Ethan Buchman (🐝,🦇)
@buchmanster
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Internet Biophysicist. Sustainability Existentialist. Monetary Localist. Co-founder @cosmos. CEO @informalinc. Incubating @cyclesmoney.
Toronto
Joined August 2009
My thesis on crypto has been effectively unchanged since early 2017. Consider this a summary of my "Why?" 👇.
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So, some thoughts on the Binance hack. Binance is the largest user of the Cosmos software. They run a $multibillion platform without meaningful contributions or engagement with the core software. There’s a lot to learn from what happened here.
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Today marks 5 yrs since the @cosmos fundraiser. $17M was raised in <30min on April 6, 2017 to fund an Internet of Blockchains. In the last 24hrs, there's been >$150M of IBC txs across dozens of sovereign Cosmos chains. The Internet of Blockchains is here. 🥂to the next 5 yrs!.
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We can code trivial PoW into our PoS chains sufficient to satisfy the letter of the law in less time than it took them to vote on the bill . if you think dumb regulation is going to kill crypto you are ngmi. We can all have this deployed before the law even takes effect.
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1/ This month marks a pivotal transition point in the history of the @cosmos project. I offer my reflection – on how we got here, where we are going, and what it’s all for:
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My grandfather would have cut this out and mailed it to me by post. He did this repeatedly over the years every time an article about Bitcoin or blockchain showed up in the papers. He would have been proud of this one <3.
✨✨ For the @financialpost, @buchmanster shares his vision for the future of @cosmos and blockchains.
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Literally the opposite of true. Cosmos was designed with fault isolation at heart. Sovereign chains fail independently of each other. Terra going down does not directly affect the Hub or other chains. This was a successful demonstration of Cosmos security model!.
$LUNA was halted by its validators. This applies to all $ATOM projects and if 1 of them gets attacked they all get rekt. On $DOT $KSM you cannot halt parachains + they have shared security. A real-life example of why $MOVR $GLMR $ACA $KILT are better than Cosmos alternatives.
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1/ I want to talk about something that’s been troubling me. We’ve seen a stark increase in hateful, discriminatory rhetoric circulating in our community and it’s time to confront the grave risks it poses to our collective well-being.
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ppl talk lots of shit about cosmos marketing since apparently quietly building the best tech in the space and birthing a new internet isn't good enuf so I'm gonna do my part by tweeting more aggressively about how dumb the royal you are, and how incredible the royal we are :).
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Fuck "move fast and break things". I want to move slow and fix things.
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You think Bitcoin is wasteful? Wait till you find out about lawns!.
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Excited to talk to @RyanSAdams and @TrustlessState on @BanklessHQ tomorrow! . Will try to explain why they're wrong about *basically everything*. Should be a good time! 👍.
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I don't think ppl grok how big a deal IBC is. It's not just another bridge tech for token transfers. Its general purpose comms protocol for community computers. We're going to blow your minds with Interchain Accounts and Interchain Security - coming to the @cosmoshub this year.
Your bridge tech vs our @cosmosibc bridge tech. We are not the same. Not the same league. Not even the same game.
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Happy 5th birthday to the Cosmos Hub, the chain that birthed a 100 chains and started a revolution in modular Proof of Stake blockchain design! . Here's to the next 5 years🥂.
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There is also an important lesson here about using open-source software: follow best practices, stay up-to-date, and contribute resources upstream! Would be great to see @binance become a more responsible and collaborative ecosystem participant!.
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Losers who have been here for 5 minutes talking shit about ATOM tokenomics while aping into ponzicoins that blow up before they could even learn to pronounce the word "interoperability.". Some of us are building for the long term. The Hub will evolve. Get on board or gtfo.
$ATOM is often criticized for being a boring asset that doesn't accrue value and does not benefit from the growth of the @Cosmos ecosystem. ICS fixes this.
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This @Nouriel fella seems pretty pissed at crypto right now. Feel like it's a good opportunity to live tweet my reading of his testimony to the senate.
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Almost didn't look at a price chart today. Market crashing down. $ATOM crashing up. ⚛️🚀.
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Took around 6.5 hrs but we're finally live and making blocks on @cosmos #stargate. Congrats everyone!!. The @cosmos whitepaper has shipped!.
