him.eth
@himgajria
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Web 1: Read
Web 2: Read-Write
Web 3: Read-Write-Own
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Ironically, the $20M+ bet on Luna’s future is taking place on Ethereum.
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@bascule
The algorithm is based on targeting parts of the image with the greatest brightness and colour density.
If you’re insinuating it’s designed to be racist, you’re wrong.
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They arrested a guy for writing some code, instead of going after those that used said code for illegal purposes.
While they’re at it, they better arrest Tim Berners Lee for all the illegal activity happening on the web.
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What’s even more ironic: we invented smart contracts just to end up using
@cobie
as the escrow for this bet;
A bet on the future price of a smart contract platform. Can’t make this up.
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ENS is probably the only NFT collection with real problem-solving utility attached to it.
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Smart money?
Jump capital - Lost in Luna & FTX
Multicoin - Lost 55% of AUM
Galois - 50% of AUM in FTX
Ikigai - Majority of AUM in FTX
Sino - Big chunk of AUM in FTX & SOL
3AC - Fraud & implosion
Alameda - Fraud & implosion
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Bittensor (TAO) Investment Thesis
TL;DR: AI Legos.
Bear case: 0.5x
Conservative: 2-5x
Optimistic: 5x-20x
Everything aligns: 20x-100x
Summary: A decentralised protocol that pools machines and incentivises anybody to deploy their own functions on the protocol as ‘subnets’.
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Neo - 2014
Tron - 2014
Tezos - 2014
IOTA - 2015
Vechain - 2015
Cardano - 2017
Near - 2018
EOS - 2018
Hedera - 2018
Luna - 2018
Fantom - 2018
Binance chain - 2020
Solana - 2020
Avalanche - 2020
Internet Computer - 2021
So many “killers”, yet Ethereum’s still around.
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The priority of web3 isn’t to make better products than web2.
It’s to make better ownership structures of/within their products.
Web2 products are already great. Their ownership structures aren’t.
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Crypto seems like a niche industry today.
Just like automobiles did in the 1900s.
Just like software did in the 1970s.
Just like the internet did in the 1990s.
Just like ecommerce did in the 2000s.
Just like social media did in the 2010s.
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Listening to Bitcoiners talk about Ethereum is like listening to communists talk about capitalism.
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Recent criticism on Bittensor - protocol doesn’t work.
Reality on Bittensor - actual products currently live on the protocol.
Subnet 3 -
@myshell_ai
Subnet 4 -
@manifoldlabs
()
Subnet 6 -
@NousResearch
Subnet 8 -
@taoshiio
Subnet 18 + 19 -
@Corcel_X
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Analogy for the $EMN situation:
A builder starts constructing a building. Before construction’s over, impatient tenants move in. As the foundation hasn’t been set yet, they bring the building down. They blame the builder, not themselves.
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EOS couldn’t do it with $5 billion, don’t think $450 million is going to cut it.
Solana is raising as much as $450 million in bid to take on Ethereum: report
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Psychology: to understand beings.
Philosophy: to understand being.
Economics: to understand reasoning.
History: to understand patterns.
Physics: to understand happenings.
Biology: to understand structures.
Chemistry: to understand reactions.
Math: to quantify understandings.
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When I first set up my fund, Silvergate rejected our request for a bank account multiple times.
We were forced to go on-chain, scrapping a formal structure - Ethereum didn’t reject us.
Today, our tiny fund is still here while Silvergate is winding down.
On-chain for the win.
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People are failing to realise that OP is just a governance token for the Optimism Collective.
It’s not taking away from Ethereum or Ether in any way. Transaction fees will continue to be paid in ETH.
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@ThinkingAlts
@JohnTodaro1
It’s crazy to think Ethereum charges you fees to send money to your friends.
Here on Solana you have no friends.
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People don’t realise yet, but Visa just became a layer 2 scaling solution for Ethereum.
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Bitcoin is a store of value backed by narrative.
Ethereum is a store of value backed by utility.
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@austin_rief
Worst part about traditional finance:
The old men that were running CDOs and toxic debt in 2008 are still doing it.
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The SEC has alerted investors to stay away from crypto for being unlawful, unregulated and risky.
Let me give you some examples of ‘lawful’ and ‘regulated’ assets:
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@ahcastor
This is what a 1 minute chart spanning 30 minutes looks like for absolutely every publicly traded asset.
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A few centuries ago, separating the church and the state was an inconceivable idea because the church was the state.
Today most people can’t conceive of separating money from the state. Although, It is inevitable.
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A write-up on Web 3.0 and how we got here:
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@0xHamz
The difference is he signed up for the making money part.
