1/ After 4 years of full time at PT Inc I am stepping back.
This transition is enabling me to pursue my long held desire to contribute more substantially to multiple crypto protocols and catalyze the creation of some new ones.
- $7.7 billion - total lost in crypto hacks / scams in 2021
- $12.4 billion - total lost in bank overdraft fees in 2020
All the scammers and hackers in the world still can't rob people as well as banks.
As some of you know, I’m currently being sued (personally) in a putative class action lawsuit.
I can’t speak about it publicly because the litigation is ongoing but I want to share some context and ask for your help.
1/ Legal Update
PoolTogether Inc is extremely happy with the results of yesterday’s hearing.
The Judge indicated that he is inclined to dismiss the case due to failure to show that the plaintiff had suffered harm.
The only lenders Celsius has paid back:
@AaveAave
@MakerDAO
@compoundfinance
Smart contracts have a higher liquidation preference than any paper agreement
DeFi protects you from Celsius
The fact that this king who literally has 9 followers on twitter ratio'd
@SenWarren
tells you everything you need to know about an out of touch establishment
1/ Legal Update
PoolTogether Inc is extremely happy with the results of yesterday’s hearing.
The Judge indicated that he is inclined to dismiss the case due to failure to show that the plaintiff had suffered harm.
@219_eth
"He communicated in the English language, which is most densely spoken in the United States. As a result, this crime took place in the United States"
Ilya Lichtenstein, a tech entrepreneur and Y combinator alum.
Heather Morgan, a Forbes columnist.
Today they were arrested for trying to launder billions in stolen crypto. They face up to 20 years in prison.
392 days ago someone deposited $73 into PoolTogether. Yesterday they won $43,760 just by saving their money.
This is why
@PoolTogether_
will be the on ramp for normal people into DeFi.
FTX has never been a crypto company
It's a fintech company that grew by offering 100x leverage and perpetual futures on crypto assets.
Based in The Bahamas to avoid United States regulations
Protocols don't have founders or co-founders. It's time to move past that language.
As companies grow founders become more and more powerful
As protocols grow early contributors become less and less powerful
Very different, not just semantics.
1/ Legal update 👩⚖️
The latest filings for PoolTogether Inc (and myself) have been submitted.
This excellent legal work is paid for by the
@PoolyNFT
sale.
THANK YOU!! To all who have supported.
2/ To be clear, the case has not yet been officially dismissed and the case may potentially be refiled in another venue.
However, yesterday's hearing still represents a significant victory.
We are thankful for all your support! We will continue to update as we are able.🦜
Don't have a lot of words right now. Blown away by how the community has rallied around PoolTogether Inc and myself.
Tonight the
@PoolyNFT
campaign exceeded 100% of its goal amount.
The lawsuit was previously covered in the Wall Street Journal.
The allegations lack merit but a thorough defense is still needed. This is quite costly, especially for a small company like PoolTogether Inc.
Gensler “decentralized blockchains are possible but it’s only been done once and can never be done again”
“The first airplane is an airplane, all the rest are cars with wings”
Today
@Uniswap
Labs received a Wells notice from the SEC.
I’m not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than
POOLY is here to help 🦜
100% of mint proceeds goes to Uniswap Labs
@Uniswap
I minted the first 1,000 -- lets get this to one million by tomorrow!
Mint:
1/ Legal Update
I’m pleased to share that oral arguments to discuss PoolTogether Inc's motions to compel arbitration or dismiss the case are being held today.
The one good thing about being sued has been the numerous people who have reached out wanting to help and support. ❤️
Today we’re launching a way to do that
Coinbase: announcing privacy lawsuit against treasury department
FTX: announcing support for a plan to classify 99% of crypto assets as securities
Choose wisely
1) I'M NOT A REGULATOR, THIS IS NOT LEGAL ADVICE
but:
my current best guess is consistent what
@GaryGensler
says: that the CFTC will regulate spot + futures for non-security tokens, and the SEC will regulate spot + issuance of tokens that are securities
It’s been almost 3 years since the PoolTogether protocol was first deployed. Crypto has changed a lot and I’m very proud of how PoolTogether Inc and the community around the protocol has stayed dedicated to its mission – improving financial health. Onwards! ❤️🚀
The Pooly NFT series is now minting 🦜
Minting one of these adorable creatures supports PoolTogether Inc to fund our legal defense and continue our mission.