This 2hr+ upgrade of a multi-billion $ network in the middle of the Toronto night while simultaneously broadcasting a live stream with like ~20 speakers from core dev and ~2000 participants is frickin lit yo 🔥. so excited to be building this with all of you @cosmos.
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Your bridge tech vs our @cosmosibc bridge tech. We are not the same. Not the same league. Not even the same game.
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this kind of smart, walkable, mixed-use urbanism is illegal to build in many Ethereum cities
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I was against prop69 as I didn't think we were ready for Wasm on the @cosmos Hub but I am absolutely for prop72 to bring CosmWasm to an ATOM Secured consumer chain. LFG! ⚛️🚀.
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@ndrew_lawrence @nvk Amazing to see mainstream news anchors blatantly take sides with financial corruption instead of the middle class. Chamath for president!.
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@jaekwon @buchmaster Thanks Jae, appreciate this. There's lots we can do to clear up confusion around cosmos history - I'm keen to advance that. Also appreciate how we've been able to reconnect positively in DMs these past few months. Cosmos and the Interchain have such bright futures ahead! 🚀⚛️.
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Forget web3/blockchain/crypto/defi/buzz word. This is the "Community Computer" revolution. Personal Computers unleashed unimaginable levels of sovereignty & interoperability for ppl. Community Computers will do same for groups. A blockchain is just a Community Computer.
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1/ My thoughts on the @cosmos Hub paper and how I propose we improve upon the latest version 🧵👇.
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Welcome to the @cosmos!.
We’re excited to announce that dYdX V4 will be developed as a standalone Cosmos-based blockchain! 🔗🎉.
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I know yall want to get rich, and rich seeking is important for adoption, but have u considered that ur brain is infected by a web2 virus called "value capture" propagated by vultures that created world destroying social media empires? We're building something different this time.
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Huge upgrades on @cosmos and @osmosiszone today!. Just sent my first authz tx. I can now vote & claim rewards with single sig on behalf of multisig. Feels like a dream come true. @cosmos leading the charge on blockchain/interchain UX. And so much more in store for next year!.
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@RyanSAdams lol wtf is this BS ryan? we spent over a year training folks to become good validators and blazed the trail for proof of stake. the network launched with > 60 validators with nearly uniform voting power, the vast majority of whom were not part of the team:
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Wow do I ever take @keplrwallet for granted. Trying to send an ethereum transaction and pulling my hair out trying to make any of metamask/ledgerlive/mycrypto work for me. Unreal how much better the UX is in @cosmos.
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TEE? ZKP? MPC? FHE?. Everything you need to know about the most important three letter acronyms in crypto. Or, how you win friends and TEE-fluence people 🧵.
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1/ Some reflections on the @cosmoshub prop82 vote. This was surely the most controversial proposal in the Hub’s history, and now that it’s been rejected, there is lots to follow up on!.
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Introducing the Cycles whitepaper!. It's the culmination of years of thinking about 2 things:. 1. fundamental liquidity problems in money, finance, and payments.2. the killer use case of blockchains. If you haven’t heard me say it, *money is the killer app*. We just haven’t.
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@ssaintleger @boredGenius ppl who think Cosmos is some static thing that won't change and evolve and innovate just because we saw 5 years ahead of everyone and they're only now adopting our 2016 architecture are pretty hilarious.
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We’re going to implement tendermint over ibc and there’s nothing you can do about it.
What if the @cosmos hub was a cooperative of other chains? 🤔⚛️.
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cosmos: 1 slot consensus, app specific scaling. eth: that'll never work. cosmos: cool, we're gonna do it. eth: hm, somethings not working for us. cosmos: . eth: ok guys new idea, 1 slot consensus, app specific scaling. cosmos: . eth: whatever happened to cosmos?. 🙃.
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Been struggling to find the words to describe what I’m feeling since I saw the horrendous news over the weekend. I don’t have anything interesting or new or clever to say. I just feel sad. Angry and sad. So I’ll try to write, but I doubt it will be useful, and I’m sure it will.
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Just witnessed @jack_zampolin swap real $ATOM for real $AKT on the @cosmos Gravity DEX testnet. Wild. On the Internet of Blockchains, no body knows you're a testnet, or a fridge.
