Jake Brukhman
@jbrukh
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Founder & CEO @coinfund_io . Engineer. Investor. Researcher of crypto networks. Champion of the leaders of the new internet. (Not investment advice.)
BK/MIA
Joined April 2008
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Someone please mint these headlines as NFTs for the joy of reviewing them 5 years from now.
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Learning a new language? Here's how to make GPT-4 into your new language teacher. It's absolutely wild.
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2014 which BTC startup
2015 which cryptocurrency
2016 which token
2017 which ico
2018 which project
2019 which network
2020 which DeFi
2021 which NFT
2022 which DAO
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Bitcoin DeFi is currently the most obvious contrarian bet in crypto.
It was not obvious a year ago, but the market shifts rapidly.
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Why do we need blockchains when money moves at the speed of light between banks, social networks are effectively governed, all data is secure and uncompromised, institutions are working perfectly, and investors are being protected by regulators?
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Think about what's happening here.
A U.S. Senator is describing a whole industry of hundreds of thousands of entrepreneurs, investors, service providers, and 50m+ users in the US as, essentially, criminals and drug dealers.
Not only do these folks pay his salary, they are his…
"There's this fear of missing out," says Rep. Brad Sherman.
"Peru is way ahead of us in cocaine production. China is way ahead of us in organ harvesting. We don't need to keep up on those things and we don't need to keep up on crypto"
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Calling it.
DAOs will slowly start to eat the local government model.
We will actually see panarchy implemented, first at “hyperlocal governance” level.
UBI networks coming as well.
NYU researchers have called this “the piecemeal circumvention of the administrative state.”
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2017: customer needs to buy ETH and install Metamask to access the dapp
2021: customer needs to buy ETH and install Metamask and convert the ETH to DAI and bridge it to the L2 in Metamask, and go over the bridge, and buy the native token of the L2 to pay for transaction fees
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I’m a web2 skeptic.
So let’s get this straight. A small team at a big conglomerate, accountable to nobody, can look at my data whenever and delete it if they don’t like it?
And the solution is to use antitrust law to break that company into two similar but smaller companies?
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Can you imagine what will happen when scammers will be able to
- copy someone’s tone and grammar using LLMs
- clone the voice of your lawyer, doctor, or accountant using audio AI
- send you pictures of people you know using generative AI
No piece of communication will be safe…
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Climb the levels of the pyramid of understanding.
0: crypto as money
1: crypto as payments
2: crypto as inflation hedge
3: crypto as efficiency tech
4: crypto as securities
5: crypto as finance
6: crypto as middleman substitute
7: crypto as networks
8: crypto as coordination
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Here’s what will happen when blockchain goes mainstream:
- Money will move at the speed of light
- Basic financial services will be available to everyone with a phone, globally
- Crowdfunding will become the predominant capital formation mechanism for organizations
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It's the bottom of the bear.
The scammers are shivering and starving in their burrows. The builders are powering through the frosty gusts of regulatory unclarity. The NFT crowd has put away their technicolor dream coats and clown outfits.
Are you still here, anon?
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The crypto space reluctantly accepted the government's approval of the Bitcoin spot ETFs today, knowing that the cash fiat involved in purchasing such shares is also used for fraud, drugs, money laundering, and corruption.
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NFT volume (GMV) will probably eat the art world in the next few years.
It’s almost laughably inevitable.
The art world globally transacted about $50B in 2020. NFTs did $3B in August.
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Blockchain enables a kid with $10,000 to invest $10 in 1,000 pre-seed rounds. 🤷♂️
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Learn about Jargon, a GPT-based pseudolanguage for prompt engineering.
#gptjargon
Original post: …
New features as of v0.0.12: …
Jargon CLI v0.2.0+:
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Crypto is wholly VC owned because it keeps decentralizing everything until everyone is a VC.
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Why isn’t anyone building platforms for moderated, civil debate?
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Young people studying computer science: learn smart contract programming!
That’s the tweet.
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We’re more bullish on crypto than ever and it shows. Congrats team!
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NFT financial protocols are going to be cool.
