If you are in EVM world and do not use ETH but USD as your intermediary value from A to B, you leave money on the table. ETH is more money than the USD in the Ethereum world. Societe General, BVBA, Blackrock, Franklin Templeton, UBS (announced today) - have tokenized assets on Ethereum. Descentralization matters alot. That's also why Sony built its L2 on Ethereum and not on Sol. It also speaks to the network effects, availability of talent and quality of tooling.
Appreciated the discussion! I really liked the concept of ETH as treasuries. I think that it is a really good analogy. Also agree that we could utilize some best practices from leading companies in the EF. I'm actually quite a fan of EF, but I think that it would help us with shipping and decision-making. Let's just set up the core vision and strategy and then use the All Core Devs calls and proposals mechanism for the execution stuff. I would push back on the PoS vs PoW argument that Coinbase is the arbiter of truth. I think that actually supports the argument that we need to avoid the scenario in which a single entity has +60% of the stake. But I agree that there are natural incentives leading to a concentration of a stake. But very good point on the stablecoins though.
There is more game theory at play then how our current nation states would react to Bitcoin reserves. People need to believe that a store of value can continue to exist through generations. There is a possible future world state where it is not an act of aggression to 51% attack a network. In fact, in the right kind of setup, it's possible governments or other authoritarian elite groups around the world could be incentivized to cooperate in order to topple a crypto network.
Triple point asset: prestige defi collateral, the internet bond, hard money. A new, scarce digital commodity, contoured into existence by solo stakers around the world, secured by a multiple clients without 98% token supply allocated to VCs. We’ll see in the end what assets dominate 10 years out, my bet is ETH
why fees won’t go to zero: - in a web 2 service requests are processed by one server and are eponymous - in a web 3 service requests is processed by hundreds to millions of servers and are anonymous so no fees is an attack vector that can take a service down unless requests are not anonymous or not processed by all servers
Appreciate the detailed breakdown! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
On eth being money or more specifically a gas token. It's inevitable that any chain looking to support payments will abstract gas for fiat stables. Nobody wants tax events buying daily goods. If a token ever gets legal tender status then that changes
Great video. Gwart brings such valuable points to the ETH discussion and lays his premises so simply.
Great episode. Absolute gold ✨️
If you are in EVM world and do not use ETH but USD as your intermediary value from A to B, you leave money on the table. ETH is more money than the USD in the Ethereum world.
Societe General, BVBA, Blackrock, Franklin Templeton, UBS (announced today) - have tokenized assets on Ethereum. Descentralization matters alot. That's also why Sony built its L2 on Ethereum and not on Sol. It also speaks to the network effects, availability of talent and quality of tooling.
Well said
Really wonderful episode 🙏
Appreciated the discussion! I really liked the concept of ETH as treasuries. I think that it is a really good analogy. Also agree that we could utilize some best practices from leading companies in the EF. I'm actually quite a fan of EF, but I think that it would help us with shipping and decision-making. Let's just set up the core vision and strategy and then use the All Core Devs calls and proposals mechanism for the execution stuff. I would push back on the PoS vs PoW argument that Coinbase is the arbiter of truth. I think that actually supports the argument that we need to avoid the scenario in which a single entity has +60% of the stake. But I agree that there are natural incentives leading to a concentration of a stake. But very good point on the stablecoins though.
Michael was the only voice of reason here xD. ETH is for us mid curves and we love ETH.
thanks guys
There is more game theory at play then how our current nation states would react to Bitcoin reserves. People need to believe that a store of value can continue to exist through generations. There is a possible future world state where it is not an act of aggression to 51% attack a network. In fact, in the right kind of setup, it's possible governments or other authoritarian elite groups around the world could be incentivized to cooperate in order to topple a crypto network.
Triple point asset: prestige defi collateral, the internet bond, hard money. A new, scarce digital commodity, contoured into existence by solo stakers around the world, secured by a multiple clients without 98% token supply allocated to VCs. We’ll see in the end what assets dominate 10 years out, my bet is ETH
why fees won’t go to zero:
- in a web 2 service requests are processed by one server and are eponymous
- in a web 3 service requests is processed by hundreds to millions of servers and are anonymous
so no fees is an attack vector that can take a service down unless requests are not anonymous or not processed by all servers
Great convo
Appreciate the detailed breakdown! Just a quick off-topic question: My OKX wallet holds some USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
lmfao
On eth being money or more specifically a gas token. It's inevitable that any chain looking to support payments will abstract gas for fiat stables. Nobody wants tax events buying daily goods. If a token ever gets legal tender status then that changes
bottom signal is in
Real talk, where does Dan Smith ski?
it’s so over