https://twitter.com/AriDavidPaul/status/1474134130715762688
I tried writing hot takes in response to jack‘s web3 and VC criticisms, but twice gave up after the drafts turned into rambling incoherent essays. Spent some more time to be able to write less. Here are my thoughts: /1
2/ first, no, web3 today isn’t really web3. It’s far too centralized in many regards and it’s ‘buggy’ in every way from actual code bugs to UX and operational and game theory ‘bugs.’ That’s how new stuff gets built. Was bitcoin really “bitcoin” in 2011?
3/ as for the VC hate - as many others pointed out, it’s not like VCs just decided to own big stakes in web3. They bought the positions. Why were they able to buy so much? Two main reasons:
4/ A. Regulators. As many pointed out, teams are legally required to fundraise from AML/KYC’ed investors, and it’s far far safer and cheaper to fundraise from only accredited investors.
5/ while there are ways around this, those ways are either expensive and inefficient, or legally risky. The other reason is…gonna be unpopular, but here it goes -
6/ VCs allocated capital reasonably well. In a meritocracy (aka free markets), the best allocators will eventually own everything (absent taxes and other redistribution mechanisms.)
7/ why does Paradigm own so much UNI? Because they were smart enough to be large early supporters of a project that
jack and most others were completely dismissive off. Jack calls these “alt” projects worthless then complains when other people own them because they invested.
8/ there’s plenty of brilliant non-VC investors. But on average, the VCs own so much of Web3 because they bet fairly accurately. Retail owns doge and SHIB and a ton of outright scams and garbage (as well as the good stuff.) The VCs make plenty of bad bets, but overall…
9/ lastly, a common debate in crypto in 2017 was bitcoiners asking, “why does this thing need a token?” The answer was obvious then, but now we have real world proof. All of crypto is based on incentives. Shockingly…most people won’t work hard for free.
10/ so, the valuable stuff Jack is complaining about VCs owning got built where there were investable tokens. Bitcoin as sovereign money? If you want to trade or lend it trustlessly, you’ll need to use a project with a token like Rootstock or Blockstack.
11/ a few years ago, Jack and many bitcoiners said all this web3 stuff was just scams. Now that it works and generated hundreds of billions of $$ of value, he complains that VCs own it.
12/ let me turn to a positive note - I share Jack’s desire for maximum decentralization in web3 and crypto broadly. We need to reform US regulation to let retail compete on more even footing with VCs.
13/ an unexplored critical question in this whole discussion is: how important is ownership to control? That’s a very complex topic that varies based on the consensus mechanism, social contract, stakeholder incentives etc. if we can fork malicious miners off a PoW network,
14/ the same can be done with a malicious whale in a PoS network. It’s similar questions to evaluating equity - could the founders just restart the company under a different name with a new cap table? Depends on a long list of factors.
15/ TLDR: web3 today is comparable to bitcoin in 2011 - fairly centralized and buggy, but an amazing proof of concept. And we don’t want VCs to own the world…but whining about it doesn’t help. Gotta facilitate broader ownership.
I tried writing hot takes in response to jack‘s web3 and VC criticisms, but twice gave up after the drafts turned into rambling incoherent essays. Spent some more time to be able to write less. Here are my thoughts: /1
2/ first, no, web3 today isn’t really web3. It’s far too centralized in many regards and it’s ‘buggy’ in every way from actual code bugs to UX and operational and game theory ‘bugs.’ That’s how new stuff gets built. Was bitcoin really “bitcoin” in 2011?
3/ as for the VC hate - as many others pointed out, it’s not like VCs just decided to own big stakes in web3. They bought the positions. Why were they able to buy so much? Two main reasons:
4/ A. Regulators. As many pointed out, teams are legally required to fundraise from AML/KYC’ed investors, and it’s far far safer and cheaper to fundraise from only accredited investors.
5/ while there are ways around this, those ways are either expensive and inefficient, or legally risky. The other reason is…gonna be unpopular, but here it goes -
6/ VCs allocated capital reasonably well. In a meritocracy (aka free markets), the best allocators will eventually own everything (absent taxes and other redistribution mechanisms.)
7/ why does Paradigm own so much UNI? Because they were smart enough to be large early supporters of a project that
jack and most others were completely dismissive off. Jack calls these “alt” projects worthless then complains when other people own them because they invested.
8/ there’s plenty of brilliant non-VC investors. But on average, the VCs own so much of Web3 because they bet fairly accurately. Retail owns doge and SHIB and a ton of outright scams and garbage (as well as the good stuff.) The VCs make plenty of bad bets, but overall…
9/ lastly, a common debate in crypto in 2017 was bitcoiners asking, “why does this thing need a token?” The answer was obvious then, but now we have real world proof. All of crypto is based on incentives. Shockingly…most people won’t work hard for free.
