definitely the fatal error, the penultimate original sin of the entire crypto industry, was building on the regular web and regular clearnet and central corporate servers and TCP ports/DNS and Icann, instead of I2p/darknet/tor/Nat traversal/HNS/blockchain infra.
@podclipsapp
@AlpacaAurelius
Nothing explains the US obesity epidemic but polluted aquifer and well water, municipal water, and indoor air at offices & retail stores
Polluted with forever chemicals (pfas) etc, its in the water and indoor air.
@SenToomey
SBF was a US citizen who's hedge fund activities were offshore enough and outside of regulatory scope to basically evade Dodd Frank, yet Dodd Frank pushed most large money in crypto into the offshore scene because of unaddressed bans on US derivatives & other products.
I need to say this as strongly as possible, the trajectory of DeFi is CBDC on public blockchain with no legal due process, outsourced surveillance to private intelligence firms
This is worse than ach and FinCen banking by a mile, it's a catastrophe of privacy failure
With the way that DeFi is now trending, we are building a new financial system that would have made it far easier to block Wikileaks, the Canadian freedom convoy, and possibly even unvaccinated people from accessing their money.
Gg everyone. You're doing great.
I simpy reject the concept of hosted frontends, so don't host them, make everything client side driven hypercore p2p local browser hosted. In court No One "legally" owns the frontend code, now we're back to pirate bay and illegal torrents, like God intended.
The DeFi community will finally be disabused of the idea the state will allow its disintermediation with money.
Pragmatism will not reign supreme when the US is faced with losing its monetary hegemony and control over financial infrastructure.
Fuck onchain interdiction, fuck usd stablecoins, and fuck onchain kyc, they have no need to do this type of permissioning directly on a smart contract used for like in kind asset swaps and yield, you lying motherfuckers
In case you don't know, the
@coincenter
is actively litigating on the 6050i provision amendment of the IRS passed in 2021 September that forces aml policy on smart contracts, it would felonize every US citizen using DeFi, starting in Jan 1st 2025 if it is not repealed.
@lex_node
I think if we all assume we know what they want already and that they want to imprison and extradite people who put code on websites, we will save a lot of time and drama. They also want onchain permissioning, but doxxing and imprisoning website operators is easier.
@SenToomey
The SEC & CFTCs refusal to do the necessary tailoring and the denial that this administration has had that tailoring on such a complex new technology is necessary led to a "don't let perfection be the enemy of good" outcome where Dodd Frank totally failed at its job.
this is also just flat out wrong, proving that not only does the Treasury not understand what a fucking solidity function call is, or what solidity does, or what a smart contract is, they just don't fucking care and will lie the lie into existence.
Proposed treasury regs for crypto asset 'brokers' just dropped and do indeed explicitly characterize various persons involved in DeFi (including operators of websites that communicate with wallets) as brokers . I'll need to dig in more but it looks pretty bad.
@scott_lew_is
he had a corrupt relationship with all of the SEC and CFTC, FTX was a 'trad fi golden darling'
Yall the State Department and Wall Street do not like DeFi
a huge contingency of liberal cryptocurrency users and VC have zero interest in this technology being credibly neutral, they want it to be american fintech with american permissioning, and don't understand the level of hostility aimed at them or the reasoning behind it
the pornhub thing and the tik tok thing are actually imminently relevant to crypto regulations, its literally the same shit, the same weasel word violations of the first amendment with the literal intended goal of VPN banning and forced face scanning. The exact same thing.
We simply cannot allow americans to define global crypto policy, I cannot say this more strongly, they have to be black liabled out of international policy.
@LefterisJP
wealthy VCs & tech founders viciously attacking the character & careers of anyone who critiques their legal/political/policy positions or methodologies
+
bagholders of certain closed-source protocols getting nasty and menacing with those pushing for basic tech transparency
@evilvillain1231
modern building codes cause mold, landlords dont want to spend a dime, federal regs and codes don't want to acknowledge energy efficient codes cause mold. Yes it causes severe chronic illness, unequivically, better off buying and building in the desert.
@fomocapdao
So I think the DoJ is probably protecting FTX, they knew FTX was their trojan horse for crypto surveillance and using USDC as a tool of US foreign policy, Dodd Frank, DoJ, Fed, National Banks are deeply intertwined in foreign compliance law/goals.
@lex_node
Congress really really fumbled this from a commodity regulation standpoint, they are trying to break the technology to conform to a hardcore boomer clearing house system, because the CME wants it.