He didn’t sign up for the part where they use his capital without his consent.
If there’s anyone I wouldn’t do business with, it’s the one that breaks their agreement.
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Fundamental perspective: every ETH burnt is indirect revenue for every single ETH holder.
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Your ENS domain is your web3 username.
When you enter web3, you’re given a 42-character hexadecimal address. Your domain adds human readability and character to said address.
With Ethereum solidifying itself as the premier L1, your ENS domain is going to be the standard.
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All I want for Christmas is a token with a market cap <$10M, fair distribution and a reputation-based governance DAO incentivised with organic cash flows from a protocol with active non-speculative users that actually need the token to use the protocol.
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Holding Ether over the next decade will probably have the same effect.
Holding bitcoin over the last decade outperformed every hedge fund on Wall Street.
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1. Development.
2017: Focus on currency tokens.
2020: Focus on DeFi + Web 3.0.
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Proof of Work < (Useful) Proof of Work
I.e. TAO is a more functional SoV than BTC.
PoW’s greatest drawback has been its wastage of resources to verify ledgers that only hold speculative value.
Until Bittensor.
In Bittensor’s novel variation of PoW, the ‘W’ isn’t just burnt,
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All the failed Proof-of-Stake alt-L1s showcased their mistakes to Ethereum developers to make sure they aren’t repeated with ETH 2.0.
Move slow and fix things > Move fast and break things.
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One thing in common between BTC and ETH maximalists is that they both talk about ETH too much.
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@paulg
@VitalikButerin
Intellectual dishonesty?
You literally let someone else use your identity to push something you’re not sure of yourself.
That’s clearly intellectual dishonesty.
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Most projects I track are moving upwards (L2s), not sideways (other L1s).
Most projects that set up on other L1s are usually inorganically incentivised by the L1 core team and their VCs, not the actual users.
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2. Fundamentals.
2017: Tokens backed by speculation.
2020: Tokens backed by utility, cashflows, and network effects.
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No other asset class I’ve invested in has faced as much backlash from governments, regulators and private institutions as crypto has.
If anything, it further validates its potential.
I.e. greater the number of incumbents trying to stop something new, greater is its value.
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9. Volumes (ETH).
2017: Peak $6 Billion/day.
2020: Peak $24 Billion/day.
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@zebulgar
@tomfgoodwin
Ironically, those two words automatically nullify your opinions on morality.
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The probability of WWIII happening just tipped in its favour, and people are still trying to time the markets.
This isn’t even an overreaction. This is playing out in real time.
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During bull markets, prices follow narratives.
During bear markets, prices follow fundamentals.
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3. Stakeholders.
2017: Predominantly retail.
2020: Retail, VCs, hedge funds, institutions, company reserves, governments.
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Just because you light $100 on fire doesn’t suddenly give the ashes you derive from it a $100 valuation.
Proof-of-Work thrives on this laughable fallacy which has turned into a popular narrative on an asset’s fundamental value.
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@_simmac_
@bascule
While I agree, using brightness to target parts of an image can result in the unintended outcome of targeting fairer skin, the creator probably didn’t intend for this to happen.
Bias would be when the creator consciously or subconsciously designs an algorithm to be biased.
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7. Media narrative.
2017: “Crypto is a scam”.
2020: “Crypto is being adopted by every major government”.
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Ethereum, if not careful, is like Rome at its peak. What will kill it, if at all, is not its invaders, but the comfort and blindness of the insiders themselves.
Personally, I don’t think the Ethereum ecosystem is comfortable or blind. It’s improving itself consistently.
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4. Fundraising.
2017: With a whitepaper or idea.
2020: With an implementation or prototype.
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The last macro cycle ended in 2008. Cryptocurrency was invented in 2009.
While crypto has faced a few micro cycles (eg. 2017), it has never gone through a complete macro cycle (eg. 2008).
We cannot use patterns from past micro cycles to predict what’ll happen next.
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Instead of remaining on Ethereum, a decentralised network, dYdX is moving to its own chain.
Wouldn’t call the new chain democratic when the insiders hold >50% of the voting power.
Allocations | main | Governance Documentation
Allocations for the ethDYDX token.
docs.dydx.community
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@santiagoroel
Not bottom signals:
- S&P only down 20% from highs.
- Macro market cycle hasn’t closed since 2008. Long overdue.
- Fed about to unwind balance sheet.
- Fed is at the beginning of rate hike cycle.
- NFTs still selling near ATHs
- Market still has confidence to catch bottom.
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@stablekwon
Graceful.
5/ Second thought, sportsmanship is important.