10/ so, the valuable stuff Jack is complaining about VCs owning got built where there were investable tokens. Bitcoin as sovereign money? If you want to trade or lend it trustlessly, you’ll need to use a project with a token like Rootstock or Blockstack.
11/ a few years ago, Jack and many bitcoiners said all this web3 stuff was just scams. Now that it works and generated hundreds of billions of $$ of value, he complains that VCs own it.
12/ let me turn to a positive note - I share Jack’s desire for maximum decentralization in web3 and crypto broadly. We need to reform US regulation to let retail compete on more even footing with VCs.
13/ an unexplored critical question in this whole discussion is: how important is ownership to control? That’s a very complex topic that varies based on the consensus mechanism, social contract, stakeholder incentives etc. if we can fork malicious miners off a PoW network,
14/ the same can be done with a malicious whale in a PoS network. It’s similar questions to evaluating equity - could the founders just restart the company under a different name with a new cap table? Depends on a long list of factors.
15/ TLDR: web3 today is comparable to bitcoin in 2011 - fairly centralized and buggy, but an amazing proof of concept. And we don’t want VCs to own the world…but whining about it doesn’t help. Gotta facilitate broader ownership.
Twitter
Ari Paul ⛓️
I tried writing hot takes in response to @jack ‘s web3 and VC criticisms, but twice gave up after the drafts turned into rambling incoherent essays. Spent some more time to be able to write less. Here are my thoughts: /1
Two important lessons from 2021:
https://twitter.com/cryptocred/status/1474221877480542211?s=21
1. If something is strong, buy that thing. Looking for 'the next thing' because you missed the initial pump will often underperform buying the leader.
2. Experimentation is rewarded. Airdrops, new chains, NFTs, and so on. Use the tech.
It's 4AM and I can't sleep, so just going to add to this thread indiscriminately.
A better Cred would make a neat end-of-year article, but you have me instead, suckers.
3. Outright top signals become less...outright as adoption increases. Shit has to scale e.g. in the past any celebrity talking about crypto was scary (e.g. Katy Perry nails) but in '21 it took Elon on SNL to nuke DOGE. Adjust accordingly.
4. You don't have to catch the top. The idea is to have made so much on the way up, that it ultimately doesn't matter when the nuke comes. And it'll always come. Voluntary sellers on the way up beat forced sellers on the way down.
5. If you're looking for take profit signals, one thing I like to do is to add a couple of high time frame moving averages (Hull, some ribbon, 21W, 50W, whatever) and see how far away BTC is from those averages. Check where market is and ask: would I be happy to give back that %?
6. You're close to a local top when the only 'innovation' comes in the form of forks and clones. Seen it with DeFi, dog money, OHM, and so on. Same applies with dinosaur garbage coins pumping, which in itself is a form of anti-innovation. Good take profit signal, on average.
7. If you're a trader, go to where the volume is. If that also happens to be a strong performer, as is often the case, you make life a lot easier. High volume usually means cleaner technicals. Ideally 1 week+/clear rotation bid (SOLUNAVAX-style) and not a one-off pump.
8. In an uptrend, the best times to buy are either when it has already gone up (buy high to sell higher) or when it's forced lower (usually by a correlated market-wide pullback, often led by majors). Laggards, trendless coins, coins in 'accumulation' indefinitely = high opp cost.
9. Be cynical about narratives. DeFi went from the only thing being traded to nobody caring. During NFT mania, couldn't find a single chart for weeks. Now it's just loss porn. Remember BTC U.S. session infinite bid? Me neither.
When music (price+volume) is over, stop dancing.
10. Survivors win. There are infinite ways to 'make it', but all of them require not losing everything before and after you get there.
/End GN
https://twitter.com/cryptocred/status/1474221877480542211?s=21
1. If something is strong, buy that thing. Looking for 'the next thing' because you missed the initial pump will often underperform buying the leader.
2. Experimentation is rewarded. Airdrops, new chains, NFTs, and so on. Use the tech.
It's 4AM and I can't sleep, so just going to add to this thread indiscriminately.
A better Cred would make a neat end-of-year article, but you have me instead, suckers.
3. Outright top signals become less...outright as adoption increases. Shit has to scale e.g. in the past any celebrity talking about crypto was scary (e.g. Katy Perry nails) but in '21 it took Elon on SNL to nuke DOGE. Adjust accordingly.
