192 Matching Annotations
  1. Nov 2023
    1. Why do Direct Leaders decentralize when they issue a token? Decentralization imposes costs on an organization — decisions are made more slowly by lower context people who are not held accountable for bad decisions — this is why companies don’t operate this way. These costs are being felt across the industry. Kevin Owocki, who left as Direct Leader of Gitcoin to later return, described a broader trend of “founders boomeranging” back into leadership to solve the organizational dysfunction caused by decentralization. As the impetus for governance changes, Rune Christensen wrote of MakerDAO in 2022, “The governance processes and political dynamics… fundamentally aren’t compatible with the reality of effectively processing complicated real-world financial deals.”

      Just keep relearning the lessons of a 1000 years of governance experiments.

      People have been trying decentralized governance for a really long time and it's really hard. Progress does not depend on structural innovation, duh! It depends mostly on ontological/cultural innovation (e.g. "god is watching" aka the internalized morality of e.g. late christian religion) with some amount of increased monitoring and transparency ...

    1. iMeta Crypto Exchange Script

      This is the whitelabel crypto exchange solutions developed by iMeta Technologies. The software comes with a perpetual license and is provided with source code. The backend logic, front end UI and trading engine API all come under the package. You can easily build the crypto/digital asset exchange with little customization as you want. You can operate the scalable digital asset exchange platforms like Crypto trading, marketplaces, OTC desk and brokerages.

  2. Oct 2023
  3. Sep 2023
  4. Aug 2023
    1. History of Blockchain Technology

      Explore the evolution of blockchain technology in our comprehensive guide. Learn its history and impact. Stay updated in 2023. >> History of Blockchain Technology

  5. Jul 2023
    1. UNISWAP PROTOCOL Swap, earn, and build on the leading decentralized crypto trading protocol.




    1. Fundamentals for crypto Token Terminal is a platform that aggregates financial data on the leading blockchains and decentralized applications.

  6. Jun 2023
    1. there are historical cases of “pseudo-commodities” that, like crypto, have no intrinsic value and which are sold as collectibles, and where market liquidity arises out of more complicated social phenomena.
    2. It’s the only defensible position once one dives into the underlying ecaonomics of the products being sold, which are all contingent on fraud and misrepresentation
  7. May 2023
  8. Apr 2023
  9. Mar 2023
    1. Small Collision Probabilities

      How probable is for some git hash-ids (some chars, not the full length) to collide:

      • for a small project with ~100 commits:

        • 8 digits (32bits): 1/million
        • 7 digits (28bits): 1/54,000
        • 6 digits (24bits): 1/3,400
      • for a big project: with ~10.000 commits:

        • 8 digits: 1/100
        • 7 digits: 1/6
        • 6 digits: ~1

      As confirmed with the vecto repo, with these ipython commands: ```ipython

      !git rev-list --all --count 14042 def collissions(k,N): ...: return 1 - e((-k(k-1)/(2N)))

      collissions(14042, 16**6) 0.9971938358691735 !git rev-list --all | cut -c -6 | sort | uniq -cd 2 5af40d 2 6a6c62 2 914c24 2 d83979 2 e8060f

      collissions(14042, 16**7) 0.3073608000674162 !git rev-list --all | cut -c -7 | sort | uniq -cd 2 e8060f9

      collissions(14042, 16**8) 0.022691464724788335 !git rev-list --all | cut -c -8 | sort | uniq -cd <nothing> ```

  10. Feb 2023
  11. Jan 2023
    1. We need to read the Signature header, split it into its parts (keyId, headers and signature), fetch the public key linked from keyId, create a comparison string from the plaintext headers we got in the same order as was given in the signature header, and then verify that string using the public key and the original signature.

