AML and KYC is performative theater at best, an encroaching surveillance state and a honeypot for identity theft crimes at worst.
It's incompatible with basic principles and individual rights Western democracies are supposedly built on.
It short-circuits holding authorities
It’s time to scrap AML / KYC entirely.
The idea that politicians should know how citizens spend their money is a new and deeply flawed idea.
An entire generation has been fooled into thinking this is a necessary part of finance and the world continues to double down on an
John Law was a Scottish degen in the 18th C who scammed his way into the royal court in France and social engineered his way into creating one of the worlds first central banks, the "Banque Royale" with royal sanction
He issued paper shitcoins as legal tender which at first
This chart by self-described JPM analysts is flat out wrong
Coinbase has at least >16% share (a single node operator!)
Each of Lidos NOs has ~1% share and governance does not control them
They are right there is risk of centralization they are wrong about the culprit
like many crypto cos,
@SteakFi
is a traditional family business, wholly owned by the "Steakhouse" family and run by the Steakhouse brothers.
Traditional Spanish naming conventions explain why the business also displays the family's second surname, "Financial"
alcx is one of those weird products that is only possible on decentralized rails.
i asked a friend at a private bank (F to pay respects) whether they could do a 0% self-repaying loan with yield-bearing collateral and he looked at me as if to ask 'but who will pay for this suit'
did you know that the
@badkidsart
project actually originated in the 13th century in the German spa town of Bad Kösen, where its name derives from. at the time there were only 3 wood-fired validators in the entire network.
Tracking RWAs introduces a whole new level of complexity to on-chain disruption of a stodgy old industry.
@MakerDAO
has pioneered new approaches to execute these allocations, and
@0x_roo
has just published the first Real-World Asset Report please consume:
gm im learning how to spin up a solo-staking node at home on a smol NUC, starting with
@gnosischain
then Eth
First I will run it on my own, and, as soon as I can,
I will integrate it into a
@LidoFinance
Staking Router module
This is how we decentralize Ethereum 🫡
tired: we cant process your wire transfer because it's friday afternoon and banking hours are closed
wired: we cant process your erc-20 transfer because people are apeing into a frog coin
Our chef
@lyt_eth
looked at Dai maturity on-chain through behavioral analysis to cluster usage into time-based buckets. The benefit of public blockchains is that you can track these sorts of crucial ALM metrics in near real-time
i looked into this claim with a dune query and its true, 68% of people's first language in crypto is slavic 21% is french 10% is english + other
source:
Dune Analytics (2023)
Trust Me Bro et al (2023, colorized)
Lido is more than least worst option
Protocol has a measurable impact in rate limiting the growth of individual NOs
DAO is provably committed to decentralization
Arguments from authority and deafness to substantive counterpts otoh are ironically a centralization risk vector
inconvenient truth: lido is the least worst option available today
cex dominance: obviously much more centralized / vulnerable to capture
everyone stakes at home: not realistic
rocketpool model: endgame pretty clearly leads to unconstrained white label operators
You neurotical about decentralized liquid staking middleware successfully rating 30+ node operators to ~1% share each
I've got my eye on the real battle: to bring "Centralized" as close to 0 as possible
We are not the same
gm kind reminder that
@LidoFinance
is the only liquid staking token that has both buffer-based withdrawals and validator-exit-based withdrawals and can do both in sizè
if a counterparty wants an allocation to the
@MakerDAO
PSM they have to participate with an appropriate level of incentive for the liquidity offered or they shouldn’t get to back Dai
Very strong showing from
@Gemini
, thank
@tyler
Our Governing Council has decided to move to the next phase of the digital euro project.
In November 2023 we will start laying the foundation for the possible issuance of a digital euro. A decision on issuing a digital euro will come at a later stage.
@mattwridley
All right, but apart from the sanitation, the medicine, education, wine, public order, irrigation, roads, a fresh water system, and public health, what have the Romans ever done for us?