4. You don't have to catch the top. The idea is to have made so much on the way up, that it ultimately doesn't matter when the nuke comes. And it'll always come. Voluntary sellers on the way up beat forced sellers on the way down.
5. If you're looking for take profit signals, one thing I like to do is to add a couple of high time frame moving averages (Hull, some ribbon, 21W, 50W, whatever) and see how far away BTC is from those averages. Check where market is and ask: would I be happy to give back that %?
6. You're close to a local top when the only 'innovation' comes in the form of forks and clones. Seen it with DeFi, dog money, OHM, and so on. Same applies with dinosaur garbage coins pumping, which in itself is a form of anti-innovation. Good take profit signal, on average.
7. If you're a trader, go to where the volume is. If that also happens to be a strong performer, as is often the case, you make life a lot easier. High volume usually means cleaner technicals. Ideally 1 week+/clear rotation bid (SOLUNAVAX-style) and not a one-off pump.
8. In an uptrend, the best times to buy are either when it has already gone up (buy high to sell higher) or when it's forced lower (usually by a correlated market-wide pullback, often led by majors). Laggards, trendless coins, coins in 'accumulation' indefinitely = high opp cost.
9. Be cynical about narratives. DeFi went from the only thing being traded to nobody caring. During NFT mania, couldn't find a single chart for weeks. Now it's just loss porn. Remember BTC U.S. session infinite bid? Me neither.
When music (price+volume) is over, stop dancing.
10. Survivors win. There are infinite ways to 'make it', but all of them require not losing everything before and after you get there.
/End GN
Twitter
Cred
Two important lessons from 2021: 1. If something is strong, buy that thing. Looking for 'the next thing' because you missed the initial pump will often underperform buying the leader. 2. Experimentation is rewarded. Airdrops, new chains, NFTs, and so on.…
Alethea AI goes to token sale via Copper Launch
https://medium.com/alethea-ai/alethea-ai-announces-token-distribution-auction-ec17600e6233
Earlier, the smart NFT project closed a $16M round with Dapper Labs, Multicoin, Alameda, Mark Cuban and Bitscale Capital
The group of strategic partners include Metapurse, Crypto.com, BITKRAFT, Galaxy Interective, IDEO VC, as well as Andrew Steinwold, Gmoney (helped Visa with the cryptopunk purchase), DC Investor, Gabby Dizon (YGG's backer).
https://medium.com/alethea-ai/alethea-ai-announces-token-distribution-auction-ec17600e6233
Earlier, the smart NFT project closed a $16M round with Dapper Labs, Multicoin, Alameda, Mark Cuban and Bitscale Capital
The group of strategic partners include Metapurse, Crypto.com, BITKRAFT, Galaxy Interective, IDEO VC, as well as Andrew Steinwold, Gmoney (helped Visa with the cryptopunk purchase), DC Investor, Gabby Dizon (YGG's backer).
Medium
Alethea AI Announces Token Distribution Auction
Alethea AI will be using Balancer’s Liquidity Bootstrapping Pools to conduct a Token Distribution Auction on the Copper Launch Platform.
1. S&P500 posting ATH for the past few days
BUT!
2. Market makers not going to pump into $6B of OI skewed towards positive
3. Calls will need to expire worthless before moving up
4. One more thing: holiday volume, don't sell into a concrete floor
See you 2022
https://twitter.com/Tetranode/status/1475867350482120704
BUT!
2. Market makers not going to pump into $6B of OI skewed towards positive
3. Calls will need to expire worthless before moving up
4. One more thing: holiday volume, don't sell into a concrete floor
See you 2022
https://twitter.com/Tetranode/status/1475867350482120704
Twitter
TΞtranodΞ (💎, 💎)
1. S&P500 posting ATH for the past few days BUT! 2. Market makers not going to pump into $6B of OI skewed towards positive 3. Calls will need to expire worthless before moving up 4. One more thing: holiday volume, don't sell into a concrete floor See you…
1/ Some thoughts on ethereum's L2s
Are L2 tokens positive-sum with ETH? Yes
Will L2s drive significant fees & value to ETH? Yes
Is there an urgent need for L2s to launch tokens and pursue other L1-style growth initiatives? Yes
It's going to be a big year for L2s vs. alt L1s
https://twitter.com/RyanBerckmans/status/1476032294771171332
Are L2 tokens positive-sum with ETH? Yes
Will L2s drive significant fees & value to ETH? Yes
Is there an urgent need for L2s to launch tokens and pursue other L1-style growth initiatives? Yes
It's going to be a big year for L2s vs. alt L1s
https://twitter.com/RyanBerckmans/status/1476032294771171332
Twitter
Ryan Berckmans
1/ Some thoughts on ethereum's L2s Are L2 tokens positive-sum with ETH? Yes Will L2s drive significant fees & value to ETH? Yes Is there an urgent need for L2s to launch tokens and pursue other L1-style growth initiatives? Yes It's going to be a big year…
⚡️Robinhood plans to launch beta crypto wallets in January as HOOD drops to $17🚀
The forthcoming crypto wallet will allow users to deposit and withdraw Bitcoin, Ether, Dogecoin and other tokens, the company said.