US crypto community needs to basically blackball the US and bog the government down in a 7 year lawsuit or series of lawsuits over banking secrecy act. The Bsa is what's fucking this entire technology field up. US empire isn't compatible with the tech or the constitution.
The probable outcome for US crypto regs, is they blackball any non Nato/OECD smart contract protocol who want to use usa stablecoins, and cause contentious forks --unless they accept the onchain KYC, and KYC middleware Sequencers, Frontends, etc
@skwp
It was unequivocally hedge fund fraud, manipulation and bribery of the SEC & CFTC, political donations, and offshore shell games. You can't spin this. DeFi has full public scrutiny & data available, and other issues can be solved with immutable contracts w/o admin keys.
@insiliconot
@LeLe8675309
@rhowardbrowne
america is the result of people with a 6th grade reading level believing everything Joel Olstein or Snopes/IFLS says and just letting criminal psychopath deepstaters have carte blanche. Failed republic mostly. Mcafee was 100% right, they prolly got em for it too.
@lex_node
Worst of all, and most predictably, they are seeking to redefine the Banking Secrecy act and FinCen even more so to make it violate the Fourth amendment even more. They know the tech is unstoppable, so they have to amass federal prison felonies, naivety has done us no good.
@dystopiabreaker
Our feds probably made the Netherlands do it, that's how this usually goes. Ironically quite dangerous to be in the West and outside the US where you don't have same level of legal protection.
@ammori
the reason we cant have nice things is that the RNC wants mass deportation and the DNC wants to kyc cloud providers and put microsoft ID on the internet itself/kyc gate the internet itself
the parties are out of control & have to constantly be sued on constitutional grounds
@lex_node
i just really feel like our industry is missing the entire framing on this one, including chervinsky. We really don't have a lot of people here with a strong background in regular future commodity like oil and gas. The context is specifically that the CME doesn't represent us.
@insilicobunker
@brian_armstrong
Been trying to explain to people that it isn't just american laws that are broken, the entire engineering infrastructure is broken and incompatible, fucked up beyond all recognition.
@insilicobunker
@CryptoCred
@RNR_0
This is Burger Culture. Money above God and Everything, Biggie Smalls Mafia Empire. SBF is the most american motherfucker to ever walk the earth.
it is the *best* representation of this industry, it's where the engineers, and ideological cypherpunk, and their general council are
go read reddit, and see what the alternative is, it's abunch of Leftoid Nafo soy cretins who want to permission everything & sell it off to Tradfi
Crypto twitter will become increasingly irrelevant as the crypto industry grows and permeates throughout the world.
This is a very good thing as crypto twitter is, by far, the *worst* representation of this industry.
@lex_node
they absolutely intend to felonize usa citizens for using regular DeFi and to accuse everything of being a Sanction violation, such thinly veiled fascism.
Somehow I think this industry isn't sueing them on the right grounds, mostly the 4rth amendment.
@insilicobunker
this is why
@brian_armstrong
doesn't know what he signed up for buying FairX when all the platforms like Sierra & CQG/Rithmic hate crypto and refuse to work with it + want rentseeking/order routing. We're gonna have to build our own infrastructure w/o them.
its almost like the entire point of gary gensler was to fool crypto bros into not listening to forex bros who said for 13 years that this is how the CFTC behaves
consequences of failing to be a "decentralized governance system" (because 'soliciting' or 'facilitating' leveraged transactions the way the CFTC claimed OokiDAO did) include potentially being a "commodity pool operator" requiring CFTC licensure
you have no idea how complicated
@bradmillscan
@tier10k
many people did, and many btc privacy advocates also point out that the treasury can do the same to known btc addresses and sites, we're seeing the early stages of "if it's not whitelisted it's inherently contraband'. This is a win for Monero, not btc and eth.
very interesting couterpoint by uniswap that wasn't originally presented to me
But fucking seriously is anyone surprised why no one in this industry trust VC related projects or US regulators, we didn't develop this level of distrust in a vacuum, get real dude
@AutismCapital
anybody who goes into DC is going to have to deal with the hive of villainery in DC. It is the home of private banks, Langley, and war contractors in Fairfax. These people hate the 1st and 4rth amendent, and plot daily against the US people. Good luck lobbying there.
@tszzl
this is just american exceptionalist doing the only thing they know how to do for the same reasons as usual. Sadly ai will definitely be on par with nuclear weapons, and treaties will be needed, but something as simple as a GPU is going to get out.
@lex_node
@nic__carter
@jchervinsky
It is truly a broad daylight 6 year multi agency conspiracy against this industry, you would have to be blind to not see it.
