divine_economy

ok but kind of iconic when crypto people talk about "socialism" they all mean soviet russia and not lisbon portugal where half this space moved in 2021 under that horrific iron fist of free health care and state-funded arts

ok but kind of iconic when crypto people talk about "socialism" they all mean soviet russia and not lisbon portugal where half this space moved in 2021 under that horrific iron fist of free health care and state-funded arts

went offline for a couple hours for an appointment

came back and found out that octant is giving out $10,500 in rewards for a contest, union is throwing a film festival, people planning ethcc contests, and kraken is, well, stay tuned—all on JokeRace

i need to go offline more

perps was not a normal behavior until crypto made it one

betting on predictions was not a normal behavior until crypto made it one

trading memecoins was def not normal behavior until crypto made it one

stop talking about capturing markets and start talking about creating them

to be fair, working in crypto is basically just this with north korea everyday

was asked to explain why i think stablecoins hurt the value of crypto (and specifically eth). let me try.

in 2021 everyone used eth to buy NFTs. in 2024, everyone used sol to buy memecoins.

*this* is moneyness. eth and sol became the reserve currencies of the internet that everyone needed to buy things.

when you start pricing everything in stablecoins, this is no longer the case. people can just buy usdc, and with a bit of account abstraction, they never need to touch eth or sol at all. the us dollar, not crypto, becomes the reserve currency of the internet.

this doesn't destroy the value of eth or sol, of course. they still have some debated utility as economic security, and they still have revenue from gas that can make them decent businesses, similar to L2s collecting on sequencer fees. you might get a 10-20x valuation on REV, and this is fine.

but it's not moneyness. it's just a business.

and the thing about a business is that it *precludes* moneyness. bitcoin is a decent SoV because it has no valuation framework beyond its own scarcity, similar to gold. a business is a bad SoV because its value actually can be calculated based on revenue. that's not storing value—that's earning it based on fees.

the moment eth and sol cede their currencies to usd, they help their core business by expanding their blockchains to meet the real-world where it is.

but they lose all the moneyness premium that drove people to invest in them in the first place, as well as any possibility of actually creating a global reserve currency that could rise in the fall of the us dollar.

I'm worth hundreds of millions of dollars from investing in fart-themed currencies. Here's why taxing the rich never works:

just got to new york for permissionless, and was inspired to realize just how far kraken is going to fight coinbase here. sponsoring local DSA meetups, hosting trip-no night at bossa, and even paying taxes. wild to see

The worst part of Coinbase sponsoring the US military isn’t how evil it is, but that it’s somehow still better ROI than 99% of crypto sponsorships at conferences

The worst part of Coinbase sponsoring the US military isn’t just how evil it is, but that it’s somehow still better ROI than 99% of crypto sponsorships at conferences

The worst part of Coinbase sponsoring the military isn’t just how bad it is, but that it’s still way more effective than 90% of crypto sponsorships at Permissionless this week

not sure why everyone on crypto twitter is suddenly concerned about a government's ability to pay its bills, don't they know it can just mint coins now

holy shit ethbushwick is going wild right now

finally a way to get leftists into crypto

hyperliquid, polymarket, and pumpfun are the breakout use cases of the past year.

their secret to success?

they never go to crypto conferences

18 year old when US invents false pretenses for a war in 1960s: I must protect my country

18 year old when US invents false pretenses for a war in 2000s: I must protect this other country

18 year old when US invents false pretenses for a war in 2020s: I must protect my fartcoin

i used to think the reason most builders go to crypto conferences was to maximize their work

it took four years of going to conferences to realize the truth

the reason most builders go to crypto conferences is to justify a full week off from work

it’s funny everyone argued for a decade that ww3 would be good for crypto as the anti-nation-state-military tech

but no, of course

ww3 is good for palantir as the most pro-nation-state-military-tech imaginable

few

funny watching crypto people freaking out about zohran when he proves crypto’s original point

nobody even knows what liberal vs conservative means today

what matters is anti-institution vs institution, populism vs elites, social consensus vs the military industrial complex

ultimately i don’t really blame binance for extracting max token allocations or coinbase for sponsoring the military

these are the logical moves of centralized entities benefitting from regulatory capture

and the whole reason we need decentralized alternatives like megaeth/gte