Cryptocurrency and stock trading app Robinhood plans to roll out the beta version of its digital wallet feature starting in January 2022.
In a Wednesday blog post, Robinhood said tens of thousands of users currently on the waitlist for the trading app’s crypto wallet would have access to the beta version starting in mid-January. The trading app said more than 1.6 million people were waiting for the wallet, which will support depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other tokens.
The trading app has been testing its digital wallet feature since it was first announced in September, completing its first alpha transfer — using DOGE — on Nov. 22. According to Robinhood chief operating officer Christine Brown, the beta rollout would be focused on the security of users, as well as providing education on crypto transactions and clarity around network and gas fees.
https://cointelegraph.com/news/robinhood-plans-to-launch-beta-crypto-wallets-in-january-as-hood-drops-to-17
The forthcoming crypto wallet will allow users to deposit and withdraw Bitcoin, Ether, Dogecoin and other tokens, the company said.
Cryptocurrency and stock trading app Robinhood plans to roll out the beta version of its digital wallet feature starting in January 2022.
In a Wednesday blog post, Robinhood said tens of thousands of users currently on the waitlist for the trading app’s crypto wallet would have access to the beta version starting in mid-January. The trading app said more than 1.6 million people were waiting for the wallet, which will support depositing and withdrawing Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and other tokens.
The trading app has been testing its digital wallet feature since it was first announced in September, completing its first alpha transfer — using DOGE — on Nov. 22. According to Robinhood chief operating officer Christine Brown, the beta rollout would be focused on the security of users, as well as providing education on crypto transactions and clarity around network and gas fees.
https://cointelegraph.com/news/robinhood-plans-to-launch-beta-crypto-wallets-in-january-as-hood-drops-to-17
Cointelegraph
Robinhood plans to launch beta crypto wallets in January as HOOD drops to $17
The beta rollout of Robinhood's crypto wallet will be focused on the security of users, as well as providing education on crypto transactions and clarity around network and gas fees.
🔥 Aave all set to build a mobile wallet 🚀
Aave, an open source and non-custodial liquidity protocol is building its mobile wallet.
This helps the users in earning interest on deposits and borrowing assets.
Aave, an open source and non-custodial liquidity protocol is building its mobile wallet.
This helps the users in earning interest on deposits and borrowing assets.
🔥 Airbnb could soon add support for cryptocurrency payments 🚀
Online hospitality marketplace Airbnb could be on track to add cryptocurrency payments.
Chesky asked his Twitter followers for Airbnb-related suggestions. After skimming through thousands of tweets, he concluded that crypto was clearly in the lead.
More Detail 👉 Click Here
Online hospitality marketplace Airbnb could be on track to add cryptocurrency payments.
Chesky asked his Twitter followers for Airbnb-related suggestions. After skimming through thousands of tweets, he concluded that crypto was clearly in the lead.
More Detail 👉 Click Here
News about Givetime.io. A project where they plan to unite blockchain, science and medicine.
Usually when there is a real product behind a project, when it releases products and solutions, it can be powerful. To make sure this is possible:
- we recommend that you look at the white paper on the project website
- read an interview from the founder of the project
- check the announcement on Yahoo finance
The Presale of the token is slated for 01/03/2022. That is, it has already begun.
Start presale - 03/01/2022
End of presale - 10/01/2022
Soft cup volume - 100 BNB
Presale price - $0.008
Pancakes start - 11/01/2022
Exit price to pancakeswap - $0.01
* For a week, the token will already have + 25%
Project chat https://t.me/givetimechat
Usually when there is a real product behind a project, when it releases products and solutions, it can be powerful. To make sure this is possible:
- we recommend that you look at the white paper on the project website
- read an interview from the founder of the project
- check the announcement on Yahoo finance
The Presale of the token is slated for 01/03/2022. That is, it has already begun.
