vimothy

yurp
I pretty much agree with @toko ]But yeah I don’t think crypto threatens the dollar. If anything, it threatens the major institutions facilitating usage of the dollar.
Isn't that the same thing though? I think the reality is that crypto doesnt threaten tradfi at all, it provides another avenue, for now mostly unregulated, through which it can operate. and the entry and exit points for that avenue are dollar pegged stable coins.
 

vimothy

yurp
interesting thing about the recent problems is that terra / luna - idk anything about celsius - was so insanely designed it was almost a case in point of what not to do, and yet investors bought it up by the truck load purely bc of the obviously false and shoddy af carrot of anchor yield.
 

vimothy

yurp
You could for sure sell "PonziCoin" into this market with no problems. And when it exploded, you'd have twitter treads full of ppl explaining how the fact the demand for more still exists proves how strong crypto is.
 

toko

Well-known member
interesting thing about the recent problems is that terra / luna - idk anything about celsius - was so insanely designed it was almost a case in point of what not to do, and yet investors bought it up by the truck load purely bc of the obviously false and shoddy af carrot of anchor yield.
the problem is that some people are stupid, and a bunch of people like to bet on stupid people. they love to gamble. in the last decade gambling has seen a meteoric rise. It's invaded so many spheres of life. Some of my "smart" friends bet on sports regularly. Even in video games do we see gambling mechanics to much success. People bet on csgo skins. Mobiles games often have gambling elements coonditioning young audiences to gambling. Even runescape ssee: https://www.reddit.com/r/GrandExchangeBets/ has become an arena for speculation. The lionization of speculators who achieved financial freedom not via labor but via capital speculation has given rise to a culture in which betting on ponzi's is no longer a bad thing, because everyone expects everyone else to do it too. By and large those playing shitcoin roulette know they are gambling - they just don't know how far some of the asymmetries are and how stacked the deck is against them. Hence why I think regulation here is a good thing, (disclosures for influencers and other public individuals who own non-traditional investments)
 
Coinbase are the feds


"According to the document, released via a Freedom of Information Act request, ICE is now able to track transactions made through nearly a dozen different digital currencies, including Bitcoin, Ether, and Tether. Analytic features include “Multi-hop link Analysis for incoming and outgoing funds,” granting ICE insight into transfers of these currencies, as well as “Transaction demixing and shielded transaction analysis” aimed at thwarting methods some crypto users take to launder their funds or camouflage their transactions. The contract also provides, provocatively, “Historical geo tracking data,” though it’s unclear what exactly this data consists of or from where it’s sourced. An email released through the FOIA request shows that Coinbase didn’t require ICE to agree to an End User License Agreement, standard legalese that imposes limits on what a customer can do with software "

No-one has been as consistently right as me in the last year, where is my medal
 
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Clinamenic

θερμοδυναμικός καπιταλιστής
Makes total sense. Guerilla geoeconomic warfare in a sector that is largely unregulated.
 

Clinamenic

θερμοδυναμικός καπιταλιστής
But the US is rolling out not only a federal agenda, but an international agenda to regulate what they call digital assets. This new framework will encompass the IMF, the FATF, the OECD, the BIS, and a whole cauldron of other alphabet soup actors. I was reminded, reading a press release earlier, just how extensively interventionist the US is, which I don’t necessarily disagree with.
 

Pandiculate

Well-known member
@toko @suspended This may be of interest to you guys

what is that like a jobs market? I've toyed with the idea of going for a job in web3, probably partly out of a bit of FOMO, but talking to people about positions I think I just don't believe in all this stuff enough compared to the average candidate.

Also why is literally everything run through discord, they require you to have it to apply. I find it so annoying to use.
 

Clinamenic

θερμοδυναμικός καπιταλιστής
what is that like a jobs market? I've toyed with the idea of going for a job in web3, probably partly out of a bit of FOMO, but talking to people about positions I think I just don't believe in all this stuff enough compared to the average candidate.

Also why is literally everything run through discord, they require you to have it to apply. I find it so annoying to use.
Yeah discord is where most DAOs set up shop, plus a handful of other, even more complex platforms haha. I’ve built a whole onboarding process with self-assigned roles and ticket bots and google forms, all on Discord, for PubDAO
 

Clinamenic

θερμοδυναμικός καπιταλιστής
Tornado Cash got sanctioned by the OFAC, everyone's all abuzz about it. Its (presumably) unprecedented because Tornado Cash is open source software, and the software itself has been sanctioned, rather than an entity (individual or organization).

We sent out this statement on twitter about it.

 

Clinamenic

θερμοδυναμικός καπιταλιστής
Tornado Cash is a privacy-enabling protocol that works on Ethereum and a few other blockchains. In principle it allows financial privacy (in the otherwise totally transparent context of blockchain) by obfuscating transaction trails, and unsurprisingly it is used by terrorist groups and US national security threats actors (state and otherwise).
 

Leo

Well-known member
So what's the solution, Stan?

It's like Tornado Cash=guns: they are ok when used by responsible people in a responsible way, but bad when used by bad actors in a bad way. Guns don't kill people, people kill people, etc.
 

Clinamenic

θερμοδυναμικός καπιταλιστής
in a sense, this is a measure of crypto's success - it's starting to matter, and therefore the state needs to exert some measure of control
Yeah and in this case it's interesting because Tornado Cash may be difficult (or virtually impossible) to shut down, seeing as its just smart contracts on a permissionless distributed virtual machine.
 

Clinamenic

θερμοδυναμικός καπιταλιστής
So what's the solution, Stan?

It's like Tornado Cash=guns: they are ok when used by responsible people in a responsible way, but bad when used by bad actors in a bad way. Guns don't kill people, people kill people, etc.
The only solution I have in mind is still in the abstract - but ideally there could be a technical (IE code) solution whereby a user can transact privately, and that transaction data is encrypted, and the decryption process could involve stuff like an on-chain jury and a warrant, where the warrant could actually be a decryption key perhaps.
 

Clinamenic

θερμοδυναμικός καπιταλιστής
surely you can easily shut down all the rails tho?
I could be wrong, but I'm pretty sure it inherits its permissionless/decentralized security model from the underlying network, IE Ethereum. If thats the case, OFAC would need to work with other executive agencies to compromise Ethereum itself, which is global.

But then again, maybe there are certain admin controls over the smart contracts deployed that regulators could seize, but even then, because all smart contracts are open source, someone else could just redeploy Tornado (IE they could "fork" tornado).
 
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