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Been a rough few days for a lot of folks. Plz take care of yourselves: deep breaths, spend time outside, with loved ones, recharge. This kind of thing happens every few years - we come out stronger each time. This isn't our 1st rodeo, it won't be our last.
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But actually,. Ethereum is Cosmos .Cosmos is Cosmos.Near is Cosmos.Solana is Cosmos.Cardano is Cosmos.Polkadot is Cosmos.Tezos is Cosmos.You are Cosmos.I am Cosmos.We are Cosmos.
Ethereum is ethereum.Cosmos is ethereum.Near is ethereum.Solana is ethereum.Cardano is ethereum.Polkadot is ethereum.Tezos is ethereum.You are ethereum.I am ethereum.We are ethereum.
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Crypto: let’s build decentralized systems without single points of failure!. Also crypto: your project is only valuable if you have a single cult like figurehead. 🤷♂️.
The main issue with $atom is the lack of public figure to build a cult around. Terra has Kwon/link Sergei/ Avax the Turkish guy /Eth Vitalik/ Cardano Charles/ Bnb Cz /Sol Sbf /Spell Mim Daniel.
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Y'all are out here droning on about chain abstraction but I bought a @CelestineSloths over the weekend with *one click* on @StargazeZone using my $ATOM on the @cosmoshub crossing three chains via @ibcprotocol with an @osmosiszone swap between. One click. Smooth AF.
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at least we can all have fun getting poor together.
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Validators kept processing txs, and relayers kept processing ibc transfers. The @cosmos stack may be the most robust blockchain tech in the world, and continues to prove itself. This is an incredible foundation around which the community can regroup and rebuild.
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Is it just me, or are all versions of the The Metaverse kind of dumb and dystopian? Can't we just go play outside, frolic in the dirt, and marvel at the stars? We can call it . The Universe!.
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None of your coins are money and you all have brain damage. Also, ATOM is Interchain Capital. The long version 🧵.
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The @cosmos philosophy has been so successful in its original mission that saying "we're a cosmos chain" communicates about as much information as "we're a tech company". Even Toly has for years been saying Solana is a Cosmos chain. Cosmos won. Go build and brand whatever.
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Wow it’s almost like the universe is trying to tell us that the purpose of life and crypto is not leveraged trading of shitcoins. Maybe we should listen 🫡.
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Watching UST charge slowly back towards its peg is exhilarating. You can do it! 📈🫡.
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You have the right to remain private. Any data you leak can and will be used against you. You have the right to cryptography. If you can not afford your own cryptography, it will be provided for you by the open source community.
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Time to realize all the latent potential seething beneath the surface of the @cosmos and the @cosmoshub. Welcome @bpiv400, @0xmagmar, and the @SkipProtocol team to the Interchain Foundation and a new role at the heart of the @cosmos ecosystem!.
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Liquid staking is like cocaine - cant stop ppl from doing coke, but can mitigate damage widespread use might do to society. Requires healthy engagement. Make it illegal or try to suppress, you will get crack (CEX liquid staking) proliferating in vulnerable communities (retail).
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Felt like hacking this weekend so I added ZK controlled accounts to the Cosmos-SDK using @gnark_team . Required 0 changes to Accounts or Txs, just a new PubKey type. Can now control a @cosmos SDK account with an arbitrary ZK circuit. Got it all working and cleaned up:
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No kings, no standing armies, no shared treasury. Just a cooperative decentralized network of merchants and towns with common interests in trade. One like, one tweet about the German Hansa, the mysterious medieval non-institution.
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We start every Monday with company wide discussion of political economy, history, philosophy, and the meaning of our work. Couldn't imagine a better way to start the week.
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This 2hr+ upgrade of a multi-billion $ network in the middle of the Toronto night while simultaneously broadcasting a live stream with like ~20 speakers from core dev and ~2000 participants is frickin lit yo 🔥. so excited to be building this with all of you @cosmos.
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11/ This is my call to the community to remember the values of inclusivity, respect and collaboration. So we can co-exist peacefully and let Cosmos continue to flourish as the vibrant ecosystem it is 🤗🌱.
