Lyron Co Ting Keh (lyronctk)

Replacing checking accounts with crypto accounts by 2030 Is a good adoption goal for developed countries The path we're betting on rn is: 1. Pick up scraps. Focus on what's underserved by traditional processors, i.e. payments hit with high flat fees / bad corridors / big chargeback rates / recurrent censorship. Probably 1% of consumer payments 2. Experiment on scraps. Try to induce new financial behavior with tiny 1% 3. Find lightning-in-bottle with scraps. Some crazy interaction catches and crypto claims the other 99%

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I've always wondered who these middlemen are who we're so excited to fade Turns out there are a lot of em, and we’re pretty good at fading em Example, what happens when you swipe a credit card:

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stanford's two flagship crypto classes discontinued gg bear market things 😮‍💨😮‍💨

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A cryptographic "discipline" ladder. We drew this after losing two pilot partners by being overzealous researchers. (1 / N)

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"Wtf, we already scrapped TEEs in 2019, how can people forget" - common complaint floating around now Isn't accurate. Current discourse isn't "forgetting" and pushing the same approach again. The landscape has completely changed since 2019: - [1] Alternative risks to not deploying enclaves have increased. Eg: risk of casino winning - [2] Complementary technologies that patch up enclave shortcomings have been productionized. Eg: zkVMs - [3] Clearer now that exotic forms of cryptography won't get the job done anytime soon. Eg: attribute-based encryption - [4] New virtualization-based enclave designs available. Eg: TDX This is technology. Trying old ideas again under new conditions is the backbone of our innovation cycle. If "we've tried that already" was our industry's motto, we wouldn't have Tesla, Oculus, or even Bitcoin.

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We liked math and engineering. Not product. It was easier for us to say "blind it all" instead of taking the time to actually understand product goals.

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Theory people loved this system. Our actual customers on the other hand? Dropped us on multiple occasions.

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