I know crypto twitter has a very short memory so I want to say "Thank you" again to everyone who participated in the
@PoolyNFT
sale
It's something I think about every single day. It made a huge difference in my life and the company.
1/
@PoolTogether_
is launching today!!
It's a no loss lottery. Buy a ticket for a chance to win, if you don’t win you get all your money back. Here’s how it works:
Coinbase has eliminated a ton of tech debt in the last ~30 days
Consolidating consumer <> pro apps
Merging USDC <> USD order books
Harmonizing UIs for consumer wallet & non-custodial wallet
Now with foundation solid excited to see what comes next
Gensler referring to US Dollar backed digital stable coins as "poker chips" shows he is not operating in good faith as a regulator.
That's not mistaken word choice, it's intentional defamation hoping his audience doesn't know better.
My previous startup was one of
@stripe
's top 10 largest marketplaces.
$400+ million in annualized processing volume in ~2016
We didn't get an airdrop from Stripe. We literally got a box of cookie dough.
I'm a bit boggled by that incentive design!
Apparently my trivial use of crypto (mostly to quiet my friends saying “You cannot understand it unless you have actually used it”) resulted in me getting an airdrop.
I’m a bit boggled by what I perceive as the incentive design here.
Alright crypto twitter, let’s do something amazing.
The entire Green Mountain College campus is up for auction, $3.2 million starting bid.
Let’s buy this and turn it into a hacker house / education center / prototyping location.
More details:
1/ Okay, story time! The
#ETHDenver
hackathon is starting today and exactly one year ago PoolTogether got started at the ETH Denver hackathon.
I wanted to share a little bit of the story as I think it will be encouraging to other people hacking this year. :)
I can’t speak about the case but I’d encourage anyone interested to read the court filings for themselves and come to their own conclusions. You can find those on the mint page.
A lot of misunderstanding around UNI tokens, the protocol and the company.
Hopefully this image helps clarify.
The Uniswap protocol exists on Ethereum, it exists independent of any "interface" you might use to access it. There are LOTS of interfaces.
Means the world to me to have so much support today.
Really thankful to everyone who bought an NFT, shared the campaign, or just shared encouragement.
Way above expectations, especially on a day when ETH is at yearly lows.
1/ 6 months ago
@pleasrDAO
emerged from a simple belief:
It’s better to own NFTs as a community than individually
Since that time
@PleasrDAO
has spent $15 million communally collecting the most culturally and historically important NFTs.
Power of "Points"
Rainbow went from $47k monthly revenue to $818k month to date.
Compare to Uniswap Labs which is flat over same time period.
Also really happy to see
@rainbowdotme
winning after grinding for years
Crazy week for
@rainbowdotme
⤴
✳️ ATH 1 day volume ($18M) and revenue ($155k) on the 22nd.
✳️ ATH 1 week volume ($63M), revenue ($549k) and users (13,9k), last week.
✳️ ATH 1 month volume ($91M), revenue ($794k) and users (~29k) in December.
📊
Hacks / scams are a huge problem in crypto. I'm not trying to minimize it. It needs work.
But there is a reason DeFi is thriving DESPITE hacks and scams. For many, it's already 10x better than the status quo. Especially for those with the least money.
Agreed. I was impressed by the quick actions the
@BNBChain
team took. I am not that involved in the technical side of BNB Chain. Far less than Vitalik with ETH. The principles of issue handling are simple & important: fast, transparent & responsible. 👏
What if you took the most expensive socks in the world
Lit them on fire
Put the ashes into 1,278 cubes
And made each cube an nft
That’s the power of blockchain technology
I've come up with my goals for this year:
- Be way more encouraging of everyone
- Be the biggest fan / user of all my friend's products
- Be more vocal about my own work achievements
- Learn about Portuguese wine
By far the best product pivot so far in DeFi has been the
@authereum
team switching to build
@HopProtocol
Hop Protocol is awesome and the pivot was 100% the right choice. Great work by
@WhinfreyChris
and team.
2/ We are looking forward to vigorously defending ourselves and because of the
@poolynft
sale have the resources to do so.
One year ago today, thousands of people supported PoolTogether Inc by purchasing a
@PoolyNFT
If money is holding you back from attending
@EthereumDenver
send me a DM. I’d love to remove barriers for a few people.
I went to ETH Denver solo 3 years ago and it changed my life.
Periodic reminder that everyone on this website is 1/10 rich as you think they are and 1/100 as happy.
You're not behind. Don't compare yourself to the idealized projections of others.