- Fractionalization
- Funds
- Pricing oracles
- Bonding curves
- Curation DAOs
- NFT marketplace protocols
- Drop/distribution protocols
- Borrowing/lending
- NFT-native dexes
- Insurance
- Royalty channels
- Derivatives
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"All digital content is going on-chain"
Announcing
@coinfund_io
's investment in
@rariblecom
and laying out our broader
#NFT
thesis: NFTs are "liquid IP" for a staggering amount of digital content, the biggest prospective digital asset class.
Read:
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As NFTs become increasingly financial, they will require new kinds of exchanges, lending protocols, and derivatives. Thus, I claim that *price discovery* is the next major problem set in the NFT space.
#NFTLiquidity
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Answer: . . .because this NFT isn’t the image, it is a LICENSE to the image.
1/Here is a thread about why the NFT-as-LICENSE view is completely disruptive to digital creation.
📝 🤯 👇
Would I buy an art NFT for $30,000 ?
NO. I'll google the image, download it, set it as wallpaper for free.
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CryptoKitties:
- Pure implementation of trustless p2p digital asset markets.
- (Eventually) fundamentally-priced nonfungible asset based on quantifiable rarity.
- First major dapp example of user acquisition via recursive incentives.
- 27K users, $3.8M transacted first week.
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How to invest in NFTs. (Note: not investment advice).
CREATORS: Your advantage is to take your creativity & labor and turn it into capital.
Mint some NFTs and sell them for $ETH. Now you can create a portfolio of cryptoassets and the work of other creators.
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Most folks don’t understand how much of a big deal this is.
The most accepted regulatory model up until this point has been: keep the protocols neutral and regulate the interfaces.
The trend is the interfaces are getting decentralized as well, pushing the reg points to onramps.
Self-hosted interfaces to protocols on Urbit, starting with Uniswap.
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Unpopular opinion: floor pricing is a really terrible, suboptimal, divisive concept.
We should move away from it.
Allow me to explain. 👇
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In the future, you won't "log in" to apps.
An app will log into you, with your permission. It will understand your preferences and deliver to you the service that you want in a useful way.
You will control what data the app sees.
You will also get compensated for your data.
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web2 people coming to web3 are amazing and experienced.
But there’s one skill they cannot transfer: how to speak to/build for a crypto audience.
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I'll just put my stake in the ground now on AI.
1. I think LLM's innovation curve will lead to AGI.
2. It's very obvious now these models will become much more intelligent quickly.
3. I think the AI doomsday scenario is not AI's murdering humans, but rather, private companies…
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$ETH looking attractive.
- Bottomed out 2 year horizon, $200 psychological level about to pop. Traders watching MAs get broken.
- Roadmap/tech are looking good.
- $2B flowing into venture about to be looking at tech mostly anchored in Ethereum.
- Outperforming on a $BTC basis.
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Our understanding evolves rapidly.
- NFTs are pictures of cats.
- NFTs are collectibles.
- NFTs are digital content.
- NFTs are property rights to digital content.
- NFTs are liquid IP.
- NFTs are DeFi.
- NFTs contain DeFi.
- DeFi is the intergalactic finance of NFTs.
- ?
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Journalist snaps a photo of a war zone.
His Nikon or Canon camera signs the image, timestamp, and geographic location.
The image goes on a blockchain where people can license it, repost it, and verify its provenance.
Twitter gets filtered by content that is verified and…
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When I go to the bank to ask for permission to use my money.
(awesome render by
@andreewallin
)
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Since NFT prices have receded, and newspapers are writing the space is dead, prepare for mass adoption in 12-18 months.
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Try this in GPT-4:
"You are my Spanish teacher. Your job is to teach me Spanish by adhering to the following rules:
1. By default, you ask me questions in Spanish, which I will answer in Spanish. Continue asking me questions. If I say, "keep going" or "continue", in Spanish or…
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What technologies were you an early adopter of?
I’ll start.