Start presale - 03/01/2022
End of presale - 10/01/2022
Soft cup volume - 100 BNB
Presale price - $0.008
Pancakes start - 11/01/2022
Exit price to pancakeswap - $0.01
* For a week, the token will already have + 25%
Project chat https://t.me/givetimechat
Crypto market outlook, Jan 2022
Thought dump to look back on
https://twitter.com/mrjasonchoi/status/1478952038385938436
Thought dump to look back on
https://twitter.com/mrjasonchoi/status/1478952038385938436
Twitter
Jason Choi
Crypto market outlook, Jan 2022 Thought dump to look back on
🚨😳 Animoca Brands’ Lympo NFT platform hacked for $18.7 million 🚨
▶️ Sports NFT minting platform and Animoca Brands subsidiary Lympo suffered from a hot wallet security breach and lost 165.2 million LMT tokens worth $18.7 million at the time of the hack.
▶️ A short Medium update from the Lympo team stated that on Jan. 10 hackers managed to gain access to Lympo’s operational hot wallet and “stole a total of approximately 165.2 million LMT from it.”
▶️ LMT price tumbled 92% to $0.0093 after hackers transferred then sold the loot from the project’s hot wallets.
https://cointelegraph.com/news/animoca-brands-lympo-nft-platform-hacked-for-18-7-million?utm_source=Telegram&utm_medium=social
▶️ Sports NFT minting platform and Animoca Brands subsidiary Lympo suffered from a hot wallet security breach and lost 165.2 million LMT tokens worth $18.7 million at the time of the hack.
▶️ A short Medium update from the Lympo team stated that on Jan. 10 hackers managed to gain access to Lympo’s operational hot wallet and “stole a total of approximately 165.2 million LMT from it.”
▶️ LMT price tumbled 92% to $0.0093 after hackers transferred then sold the loot from the project’s hot wallets.
https://cointelegraph.com/news/animoca-brands-lympo-nft-platform-hacked-for-18-7-million?utm_source=Telegram&utm_medium=social
Cointelegraph
Animoca Brands’ Lympo NFT platform hacked for $18.7 million
Animoca Brands’ Sports NFT minting platform Lympo lost over $18 million in LMT tokens after hackers compromised eight different project wallets.
🚨 7 IDO protocol has been rugged ❌
PackShield has recently detected a total of seven IDO protocols to be rugged.
The rugged protocols include $GOTEM (gotEM), $ONEP (HarmonyPad), $HBARP (HbarPad), $MPLAY (MetaPlay), $ELIT (Electrinity), $PEE (MicroPee) and $QDrop (QuizDrop) with more than 5,744 WBNB.
The funds have been deposited to Tornado Cash, a non-custodial anonymous transaction on Ethereum.
https://twitter.com/PeckShieldAlert/status/1481088699593261056?t=pYZeUf6FLKTOVtw_Hdp0dA&s=19
PackShield has recently detected a total of seven IDO protocols to be rugged.
The rugged protocols include $GOTEM (gotEM), $ONEP (HarmonyPad), $HBARP (HbarPad), $MPLAY (MetaPlay), $ELIT (Electrinity), $PEE (MicroPee) and $QDrop (QuizDrop) with more than 5,744 WBNB.
The funds have been deposited to Tornado Cash, a non-custodial anonymous transaction on Ethereum.
https://twitter.com/PeckShieldAlert/status/1481088699593261056?t=pYZeUf6FLKTOVtw_Hdp0dA&s=19
Twitter
PeckShieldAlert
#RugPull PeckShield has detected 7 IDO protocol rugged! $GOTEM(gotEM) $ONEP (HarmonyPad) $HBARP (HbarPad) $MPLAY (MetaPlay) $ELIT (Electrinity) $PEE (MicroPee) $QDrop (QuizDrop) rugged, more than 5,744 WBNB! The funds have been deposited to @TornadoCash …
🔥 Ethereum 2.0 deposit contract surpasses $30B in value 🚀
▶️ The Ethereum 2.0 deposit contract currently contains 9,403,649 ETH, or about $31 billion.
▶️ This deposit contract allows users to transfer funds from Ethereum mainnet to Beacon Chain, a parallel Proof-of-Stake network.
▶️ Ethereum is expected to switch to Proof-of-Stake with a proposed merge with Beacon Chain, tentatively scheduled in June 2022.
▶️ The Ethereum 2.0 deposit contract currently contains 9,403,649 ETH, or about $31 billion.
▶️ This deposit contract allows users to transfer funds from Ethereum mainnet to Beacon Chain, a parallel Proof-of-Stake network.
▶️ Ethereum is expected to switch to Proof-of-Stake with a proposed merge with Beacon Chain, tentatively scheduled in June 2022.