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ultimately, ETH is chicken-and-egg for network security. if L1 isn't the critically secure basis of future applications (even if they just juggle between rollups), it's really hard to see "WW3-resistant state" as a monetary hedge.
imho, RE & gigs are the two forks of "cash-positive" business. one has equity, and the other should as well. 11x valuation on a based L+ w/ gigagas seems like nothingburger. if we demonstrate a closed-loop surplus on property with equity, then compound that by network security into perpetuity, then I think the intergenerational SoV can be tokenized, which Bitcoin can't do to the same extent.
atm, it's encumbered in a way that a VCchain's culture can capitalize on more futureproofing at the application layer. it seems pretty clear that ETH-native VCs have overindexed on spendthrift picks & shovels, so I'm kind of waiting for a BNB/Tron-shaped shoe to drop where there's significantly less red tape, lifestyle creep, & unsaturated market. 1 reply
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all DAOs should have some active treasury management on L1 (the "autonomous" part), otherwise they're just an onchain corporation moving at the speed of...government.
I could see blackrock, van eck, citadel pushing an appchain, after all, they're in the business of orderflow (maybe evgeny helps, idk). then again, Uniswap is swooping in w/ hooks on v4, so permissioned DEX might work for all parties.
but how cooked would we be if ETH reduced to L1 pumpdotfun for boomers, with everything else rentseeking on a wealth effect? that's unsettling to me.
internet culture has roots in FAFO culture beforehand (e.g. hands across america, silicon valley, etc). /farcasterfridays is a good start, but eventually they'll be makerspaces. needs some sort of ego ⇋ curiosity step function. 1 reply
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that's a good point, it seems most survivors in crypto need the ETFs (and more future hype) rather than vice versa.
I loathe the liability issues, this is basically a metastatic cancer for burgers, which used to be the FAFO nexus. one-click DAOs on social should be a thing. imho, all groupchats should be m/n multisigs & have AI in there constantly grinding away at +EV games/opportunities. yet, many DAOs will hit a brick wall at incorporation, and it doesn't even register as kosher when the CFTC comes knocking.
moving to a fully-equipped, at-cost facility to FAFO should be 100% guaranteed for cryptonatives, without unchecked cultural baggage. there's a few DAOs that already work this angle, so I'm optimistic they'll get an opportunity to survive should tardfi truly onboard.
otoh, maybe we just don't have enough lunarpunk infra, so true FAFO is mostly untouched by VC. 1 reply
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