@haydenzadams
if every single front end requires kyc, it's difficult to imagine it being called web3, maybe 'automated finance' with some added perks, tho, Wallstreet is pushing KYC to get monopoly rents/privileges, i.e fees Web3 was suppose to fix.
@lex_node
pretty much multi agency effort to shadow ban defi without the legislative branch or court process, this and all the other lawsuits amount to that
@lex_node
This is why Crypto dot com, Coinbase, and FTX all went and acquired pre-existing DCM/DCO exchanges & licensing, because the system is that screwed up, this is why SBF is gaming it. But he did not make this fucked up system, it was like that.
I'm beginning to see why people hate Chris Blec because I've been acting like Chris Blec and im getting serious friction for actually standing my ground. Big VC does not like to be called out, regulatory compliant people do not like being called out or challenged.
It infuriates me that I can't just wake up and do my job and focus on my algorithms and my side job and job obligations without being fucking sued and enforced upon by the United States Treasury. I cannot do crypto derivatives professionally in the US as a citizen.
You can't just let boomers meely mouth the constitution. You have to point this out, P2P tech, be it a front end webpage, or a standalone like metatrader (metatrade Has webportals too), that exclusively interacts with public blockchains & onchain data, non-custodially, is novel.
I do genuinely think DeFi is in a crisis due to frontend tech. Holepunch torrent tech and client side code execution are the fix, or any tech comparable to holepunch, but it's still going to get sued, but this is how you defend your 1st amendment.
no one will ask or say the hard questions
-american money laundering laws are not the moral good you think they are
-CZ should have expatriated from the West
-Binance should have intentionally joined Russia and BRICS
-Staying in an anglophone passport was suicidal.
Buyer beware; a list of major red flags in the cryptocurrency top 50:
3. USDT - No proof of reserves
5. XRP - Claims to be decentralized but is not
13. MATIC - Admin key can steal user funds
19. LINK - Admin key can manipulate oracle prices
31. HBAR - Claims to be
@AutismCapital
@wagieeacc
Toly is just doing accelerationism for the cypherpunk cause, the sooner people realize central storage and central server based UI and middleware are an imminent liability and cancer to the space the better.
@femboy_nissan
@echetus
equity is bad
paternal racism is bad
making the scientific method a Foucaultian project of relativism is bad
(it's also a bastardization of post-structuralism, and possibly even Foucault)
@skwp
FTT is not representative of the technology. It was selective Silicon Valley style FDV pumpanomic fraud, venture capital bs, they already do in the spac/ipo regulated space. FTX exemplifies wallstreet regulatory corruption & state suppression of free markets.
frankly we need to fork brave browser, and build in a suite of user agent browser spoofers and decentralized VPN's and include his entire system here, just make an outlaw DeFi browser with Samurai Wallet built in, atmomic swap GUI, get that outlaw combo going
they want to make putting frontends on IPFS, unlicensed sequencers/indexers a felony, and any and all frontends or software wallets with swaps, which aren't explicitly licensed, a felony, and the licensing is just coincidently what the SEC & CFTC want.
@KimDotcom
a convenient distraction from Michael Saylor, Cynthia Lummis, Keiser, and all the under the table GOP pac money and regulatory collusion with the SEC.
a more accurate assessment is that FTX was a uniparty conspiracy with the SEC & CFTC to kill offshore crypto and DeFi.
@functi0nZer0
This is a far more extreme geopolitical problem than people realize, because basically we don't know if asia or the middle east or latam give a shit enough to defend smart contracts on a first principle level, its doubtful frankly.
@VailshireCap
I have an alternative for you.
The rest of the world blackballs america mercilessly and shuts it out of the global crypto economy and BRICS makes another reserve currency; the americans get treated like they deserve to be. Crypto is fine, the US won't be.
@lex_node
@nic__carter
This is all totally consistent with National Security Objectives and american Sanction Regimes policy, they are just shamelessly using it to enforce the monopoly rights of the NYSE/CME, I just don't see how people can't see this by now.
@lex_node
the main thing i need to figure out is to what extent this just outright criminalizes people executing their own python and typescript based algo calls on smart contracts, and that doubt and chilling effect, I'm sure was the intent.
@RyanSAdams
someone compared individual companies sueing one agency to "a bad karate movie"
we need other non-crypto industries to help us class action sue the government in federal court in Texas, we need other FOSS and encryption activist and journalist activist, ai advocacy
We need to talk about what DeFi's aims at financial engineering are, and what it is actually perceived as.
DeFi is perceived both by it's developers and by Tradfi and the Fed as a competition with regulated brokers and registered products, as regulatory evasion.