Netscape (1994)
DSLR (1997)
Facebook (2004)
iPhone (2008)
Bitcoin (2011)
Blockchain (2014)
VR (2018)
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Between PayPal and Visa, at least two Fortune 500 companies are likely to start holding $ETH on their balance sheets.
PayPal is set to announce later Tuesday it has started letting its U.S. consumers use their crypto holdings to pay at millions of its online merchants around the world, according to a report.
by
@KReyofCoinDesk
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Every once in a while, I stop to check: who is still in crypto who was here two years ago?
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The *correct* outcome is actually removing the crypto provisions from the Infrastructure bill and giving the technology due and thoughtful consideration before legislating it.
13/ Now we have two competing bills, one good & one terrible, both coming up for a vote tomorrow.
The *correct* outcome is for Wyden-Lummis-Toomey to pass & Portman-Warner to fail, assuming the Senators care about good policy & promoting US interests through innovation.
But....
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A lot of very smart people I know are reconsidering their position on
@worldcoin
.
That’s because it solves one of the most core problems of decentralization technology.
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People from Wall Street are going on Bloomberg and bragging about how they started buying $BTC at $10K. Many people on CT strarted buying $BTC at $100.
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From a founder whose DeFi company got run over by an enforcement agency:
“If the government’s goal is to prevent young people from innovating in crypto, they are executing very well on that.”
They essentially ignored all the bad actors and went after the innovators to make an…
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All digital content is going on-chain.
- art
- collectibles
- game assets
- music
- video
- podcasts
- movies
- 3D models
- fonts
- stock photos
- images
- essays
- domains
- plug-ins
- posts
- virtual land
- stories
- software
- stickers
- videos
- code repositories
- maps
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This post blew my mind a little bit. We can very efficiently transform non-cooperative games into cooperative games using Ethereum.
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Blockchain-based virtual worlds currently represent 70% of the top 10 NFT assets by transaction size and have a ~$12m annualized volume.
While everyone is watching crypto prices, virtual worlds are filling up with virtual people. . .
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First you ignore them.
Then you ridicule them.
Then they decentralize your employer.
Then you’re sitting in Zoom workshops learning about how they work.
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Folks, you don’t have to pivot. You can do AI *and* web3. 🚀🚀🚀
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As bad as it was, NFTs hitting SNL first before DeFi or crypto is a huge validation of the broad marketability of NFTs thesis, despite previous analysis.
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I am in awe of the possibilities that can play out this year. Bring on the decentralized Facebooks, compensatory Twitters, incentivized Quoras, and distributed YouTubes. Let’s redirect the revenue of creation to the people who create it!
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The next Internet shall be stored and computed on decentralized networks.
Its URLs shall be immutable and content-addressed, and its domain names shall be registered on blockchains.
Its code shall live forever in uncensorable Git repos.
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It's only a matter of time until all dapps work across all chains.
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#DAOs
are going to go to market.
We are also in Day 0 of DAOs.
Today, DAOs are amorphous blobs of participants. They are usually very kludgy, expensive, and hard to coordinate with.
DAOs usually work on weighted voting systems, which is just one kind of decision making system.
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A few months ago on
@BanklessHQ
, I said NFTs might get bigger than DeFi.
Now it feels like we’re on a precipice of a mass conversion of creators into the NFTs space.
The NFT space is also building its own DeFi.
It’s happening. 🚀🚀🚀
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I could have retired a few times on some certain early cryptoassets I acquired.
But instead I sold them way too soon so I can keep hanging out with you guys on
#cryptotwitter
.
Everyone has that story, but the important part is what you’ve learned from it.
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I just funded a startup using $USDC on a blockchain.
No wire fee.
Felt good and efficient and like I'm sending dollars.
Funds should be available in your account in. . . . oh, there they are!
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If you are an investor or founder in the NFT space, and will be in NYC for , let me know and I might add you to something. ;)
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Engineers: X will do Y.
Investors: We think X will do Y.
Partners: When will Y?
Compeititors: Y, but we also do Z.
Critics: X will never do Y, or Z.
Theorists: Y because Z.
Observers: Let’s see if Y or Z.