Our community will remember that I was silent when $UST flipped $DAI in market cap late last year, and I will not strike back on Maker employees criticizing Terra now.
We as a community will win with grace.
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TLDR:
Web 1.0: Read only.
Web 2.0: Read-Write.
Web 3.0: Read-Write-Own.
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5. People.
2017: Predominantly speculators.
2020: Speculators + builders.
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6. Access.
2017: Steep learning curve, on-ramping within limited jurisdictions.
2020: Focus on UX, on-ramping in almost every country.
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‘Read-write-own’ was a phrase I published over a year ago to describe Web 3.0. Recently, people with larger followings have been plagiarising the same.
Due to the internet’s lack of conscious crediting, I timestamp all my public work via Github.
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Mattereum (MATR) Investment Thesis
TL;DR: A protocol that can tokenise any real world asset imaginable.
Bear case: <5x
Conservative: 5x-10x
Realistic: 10x-20x
Optimistic: 20x-50x
Everything aligns: 50x-100x
For the first time ever, a crypto project seems to be in the
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By the logic of banning a technology because it’s used for illicit activity - here are some other technologies they should ban:
1) Internet (Eg. child porn)
2) Smartphones (Eg. terrorism)
3) Computers (Eg. hacking)
4) Vehicles (Eg. getaways)
Oh wait, they don’t affect taxes.
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Regulations lead to complexities.
Complexities lead to loopholes.
Loopholes lead to scams.
Scams lead to regulations.
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@iamDCinvestor
While making this chart, I realised every single project listed here is on Ethereum and it wasn’t even my goal to do that, it’s just that literally everything of value in crypto is on Ethereum.
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8. Regulation.
2017: Mostly TBD or Illegal.
2020: Legalised in a dozen countries, TBD in many, Illegal in a few.
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I’m against the cross-chain thesis - splitting an app between multiple chains.
I’m for the multi-chain thesis - using different chains for apps with different requirements.
Eg. Apps requiring privacy should build on a privacy-focussed chain rather than a public chain.
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Web 1: They own the product.
Web 2: You are the product.
Web 3: You own the product.
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1/ The bargaining power of Ethereum isn’t as an asset, a smart contract platform, or a global computer.
Its real value derives from being a networked address system.
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@gaborgurbacs
@Greenbackd
Berkshire Hathaway reserves are greater than Bitcoin’s market capitalisation.
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Price doesn’t follow fundamentals. It follows potential changes in fundamentals.
I.e. price discounts the future, not just the present.
Which in turn, leads to the creation of narratives to rationalise the discounting taking place.
Conclusion: price follows narratives.
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Contrarianism out of the desperation to find asymmetric opportunities and outperform the crowd leads to biases against popular opinion, even if said popular opinion is backed by fact.
Ironically, this results in underperformance.
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Nobody’s going to play a game just because it has NFTs and in-game markets.
People play games if they’re hooked to them: challenging, escapist, network, mimetics, etc.
The problem with most web3 games is that the focus is a lot more on ‘web3’ than it is on the ‘game’.
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Never thought someone would translate it into a book, let alone Chris Dixon.
For the last 12 months I’ve been working on a book. I’m excited to talk about it for the first time today. 📘
Read Write Own: Building the Next Era of the Internet (March 2024, publisher: Random House)
Pre-order here:
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@awilkinson
The patent for the original Vision Pro was filed in 2007, while Apple was under Steve.
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Rational players create bull markets,
bull markets create irrational players,
irrational players create bear markets,
bear markets create rational players.
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@CoinDesk
@CelsiusNetwork
@Nate_DiCamillo
DeFi is literally on-chain. Meaning, it’s fully public, open and auditable by anyone.
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@fintwit_news
@BillAckman
I’d put my money on him, than a lot of actual military strategists.
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Bear market risk, Bull market reward.
Successful investment decisions aren’t made in the bull market, but the bear market.
Eg. Howard Marks (OG) invested $650M per week, for 15 weeks straight post 2008.
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Not losing money in a bear market is equivalent to making multiples in a bull market.
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Predictions for the next 50 years
(that my peers deny)
- Artificial Consciousness
- Cure death
- Mainstream brain-machine interfaces
- Dollar hyperinflation
- Privatised nations
- State-detached currencies
- Blockchain-based economies
- Space civilisations
*Revisit in 50 years*
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@adamscochran
Going forward: “We’re not accessible to residents and citizens of the US, and do not permit the use of our xyz within the jurisdiction”
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It’s surreal to witness my framing of Web3 become its definition.
Web 1: Read
Web 2: Read-Write
Web 3: Read-Write-Own
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