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Grateful for everyone who shows up with open curiosity. Who has skin in the game and their neck on the line. Who fights for sovereignty, interoperability, privacy. Who raises the bar and raises others wherever they go. Thank you.
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There are historic moments I'll never forget being glued to my screen watching charts. The Bear Whale, The DAO Hack. Today might be one of those days . .
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@cosmos is not a single thing or single network. It's a philosophy of blockchain design that has materialized in major advances, including some of the most useful software artifacts available today to blockchain developers. Let's take a look at what Cosmos has created:.
I still don’t understand why @Cosmos needs to exist tbh. Inter-chain seems seems like a distraction. It’s like trying to bridge the gap between “JScript” and Javascript in IE and Firefox in 99. Just use Javascript.
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You think Bitcoin is wasteful? Wait till you find out about the cost of computing everyone's income taxes!.
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That said, many in the @cosmos community suffered a major loss as UST collapsed & LUNA market cap went from $20B to 0. Please take care of yourselves. You're not alone, but part of an incredibly caring and resilient community. It’s more important than ever to support each other.
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The Cosmos Hub itself had little risk exposure, yet outsiders will conflate Terra=Cosmos. This is not the case. Cosmos is general purpose technology that provides communities with great power. With great power comes great responsibility. In this way, cosmos is not unlike Linux.
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Do I understand correctly that people are running around calling themselves "blockchain engineers" but then building insecure bridges because "light clients are hard" ?. Is that really an acceptable state of affairs?.
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Had an amazing time at @consensus2022 seeing @cosmos friends old and new. The energy, passion, and excitement about what we're building together is unbelievable. Could not be more clear that Cosmos really is playing a different game. Cheers to everyone making it happen! 🥂.
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The Cosmos Hub has never had any dedicated BD. We're changing that. Apply to @informalinc to help us make the Hub the default place to launch a @cosmos chain.
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Honestly all math should be patented. You shouldn't be allowed to multiply numbers bigger than 100 without a license. Modulo arithmetic? Requires a new license every time you wrap around. Math with secrets? You right to jail, right away.
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1/There are people who are genuinely trying to talk intelligently about cryptocurrencies, but can’t because they can only see a contrived side of history. This thread tries to correct that.
1/There are people who are genuinely trying to talk intelligently about cryptocurrencies, but can’t because they don’t have historical background. This thread tries to correct that by suggesting required reading. First, it’s necessary to know what problem it attempts to solve.
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We’ve been popularizing the CoFi meme as a vision for DeFi protocols that emphasize the inherent graph structure of payment & credit systems. It’s time to start sharing our work on the actual product and protocols that will bring this vision to life. Introducing @cyclesmoney:.
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If coindesk isn’t alleging that your project is facing existential crisis every so often, is it even alive?. Let’s keep building 💪. bm 🫡.
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I voted YES to prop848 because I agree with the general spirit to improve the Hub’s tokenomics. But how does inflation really work on the Cosmos Hub?. Read on to understand everything.
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Oh cool another picture of a young @nntaleb from when he traded chicken futures.
when you’re the only statistician in a room full of data scientists
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Lastly, this experience must serve as a lesson and reminder of the dangers of rebuilding broken systems. Rather than chasing yields, let's focus on sustainable local money systems as the basis for self-sufficient local economies to prosper.
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Thinking about starting a service where you send me your money and for a small fee I will simply leave it alone while I read books about the history of money and oh I will send the money back when you ask. Seems like there could be real product market fit for this. Who wants in?.
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Fuck. I wrote 6000 words about the properties of money and the tensions between them but I can't finish the piece because Store of Value is too hard to write about without developing a theory of value and ain't nobody got time for that. Send help.
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Something special is happening in @cosmos. Highly decentralized core teams building foundational tech that will define multiple generations of blockchains. Want to build systems that matter and systems that last? Join us.
1/ TFL is announcing Project Dawn, a new funding initiative for critical infrastructure improvements and core technologies to supplement the accelerating growth of the Terra ecosystem. Details:
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Big moves.
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Superb material! . Cosmos is independent nation states trading w/ eachother (apparently impossible 🙃) & Polkadot is like global world government. Which do you think will make for better political economy? 🤔. Not to mention shared security coming soon to @cosmos, bottom up ⚛️.
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