Fundamentalists: X only.
Result: X,Y,Z
Market: W
#archetypes
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A “nation” is a group of people culturally bound, and a “state” is a patch of land with a sovereign government.
Decentralization technology then enables “stateless smart-nations”, physically distributed internet nations that are ethereal and self-sovereign.
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Banks are saying crypto can’t be used toward a mortgage application.
Meanwhile DeFi protocols are providing interest-free loans against crypto collateral.
🤯
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I really enjoyed this
@0xPolygon
@chainlink
@BlockTower
@coinfund_io
event in Miami.
Community rocks! See you in October.
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Right now everything is NFT-flavored, it’s almost like DeFi doesn’t exist.
But soon, NFT x DeFi.
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DeFi is all about capital efficiency, making the speed of money approach the speed of light.
Blockchains are going to do to money what the Internet did to information.
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Most people think of zero-knowledge proofs as privacy technology, but they also have massive applications in scalability. Both in space and computation time dimensions, ZKP’s property of not needing to share input data saves massive resources.
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“If I were the government, I’d shut it down.”
JUST IN: BlackRock names JPMorgan as an authorized participant for its Spot
#Bitcoin
ETF.
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Apparently more than 72% of recent high profile DeFi hacks happened in *audited* smart contracts.
c.f.
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A noncrypto person I know won’t touch Bitcoin because he thinks it’s inevitable that governments will install their own CBDCs and outlaw all the other cryptos.
What’s the best response to someone like that?
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.
@coinfund_io
is very excited to co-lead the Series A of
@rariblecom
with
@Venrock
, and with participation from
@01Advisors
.
In this post, we discuss the protocol view of Rarible's roadmap and the next set of innovations for the NFT world.
#NFTs
$RARI
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I operate under the principle that (i) open/permissionless technologies which (ii) introduce real economic efficiencies will be (iii) inevitably adopted over time.
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Best thing American crypto founders can do for American crypto right now seems to be to move their headquarters to Europe and make their projects a big financial success.
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Playing around with GPT-4 put me onto a new, weird programming paradigm.
Jargon is an intelligently interpreted, referentially omnipotent, LLM pseudolanguage for prompt engineering.
You shouldn't understand what that means until you read this article:
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Do banks understand that making customers wait on hold for 30+ minutes to move some money and weekends off will eventually lead to a mass exodus from their highly suboptimal money moving technology?
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It's frankly amazing that anyone is willing to do DeFi right now at $100 per transaction.
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Dear anyone working on digital art/NFTs: ask any artist, the killer feature is perpetual royalties on their work from secondary trading.
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You’re going to hear a lot of FUD now about DeFi not being FDIC insured.
You’ll need to keep an open mind and realize that FDIC insurance is one risk/reward profile and DeFi is currently another.
It’s also possible to insure smart contracts today, such as with
@NexusMutual
.
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$UNI has gotten a lot of credit for retroactive token distribution, but few know that $RARI token was distributed retroactively also!
If you've transacted in NFTs in the past, check your wallets at . You may be eligible for the
@rariblecom
airdrop!
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Crypto is just beginning. Serious answer.
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Can't wait for
#blockchain
to enable the fourth option, "Continue Alone".
cc
@3boxdb
@ceramicnetwork
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If you're not a tribal blockchain maxi when you're young, you have no heart.
But if you're not a pragmatic multichain pluralist by the time you're old, you have no brain.
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Watching
@coinfund_io
portfolio companies
@BalancerLabs
@UpshotHQ
@SushiSwap
@kadena_io
at
#SohoBeachHouse
.
#BitcoinMiami
@VanessaGrellet_
Amazing sunset panel between the ocean and the bay.
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Best tools to implement a Network State today?
Gnosis + Snapshot
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A DAO framework
114
Discord + SaaS
80
Urbit
167
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When I joined the
@helium
network, it had 2,000 nodes. There are now 520,000+ nodes on the network.
There are multiple blockchains going to market where users can run a node on their phone.
“Users will never run nodes” is true until, slowly then suddenly, it’s totally not.
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