dropnerd

there might be some corporate firesales, but what makes you think any government is going to backstop the crypto market to prevent contagion?

defi/spot is in a much healthier place than cefi.

when you're hodling, there's nothing that can liquidate you.

when you're using a defi protocol, you capture all the upside for the risk you're taking.

when you're using a cefi "bank", the bank keeps some of the spread when they're up, and goes insolvent when they're down. heads they win tails you lose.

3ac probably made 3 bad trades:

- long ust/luna

- long gbtc, short btc

- long steth, short eth

will focus on last two trades in this comment.

gbtc is like a bond that eventually pays out as btc when regulatory approval comes.

steth is like a bond that eventually pays out as eth a few months post-merge.

but in the aftermath of the luna/ust crisis and general crypto bear, there was a flight to safety (gbtc is less liquid than btc, steth is less liquid than eth), causing the gbtc/btc and steth/eth spreads to widen instead of narrow, and 3ac was caught out of position.

tldr: they probably profited some from short btc but lost more on long gbtc.

i think what they're trying to say is that these firms just look like traditional trading firms, not like defi. opaque backroom billion dollar handshakes go wrong, contagion spreads, ltcm/2008 style.

main difference- there's no government bailout coming.

most crypto trading firms have been rewarded for this behavior over the last few years, so the lesson is hard to unlearn

eBay started on collectibles, looks like the leadership still has their ears to the ground

do most miners choose to run cards without fans because of known issues?

1. crypto nerds build a system that gives everyone transparent, real-time view into counterparties and leverage

2. opportunists build an opaque system on top and promises retail the world

3. opaque systems collapse, retail gets burned

so suppose there was some impropriety in the fund movement, who would be able to audit this?

on the blockchain, it's anyone who knows how to use a block explorer.

how so? for example, i operate a pseudonym.

pseudonymity is a reasonable compromise.

different tokens have different purposes, but you could describe vc investing as maximizing speculative windfalls, and that's how many traders view their tokens.

i can't speak to your friends' behavior, but you can buy tokens and do well without putting money behind the do kwons of the world.

coinbase's nft marketplace has <0.01% of the marketshare. they launched without using their key advantage- custodial relationship with the customer. coinbase nft should have been a custodial marketplace. this is definitely on someone in product, though it's unclear whether it's on surojit.

there's no widely adopted index fund in the crypto world. to get exposure to a variety of ideas, one inevitably buys some that don't work and yes, some where the project runners commit fraud.

similar problems exist in vc-land and even public equities. if you owned a s&p 500 fund in 2000, then you owned a piece of enron.

sarcastic takedowns of crypto are the norm here.

- btc is not a scam

- eth is not a scam

- uniswap is not a scam

- usdc is not a scam

- aave is not a scam

radical idea- cex balances should be public and linked to deposit and withdrawal addresses

if you decide that you don't like a picture, you can delete my record.

if you lose interest and turn off the db, the record is gone.

if your site goes down, i can't transact anymore.

the ethereum blockchain is hard to censor, hard to delete, and will hold records regardless of your continuing interest in the space.

very different culture from current nft adopters.

we will find out if the crowd looking for trusted/curated/permissioned collectibles and experiences looking for nfts or if the decentralization critical

how did you go from "mainstream company pushes nft platform" to "nfts have peaked"?

hi sonya!

i'm not currently taking interviews but i'll reach out if this changes. thanks for the interest!

dropnerd

very cool design work. are you planning to roll out an ethereum version?

this seems like an awesome addition. if short enough, it can be placed where the serial usually goes

it surfaced for a day or two on my twitter timeline and then disappeared

there's no need for drm.

the maximalist stance is that nft collections don't need protection with existing ip laws.

the pragmatic stance is that enforcement through traditional ip laws is enough to keep infringing businesses unprofitable or short-lived.

nft-native brands (ex. bored ape yacht club) will be polarizing brands like supreme or rolex or hermes. many people will think it's dumb. the target audience won't care. mainstream brands will adopt nfts as ways to engage super fans.

nft access passes (ex. proof collective) are online-first country clubs and will disrupt traditional ones.

generative art nfts (ex. fidenza) will be more popular than traditional art for decamillionaire millennials and gen-z.

nft fundraising has already eclipsed kickstarter, patreon, and web2 monetization models (youtube, spotify, tiktok, instagram) for creators.

reddit is wrong. nft ticketing is not going to disrupt ticketmaster anytime soon. nft deeds are not going to disrupt realtors anytime soon. entrenched monopolies aren't going to make changes to their business processes to satisfy some angry powerless online communities.

disclosure- i trade nfts. i own none of the listed nfts but have in the past (bayc) and may again in the future.

a receipt is a very expensive use of blockspace.

worthless digital content

digital art isn't worthless. it was just hard to transact before nfts.

if they're all wash sales, how did i sell 180 eth worth? they would ignore my listings, yes?