Cryptobros have a storied history of repackaging existing paradigms with new buzzwords, casinofying & ponzifying them, removing all safeguards, accountability and democratic structures; adding corruption instead, and shilling them to degenerates
IPOs > ICOs
Collectibles > NFTs
Betting > Prediction markets
Public compa...
Ethereum’s real edge is systems that don’t need governance at all
When we do need it, a lot of crypto governance today ends up more concentrated, easier to capture, and with less clear accountability than boards/shareholders
@polynya has a great series on this
https://x.com/lex_node/status/2046545217398948338
14
11
74
There's a lot of scapegoating and blame games happening of late, but all of it misses the forest for the trees.
The only real problem that everything derives of: the growth in application demand has been a negligible fraction of expectations for half a decade now, which has left >99% of infrastructure built unused. No...
A brief on public blockchains
Unique property:
Strict global consensus
A strictly ordered ledger which every participant agrees to exactly.
Unique feature enabled:
Extralegal global accounting
Useful for accounting in jurisdictions where access is prohibited or not regulated, and where cross-jurisdiction regulatio
165
7
346
A brief on public blockchains
Unique property:
Strict global consensus
A strictly ordered ledger which every participant agrees to exactly.
Unique feature enabled:
Extralegal global accounting
Useful for accounting in jurisdictions where access is prohibited or not regulated, and where cross-jurisdiction regulatio...
100
18
460
Most of the crypto industry's mistakes are because cryptobros seem to be either ignorant or delusional about a mountain of evidence from the real world. They never seem to learn, and keep repeating the same mistakes over and over, shockingly till this very day.
DAOs should have been based on cooperatives instead of pu...
113
39
372
TIL Mirror is now Paragraph. Now that it's 2026, it's an apt opportunity to review my first post on Mirror from '21, one last time.
The biggest divergence from this post is that demand for public blockchains has proven to be a negligible fraction of expectations. As a result, overall progress has been much slower than...
19
43
262
No idea what the context is, but it's pretty clear in the last few years the crypto industry has barrelled down the cascade of degeneracy. At this point, it's institutionalised and normalised, and even the biggest players are deep into the game.
To be clear, I use "gambling" in the broader sense, and yes, we're obvio...
54
58
419
In 2017, Bitcoiners fought tooth and nail over block size, with one camp claiming Bitcoin will die without drastically increase throughput, while the other saying Bitcoin will die by increasing system requirements and compromising decentralization. In November 2017, Bitcoin Cash got to nearly 50% the market cap of Bitc...
2
12
89
Dan is right, but that aside;
Personally, I do care, but the crypto industry has failed to deliver it, and has chosen a path of plutocracy & corporatocracy. Which is fair enough, as institutional speculation has a 3-4 orders of magnitude larger TAM, and it's more important to pump bags than deliver maximally neutral t...
6
10
75
I've written about this before, but reminder:
A fully private CBDC is the ideal solution, and the only way to replicate the self-custody & anonymity of physical cash
You eliminate multiple unnecessary middlemen - stablecoin issuers, their banking partners, blockchain infrastructure and their node operators, at each ...
9
12
103
Well, that didn't take long!
I've seen comments about "decentralisation is the goal" - it's not. I'll address it again, though it's just repeating my blog posts from 2023.
USDC is issued by Circle, a publicly owned company regulated by government agencies with a set of checks and balances, which are indirectly electe...
9
7
95
Given regulatory acceptance, technically, stablecoins no longer need the strict global consensus property of blockchains. The most efficient way would be for regulated issuers like Tether, Circle etc. to run their own infrastructure with blockchains as an option. It might even be prudent to directly transact with CEXs ...
35
51
370