I believe Defi has the potential to eliminate a lot of asymmetrical information in investing.
who is working on the equivalent of GAAP accounting but in real time + on-chain?
we're seeing smaller competitors that are positioning, in order to serve the institutional market, trying to create memes that etfs must exclusively use kyc providers...
and these memes are just incredibly dangerous and toxic for ethereum
"i really believe that if you stopped growing today as lido, at some point another staking protocol takes over... not even a protocol, i think the bigger risk is actually from something like coinbase, alluvial, something like that. especially something that targets institutional
"Belgrade is the greatest city on the planet."
Or at least that's what
@adcv_
, Chef at Steakhouse Financial & Finance Lead at Lido says.
We tend to agree and hope this Belgrade enjoyooor gets you to start packing.🧳
(Tickets are available at , btw.)
The coordinated FUD campaign against Lido has served the perfect storm to enemies of decentralization, even if unmoored from any basis in fact or reality
We must fight harder and build faster to keep the share of Decentralized winning
Interesting case of tokenholder regulatory arbitrage wrt to delegates/board members. Like much of crypto there is no legal fiduciary obligation, in this case to share/tokenholders. In meatspace law usually stops you from serving on board of KO and launching your own soda. […]
1/ Today GFX Labs is proud to introduce the world to Interest Protocol
@InterestDeFi
Interest Protocol (IP) is the next step in the evolution of DeFi. It inherits most of the strengths of
@MakerDAO
,
@AaveAave
, and
@compoundfinance
while removing weaknesses
3)
@divastaking
's $stETH vault has attracted more than $20M in AUM in a few weeks, equivalent to 13,268 stETH. Its $ETH vault, meanwhile, is approaching $1M in AUM.
Diva's stETH vault is now the
#2
vault on Enzyme by AUM.
Anneke at
@BIS_org
claims that fluctuations in value are indicators that stablecoins cannot 'maintain peg' and that 'there is no guarantee that they can redeem their value at par'
Neither of these is true
My colleague
@SebVentures
responds:
@spignal
@TheEconomist
why are Spain, Portugal, Italy and Ireland excluded from Western Europe (indeed why is Switzerland included if the comparison is EU)?
Generally, I'm persuaded by your very reasonable refutation on this specific graph though I disagree with your broader optimism following
Yes Oasis is not MakerDAO, yes Wormhole is a bastard but can we just take a pause to acknowledge Chris Blec’s warnings about the risks of multisig controlled products for a second
.
@m_mosier_
went on to note that when surveyed, Europeans ranked privacy as a top concern with CBDCs.
Sadly,
@Lagarde
has openly acknowledged this desire but said privacy will be, at the least, limited.
Thoughtful piece on future staking market dynamics from
@Ronangmi
at
@Collab_Currency
What could the implications be on Ethereum's staking layer from an inflow of institutional capital?
1/ "Ethereum's future staking market dynamics”
This post takes a focused view on the overlooked yet important factors facing the decentralization of Ethereum's staking layer.
I'm tracking 65m in revenues o/w 29m non-interest and 36m net interest with ca. 46m of all-in expenses (~30m core units, ~4m direct, ~11m MKR) for ~19m in net earnings, +10m to the surplus after MKR issuances and MKR burns
There's no extra trust assumption between owning DAI and owning DAI invested in the savings rate contract since DAI in the DSR remain idle.
The work of
@SebVentures
,
@adcv_
and co on securing revenue from TradFi is key in enabling Maker to pay 3.3% at scale: congrats guys!
