/education
✅Security/auditing
✅Wallets
✅Fiat ramps/banking
✅OpFi dapps/protocol infra
✅Indexing/querying (e.g., Infura)
✅Ontology/data
🙅‍♂️dapps/ICOs Such investment requires the mindset of the definite optimist.

It aims for success measured over half-decades not quick wins.

And it requires heavy investment in base layer protocol tokens (particularly for tokens w/ monetary potential) to comprise the majority of future ROI.
Dec 31, 2018 • 28 tweets • 6 min read
In round 2 of our PoW vs. PoS debate, we'll address another criticism of PoS:

In PoS, "the rich get richer!" I call such claims "Trumpisms" -- not only b/c they appeal to populist sensibilities but more importantly b/c they're vague and non-specific.

We're all guilty of these -- like claiming "PoW is expensive" -- but they don't help us arrive at a meaningful truth.
Dec 29, 2018 • 17 tweets • 4 min read
1/ Challenge accepted!

First, I'd never say never. Only a Sith deals in absolutes. That aside, let's address your hypothetical: can BTC succeed ETH as a decentralized, smart contract (SC), token issuance, privacy friendly platform?

Thank you for acknowledging ETH is ahead btw. 2/ For starters, BTC is not a meaningful SC or token issuance protocol today. ETH has perhaps 10-50x+ more contracts written and contract devs than BTC and 1000s of tokens.

So asking why being 50x+ behind the leader of a race would make it hard to win should be obvious.
Sep 8, 2018 • 13 tweets • 4 min read
1/ A thread on "open finance" lending. 👇

"Open finance" is a simple descriptor that applies broadly across a large class of SC-facilitated crypto-primitive fin protocols + apps.

It has no specific meaning but I think of it as "open source" meets "increased accessibility". 2/ @DharmaProtocol is an "open finance" lending protocol. It lays the foundation for building user-facing crypto lending apps on top.

As a protocol, it is agnostic. It is as open or as closed as the apps (and their underwriters/liquidity providers) on top want or need to be.
Aug 18, 2018 • 22 tweets • 7 min read
1/ Hey #CryptoTwitter, grab a glass of vino and come sit by the fire so we can discuss your narrow-minded views on FAT PROTOCOL THEORY.

See what I did there -- how I juxtaposed "narrow" with "fat"?

No?

Just shut up and drink your wine. 👇 2/ First, let's acknowledge it as a "theory" even though it wasn't clearly labelled as such.

A theory is just a plausible principle offered to explain phenomena.
Jun 18, 2018 • 11 tweets • 5 min read
A thread on devs + daily active users (DAUs) 👇

- #Ethereum code school CryptoZombies trained 208k+ users and is growing by 30k+/mo
- Truffle has 580k dls, up 56% last 3 mo
- MetaMask has >1m users
- GitHub lists 14k $ETH-based repos and 220k commits
- 1500+ dapps are in dev

/1 - ETH does more tx and active addresses than BTC
- No, batching doesn't make up the dif in tx
- Of the top 100 tokens by MC, 94% are built on Ethereum
- EEA boasts 500+ members
- Brazil, Canada, Zug, Chile, Dubai, and Estonia are experimenting w/ government apps on Ethereum

/2
Jun 4, 2018 • 17 tweets • 4 min read
1/ Holy s&!@ this IMF report is a master class on #crypto macroeconomics. This needs way more attention!

"Monetary Policy in the Digital Age. Crypto assets may one day reduce demand for central bank money."

Dat subtitle tho...

$BTC $ETH

imf.org/external/pubs/… 2/ The premise:

- Crypto has rekindled the debate about whether advances in IT can render central banks obsolete
- Author: "To fend off potential competitive pressure from crypto assets, central banks must continue to carry out effective monetary policies"

Whaaat!?
May 31, 2018 • 8 tweets • 2 min read
1/ Great post about on- vs off-chain governance!

One contention:

I’m not certain exit costs from blockchains are low.

To explain we need to define two types of exits:

1. Individual user exit
2. Group exit by forking 2/ In individual exit, costs are lower but not necessarily “low”.

There needs to be another option. And that option needs to hold enough of the fundamental properties that you value to exit.

And what about network effects?
May 30, 2018 • 7 tweets • 2 min read
Interesting thread! Thoughts:

1. Most usage for all crypto today is value tx due to speculation. Same for $BTC as for $ETH.
2. Value tx is a use case! Expecting early SC platforms w/out mature dapps to have dapp users is like asking why LN isn't being used yet for payments? 3. On-chain tx vol has dropped likely b/c of chilled ICO environment (+ market crash). Can't ignore the broader market contexts.
4. "Next few months" are likely meaningless in terms of competition. New chains need to launch, attract devs, launch apps, etc. Next 12+ months maybe?
May 30, 2018 • 16 tweets • 4 min read
1/ Most don't know this but every tx in $EOS must include a hash of the EOS Constitution.

This binds users to the constitution and failure to include it may be grounds for invalidating a tx. 🤦‍♂️

Here is the most recent draft: bit.ly/2IYjqVa

$BTC $ETH 2/ The 1st draft was written by -- wait for it -- block.one's VP of Product: bit.ly/2L8kYca

Some highlights...
May 24, 2018 • 6 tweets • 2 min read
1/ Paraphrasing @VladZamfir on issues of on-chain governance:

- On-chain gov (OCG) determines a default upgrade path for all node operators who don't actively agree/participate ("Tyranny of the Default")
- This disenfranchises node operators from active consent and coordination 2/

- Node operators are incredibly important stakeholders in blockchain gov
- They are the exchanges, block explorers, enthusiasts, and others that actually support users and best represent user interests
- So why would we want to disempower node operators?
May 22, 2018 • 9 tweets • 3 min read
1/ Most neo-gold maximalism is also parroting.

The entire debate of SOV ($BTC) vs. utility ($ETH) #cryptocurrencies relies on the assumption that utility coins can't also be SOV/neo-gold.

But of course--they can! 2/ Many coins share the same fundamental properties of neo-gold. Let's call these "FPs". The exact FPs are not universally agreed upon but typically include the following:

- Censorship-resistant
- Secure
- Fixed supply/immutable monetary policy
- Decentralized
- Self-sovereign