dropnerd

imagine moving your savings to stablegains. you're definitely not reading galois tweets.

why the founders didn't flinch... who knows? maybe they decided that 3ac being invested is their security.

its months and months worth of tweets, and that's all they talked about during this year.

first a cryptic puzzle as a recruiting tool for analysts: https://twitter.com/Galois_Capital/status/148693793605468979...

followed by months of warnings like this: https://twitter.com/Galois_Capital/status/151217543903232819...

and threads pushing the systemic risk angle: https://twitter.com/Galois_Capital/status/150461116699529216...

right, crypto nerds are swinging for multiple x, if not 100x or 1000x

for context for others following along, Galois Capital went public with their criticism months before they started shorting. most people didn't listen.

https://twitter.com/galois_capital

it's fraud

congrats on the acquisition! what changes are you planning to make to icy?

how does this differ from superrare or zora?

premise is incorrect if you're just trying to save them money.

creators don't usually lose money from creating nfts, because the default for most nft platforms is that you don't pay unless your work sells (look into lazy minting).

the main risk for an artist is reputation risk. because nfts are deeply unpopular in many online communities, they may find that their traditional online audiences start ignoring or slandering them.

databases don't have the self-organizing infrastructure to eventually decentralize. vc tokens might.

"it's actually impossible to start new networks from scratch based on proof-of-stake" is simply incorrect. almost all crypto networks will start this way.

transacting nfts can happen on multiple platforms, and do. looksrare, dxdy, nfttrader, etc.

now try that with your steam game.

PoS investors burn their reputation if they double spend on any network they invest in.

this is a stronger guarantor of safety than PoW for every chain aside from ones that dominate their computing platform (BTC/ETH). anon miners will eat a naive network and move on.

chrome will never have a "login with pgp" function

brave already supports "login with ethereum"

adoption matters

> it's actually impossible to start new networks from scratch based on proof-of-stake due to the "nothing at stake" problem. If attackers don't care if their stake gets burned (because the value is low)

most new PoS chains do just fine because validators are owned by VCs that want to grow the network. whether they can successfully decentralize is an open question but the bootstrap problem is solved

stablecoins are fine if they're backed correctly. ust wasn't

did you know the money market (the "dollars" in your brokerage account) broke the dollar and the government bailed it out?

https://www.investopedia.com/articles/economics/09/money-mar...

a permissioned blockchain will distribute power to the politically connected. imagine rulesets on who has priority to transact during a market downturn.

smells like schadenfreude

where are the builders?

are they even on hn anymore?

if crypto groups were holding ust and adjusted to usdt, they could be in an uniquely vulnerable spot. not all dips are created equal

there are some markets you can't participate in without holding usdt, so for some, it's a calculated risk

why anyone would keep usdt if not actively trading is beyond me

the project created mint passes that qualify you to receive an airdrop. this hasn't changed

in my experience volunteering at a dao, daos increase coordination effort required and have yet to yield additional productivity.

i wonder which pieces we are missing to get to your theoretical world of increased efficiency.

in practice, there's a difference between "our SREs and management promise to not change anything" and "it would cost x billion dollars to replace this record with a different one, based on previous attacks we've observed"

immutable storage must come with an incentive layer or no one would serve the files.

for piracy, it was private tracker seed ratio. for web3, it's either on a blockchain or ipfs/arweave.

it's not a good fit for most applications, but when you want a file to probabilistically last forever, now there are options.

right, can't imagine whats going through their mind right now.

he could have gotten a reasonable price (though perhaps still a loss) if he tried to list with sotheby. curation matters.

"decline in interest" seems incorrect

https://dune.com/rchen8/opensea

looks like up and to the right

its the web3 equivalent of an antique that failed to sell on ebay. interesting, but it's easy to draw wrong conclusions like "nfts are dead". market size and volume tell a different story.

yes

> ²Coinbase will automatically convert all cryptocurrency to US Dollars for use in purchases and ATM withdrawals

https://blog.coinbase.com/coinbase-card-launches-in-the-us-8...

---

can also pay in btc assuming youre okay with the conversion fee

usdc is a digital token backed by usd available on many blockchains.

you can buy a few usdc tokens and pay for coffee using them seamlessly.

you can be epicly early and epicly wrong. in that very thread:

> Well this is an exceptionally cute idea, but there is absolutely no way that anyone is going to have any faith in this currency.

decentralized ownership hasnt been tried at scale before bitcoin.

most wont care about it until their digital purchases start getting sunsetted without migration, and then they notice there is an alternative.