@rohangrey
@tolstoybb
read the language of the bill. Warren is a Neoconservative Bush imperialist, it's ridden with NatSec and MIC language, this isn't even purely Big Bank, this is strait up ghost written by the Nsa and State Department, it's a sanctions power spree, with crypto as pretext.
so they're using avi as a trojan horse to extend legal contractualism and nexus to defi derivs. The US gov has an irrational pathological hatred of swaps outside the CME unless it's family offices, almost like they're being goaded by crony capitalist in the CME.
believe it or not
@avi_eisen
arrest is very bearish for DeFi:
(1) sure, it might deter further attacks, but the whole point of these protocols is that they need to be robust against such attacks in a pvp environment
@adamscochran
there is almost no reason to do things CeFi with the behavior of this administration, great lengths need to be taken to build fully decentralized front ends for DeFi.
the government is definitely using the crypto industry as an indefensible stigmatized industry to backdoor the rest of the internet without being sued in SCOTUS for violating the 1/4/5/9/10/14 amendments, this is their way of gutting the internet ulteriorly.
My conclusion is america cryptobros have stolkholm syndrome with american regulators and politics, you have a 273 page thing by the Treasury telling you to your face they're going to slippery slope validators, sequencers, nodes, rpcs, and you're still in denial.
@twobitidiot
@lex_node
This is literally, literally the clause in the commodity exchange act that got usa citizens banned off huobi, okex, binance, ftx, bybit, deribit, binance, dydxv3/4, etc etc to this day
Why we talk about the SEC is beyond me
@ryanberckmans
fascist, unconstitutional, imperial, capital controls, gangster capitalism
all things that come to mind
wreaks of Pentagon Think Tank US Foreign Policy
@ChrisBlec
@lex_node
and we won absolutetley nothing. Banking secrecy act: not amended. Investment Security act : not amended, Frank and Dodd: not amended, we got fucked and only had things taken.
@twobitidiot
The CFTC has shown its hand with bZx lawsuit, and the Treasury with the 6050i bill. They are committed to the illegalization of Defi. Under no circumstances should this industry comply with any Front end licensing, it is unconstitutional & will cripple the space.
fully enslaved by a cradle to grave public transaction graph of all 20 of your DeFi hops from one Fin institution to the other, stem to stern, where the opaqueness or chain break is a felony in 128 countries, and the other 60 are sanctioned by Ofac, w/ onchain zk-PII.
@lex_node
the professional class in america has a long sordid history of support de facto institutional liberalism, sometimes I call them Fabians, since there's a lot of history to it. TLDR layman -they value norms and institutions above natural law, ethics, and common decency.
@CanteringClark
@coloradotravis
FTX was a blatant failure of statism, and Dodd Frank, corruption and bribery, deceit, fraud, force, and coercion to repress DeFi, they were a persistent asymmetric centralized state connected entity interfering & preying on DeFi markets in bad faith the entire time.
@CryptoTweetie
its really repugnant slander and gas lighting, asking for East Germany level powers with no limiting principle and threatening innocent citizens like this or making it about sanctions. No one is allowed to question the 'how' on the solutions
"Just trust us"
god i wish this were a fucking meme and not literally what the US Empire is doing
yall think its a joke
but just aint read enough socialist documentaries/books on Sanctions Regimes
@tier10k
Don't you see anon, this is how the US Mafia does it, you don't kill the exchange, you change the leadership to someone who will do your bidding.
@lex_node
man what the fuck, So I'm banned from mango markets, but if he thunder bones the protocol into oblivion, somehow uncle sam is suppose to defend it. What convoluted stuff does this system run on, what were they, who were they protecting, the devs, the engineers?
@scotthortonshow
Bill Hicks had it down. The right puppet and the left puppet. These people have different cointelpro marionettes arguing fake points while calling it populism. Intricate strawmanning of populism, while simultaneously domestically villifying it.
The idea of asian mafia people or whatever continuously making kyc-less crypto exchanges for westeners to degen on like whack a mole to US LEO is very funny, but the US Gov trying to be fascist with Banking Secrecy act to protect NYSE interests is unacceptable. Lose in SCOTUS.
@RNR_0
her call's were too accurate...someone who controlled massive amount of liquidity in the market was giga scamming stuff on moon cycles for the lolz
@podclipsapp
@AlpacaAurelius
Why is obesity so low in the appalachia county and Coloroda rockies? Less air conditioning, more open buildings, up elevation from water drainage, it's a difference in the water source, rain, pesticide, etc, water in high elevation much cleaner.