Hobart
@starkandlime
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Co-Founder: @lygosfinance ex- @anchorage DLC loans on bitcoin L1
Joined June 2023
When the head of the HOA ( @TheBlueMatt ) says no pets but your neighbor has rabbits.
@lukedewolf People care, but they are better at seeing a step ahead. Consider: even if we somehow persuaded all miners to stop mining all current formats. Then memecoins will move to RGB which uses client side validation, which you can't detect as it is private between sender and recipient.
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RT @builtonbtcpod: The CeFi <> DeFi interest rate gap is one of the most interesting spots in the market today. Example: 11% interest - Th…
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6/ There is zero technical reason this had to be opaque. @LygosFinance gives you the primitives to do this in the open: •DLCs on L1 •External oracles for price •Pre-agreed liquidation logic •No commingling or rehypo possible. Borrow today at 10.5% any size.
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5/ The only reason you need a mystery lender is simple: If things go well: yield. If things go poorly: •Who froze the collateral? •Who rehypothecated? •Who got priority in bankruptcy? Silence is a feature, not a bug.
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4/ If your Bitcoin collateral lives in a structure you’re proud of, you brag about it: You don’t hide the lender like a Tinder date.
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2/ A publicly traded company just pledged a huge chunk of its Bitcoin treasury… …and shareholders aren’t allowed to know who is on the other side of that trade. Not the custodian. Not the credit provider. Not even the jurisdiction. Just: “trust us, it’s fine.”
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1/ MetaPlanet just tapped a $500M Bitcoin-backed credit facility. They disclosed the size. They disclosed the collateral. But not the lender. The filings literally say: lender undisclosed at the counterparty’s request. That is.. not a small detail
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The Berachain situation is the embodiment of a decade of token induced moral hazard.
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Privacy is being able to fart on an elevator and blame it on the lady next to you
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Borrow at 10.5% (inclusive) non-custodial with @LygosFinance or borrow at 12.4% with a custodian. Choice seems clear.
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Defi moving towards institutional means defi moving towards bilateral. Revolut isn’t unwinding a AAVE exploit
Many defi protocols are moving towards risk tranching, eg aave However when you look at how defi apps have lost money historically, in most cases they lose everything at once, so tranching is not that useful But what if protocols implemented rate limits like "only 20% of tvl
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The path privacy is through op_cat & op_mul - this isn’t an opinion, it’s a well charted path and objective fact.
Privacy belongs on L2, L1 needs to be auditable. Imagine all the gold backing the world’s money inside Fort Knox and it not being audited… exactly… that happened and it ended the gold standard.
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Post FTX, Celsius, Voyager, Genesis, BlockFi.. does the average bitcoiner consider counterparty risk?
The intelligent Bitcoiner knows it’s never a good time to introduce more counterparty risk. Borrow cash against your bitcoin without giving up custody and avoid it.
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Your bitcoin having a custodian is like your girlfriend having a boyfriend
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I want my hard thought work specific tweet to outperform my mma shitpost just one time
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‼️ 1/ Tonight, we can confirm that Lygos carried out a successful operation to rescue several users from custodial Bitcoin loans via pay down and extraction to Lygos. ‼️
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There’s really three ways to get bitcoin yield: 1. Vol selling 2. Lending to market makers (usually uncollaterized and at ~2.5%) 3. Lending to miners against ASICs (10%~) Know what you’re getting into.
Maple Finance stands firmly in defense of lender rights and confirms there is no impact to our broader business operations as a result of the recent Core Foundation statement. The dispute is strictly limited to the pilot program conducted in partnership with Core Foundation for
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If you have a massive bag of bitcoin its very much in your interest to be helping to fund organizations like @bitcoinbrink
Thank you to @bitcoinbrink for funding the first ever external security audit of Bitcoin Core. Not surprisingly, no serious issues were uncovered in the audit by @quarkslab, and many places for security testing improvement were identified:
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