How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
now that fondue season is starting its easy to forget how difficult it once was to harvest enough cheese for one pot
farmhands would scour alpine foothills for freshly sprouted cheese wedges & pick them manually out of the ground
photo: Franzmid Capajourney, (1933, colorized)
this is fun to think about
if you left $100 in a checking account on 2018-12-31 and annual inflation since then was:
2019: 2%
2020: 1%
2021: 4.5%
2022: 8%
2023: 7.5% (assumed)
On 2023-12-31 your $100 will now only buy $78 worth of stuff in real terms
isn't that fun
gm tomorrow germany is going ahead with the closure of its last nuclear power plants because our continent is managed by fundamentally unserious people
Today is the day - Say hello to stEUR 🇪🇺👋
Stake agEUR on Ethereum now, get stEUR + a fixed 4% APY.
It’s simple:
📐 Native yield paid in agEUR
📐 No minimum deposit
📐 Immediate compounding
📐 No lock, withdraw anytime
Your stEUR is an agEUR on steroids!
To learn more about
How to destroy Ethereum's credible neutrality and ⇒ economic value with this one weird trick:
1. centralized stakers gaslight institutions and regulators to think only KYCed node operators can make 'good' ETH
2. now there is 'good' ETH and 'permissionless' ETH
3. fin
Fed/OCC/Treasury/etc are about to achieve an Unreal Tournament 'Killing Spree' of US regional banks, and appear to have the momentum to reach a 'Rampage'
ICOs as a capital formation are useful and democratizing (cf
@lex_node
). First wave was awash in scams, just like every other inflection point in history (VOC in NL etc)
Regulatory crackdown on ICOs pushed projects back into opaque financing i.e. VCs and insider dealing
The competitiveness 'debate' at both the EU and national levels is an elaborate kabuki theatre performance and misdirection
The glaringly obvious difference between any of its geopolitical peers and the EU are the hopelessly distorted incentives to avoid free enterprise. These
one of my fav businesses ever is
@concept2
, founded in the 70s by two rowers (the Dreissigacker brothers). they started producing composite oars but really changed the game with the C2 indoor rower, a tool which allowed the sport of rowing to expand beyond enthusiasts
i humbly propose a viewer🤝platform cartel with
@YouTube
- i continue to never buy any products advertised
- youtube stops showing me ads
- youtube keeps charging advertisers anyway
everybody gets what they want:
- i stop seeing stupid ads
- youtube keeps getting money
- brand
did you know you can get 800% of your daily recommended intake of vitamin b5 by double barreling two monster energy ultra orange
Follow me for more nutritional finance tips
Pokémon looks sick. The mobile gaming and catch 'em all narratives have failed. The original 151 have largely been abandoned. Satoshi Tajiri and other insiders are looting Kanto and island travel is easily censored by governments. It’s a disaster.
Ethereum looks sick. The world computer and ultrasound money narratives have failed. Defi and NFTs have largely been abandoned. Vitalik and other insiders are looting the protocol and transactions are easily censored by governments. It’s a disaster. Today I am selling my ETH.
@functi0nZer0
J'ai littéralement un master en pâtes, bientôt un doctorat, je peux te garantir que la pasta anglaise ne sert à rien. Si tu penses le contraire, je t'invite à suivre mon TD de niveau L2 de poastage mémétique, on va remettre quelques bases en place.
Most do not understand, how badly scr*wed
#CentralBanks
are.
Currently, whenever they raise
#interestrates
, they cause losses to themselves, which are becoming gargantuan.
In this 🧵, I'll explain what this means.
My full view 👇. 1/20
@kyedidbotton
a very us centric pov for a technology whose potential is probably greatest outside of the us. Also a very hard contradiction between advocating for permissionless (ie open, neutral, transparent) and the use of centralized tools of enforcement for govt (a specific gov no less).
(93) The anonymity of crypto-assets exposes them to risks of misuse for criminal purposes
They are fully traceable and thoroughly inappropriate for criminals as a result. If you want opacity for criminal purposes you just have to go to regulated banks like
@HSBC
or
@CreditSuisse
crypto and bearer shares mentioned side-by-side in new EU AML proposal . . . no bearer shares means tokenized securities cannot truly be on-chain--major challenge to the *useful* form of tokenized securities
This is exactly the right framing. As long as we have a PSM, for equivalent benefits to liquidity and redemption space on it should be allocated on monetary and partnership value
Disintermediation is using productivity improvements to nuke the people cutting themselves a slice in the middle. Without the need to trust the middleman, this technology can meaningfully improve people's lives by shaking off the vampire squids
"Crypto-assets are not money", says a visibly sweating bureaucrat on the Executive Board of an organization not doing a good job at Money, watching a decentralized ecosystem emerge to compete
🧵 Crypto-assets have become the bubble of a generation, says Executive Board member Fabio Panetta at the
@LBS
's Insight Summit 2022.
Crypto-assets are not money. Many are just a new way of gambling
1/4
@SteakFi
has pioneered these types of analyses that serve as inputs into asset allocation recommendations for stablecoin DAOs. As always, these queries are all open-source and on
@DuneAnalytics
:
BORG or risk-stripping is an excellent strategy not incompatible with clear and transparent insights into the financial health of a protocol.
I don't know if Gary agrees or not,
@SteakFi
is here to make better financial infrastructure for all non-US human beings on the planet
I can tell you from firsthand experience that Gary Gensler dances in the endzone every time a DAO publishes its "financials" or any other such thing resembling the reporting and other activities of a business entity--do *not* follow this path, you will regret it big time
Lido may be the biggest attack on Ethereum's decentralization ("credible neutrality") in our entire history
It's about to breach 33%
Yet many are staying silent
Why?
@spignal
@TheEconomist
@joelbasson
understandable. is it still a bit selective? eg why would you not make the same filter on the US side (e.g. selecting MA, NY, CA, etc)
Gole Yakh was released in 1973 by Kourosh Yaghmaei, a psychedelic rock "melancholic ballad about love that endures through the bitterest winters"
(source: )
Europol estimates that European authorities only confiscate around 1.2 billion euros worth of illicit funds each year. Compliance costs closer to €140B. Sounds like something FinTech startups should address…
Canceled my
@OpenAI
subscription
I will not return until you can use GPT to build LLMs dual-trained on code and biology that mine Bitcoin in your immune system
Among the dangers of AI is that LLMs dual-trained on code and biology could enable computer viruses to jump to DNA substrate. Imagine getting a cold that compromises your immune system and makes it start mining Bitcoin
The intensity, toxicity and willful mischaracterization with which people want to play musical chairs within decentralized protocols...
while centralized single entity node operators chomp away at credible neutrality in the background
generational self own
every time i transfer through frankfurt it is at full pelt anaerobic sprint
to save on operating costs during the imminent recession, why not close all the duty free stores and place picnic tables with water and bananas between the gates
follow me for more airport mgmt tips
"Europe needs its own SEC, says Lagarde"
Decades of government infantilism have successfully quashed the potential for homegrown European innovation and its corresponding funding cycles to emerge. It's not for the lack of yet another government agency
To
With grudging respec to the madlads running Tether, no amount of PDF printouts will be better than full on chain transparency into live, block by block operations
Tether raises the bar of transparency in the industry, dropping its opposition in the FOIL matter. In moments of global financial uncertainty, like the current one, we believe it's important to give a strong signal to our community. Prioritizing openness, stability and liquidity
🧵Crypto has relied on constantly creating new narratives to attract new investors, but has failed to deliver on its promises. Policymakers should be wary of supporting an industry that has so far produced no benefits for society.
Read the speech
1/3
tradfi margins are going to 0 - why should your checking account pay for someone’s bonus anyway when it should be liberating the breadth of human potential instead
Real World Assets are a productive BOOM that pull us from the speculative 🐻 market...
..but what have we gotten wrong? How do RWAs scale to trillions? 💸
After an epic quest through the warrens 🦊 of RWAs, we present: An Unreal Primer, the industry’s 1st comprehensive guide 🧵