      ```ruby require 'json' require 'http'

      post '/inbox' do signature_header = request.headers['Signature'].split(',').map do |pair| pair.split('=').map do |value| value.gsub(/\A"/, '').gsub(/"\z/, '') # "foo" -> foo end end.to_h

      key_id = signature_header['keyId'] headers = signature_header['headers'] signature = Base64.decode64(signature_header['signature'])

      actor = JSON.parse(HTTP.get(key_id).to_s) key = OpenSSL::PKey::RSA.new(actor['publicKey']['publicKeyPem'])

      comparison_string = headers.split(' ').map do |signed_header_name| if signed_header_name == '(request-target)' '(request-target): post /inbox' else "#{signed_header_name}: #{request.headers[signed_header_name.capitalize]}" end end

      if key.verify(OpenSSL::Digest::SHA256.new, signature, comparison_string) request.body.rewind INBOX << request.body.read [200, 'OK'] else [401, 'Request signature could not be verified'] end end ```

    1. I have come to view cryptocurrencies not simply as exotic assets but as a manifestation of a magical thinking that had come to infect part of the generation who grew up in the aftermath of the Great Recession — and American capitalism, more broadly.


  12. Dec 2022
  13. Nov 2022
    1. In his videos, Mr. de Hek treats all of these and other twists in the Hyper plot with a light touch, one befitting a farce. That’s especially true when the topic is Mr. H, a figure who now appears on HyperNation videos as some kind of spokesman, wearing a gold mask and a black hoodie and uttering slogans — “HyperNation will be an equal, fair and transparent platform that can solve the pain points of today’s society” — in a variety of slick studio settings. It’s like getting lectured about utopia from a character in “Squid Game.”

      this use of the utopian twist is what is so fascinating.

    2. “Everyone in the Jehovah’s Witnesses loves other members, and it’s that sense of community that is the most precious thing to them,” he said. “Everyone in those HyperNation Zoom chats keeps talking about how much they love each other. And in both cases, there is no talking anyone out of their faith. For the Witnesses, it’s faith in the Bible and in end times. For HyperNation, it’s faith in the blockchain.”

      Cult like aspect of crypto.

  14. Sep 2022
  15. Aug 2022
    1. Broadly, OFAC has expanded its ability to sanction crypto actors and has rapidly increased the speed and bore with which it designates wallet addresses, but it has not hit that many wallet addresses overall. The office, while it wields theoretically broad powers, has limited resources. Consequently, each hit bears major significance for the Treasury’s subsequent policy direction. 

      this leaves out some of the most important guidance from treasury lol

  16. Jul 2022
    1. Dorsey co-founded Square in 2009 with a focus on in-person payments and its namesake card reader, which let people accept credit card payments on a smartphone. San Francisco-based Square has since added a peer-to-peer digital banking app and small business lending, received a bank charter and begun offering crypto and stock trading. The company has acquired buy-now-pay-later provider Afterpay and Jay-Z’s music streaming service Tidal. It’s also doubling down on bitcoin with a crypto-focused business called TBD.
  17. Jun 2022
    1. Creating GUID/UUID in Javascript using ES6 Crypto APIWe can use JavaScript ES6’s crypto API to generate GUID/UUID at the client side.crypto API comes up with a method called getRandomValues() which is used to generate a Universally Unique IDentifier as shown below

      js function CreateUUID() { return ([1e7]+-1e3+-4e3+-8e3+-1e11).replace(/[018]/g, c => (c ^ crypto.getRandomValues(new Uint8Array(1))[0] & 15 >> c / 4).toString(16) ) }

  18. May 2022
    1. While the traditional web-based architectures that have predominated in the first decades of the 21st century are built upon pre-existing societal and economic structures, cryptocurrencies and the blockchain represent an entirely new ecosystem of human transaction.

      These bold claims are made with no substantiation e.g. "blockchain represent an entirely new ecosystem ..."

      Note, that i would argue that it was the internet (and its costless copying) that was by far the more substantive transformation.

  19. Apr 2022
    1. Elad Gil 在这篇小短文里揭露了很多现实中的问题. 自从 2013 年 Crypto 进入行业视野中以后, 大银行就是这么对待区块链的:

      1. 成立一个区块链团队.
      2. 让区块链团队做一条私有链, 并且始终处于做 Demo 阶段.
      3. 让 CEO 能够大夸特夸区块链团队, 说 “我们是有那个区块链啥的东西, 有团队专门在做”.

      Elad 也说, 大银行为了满足客户的需求, 开始利用 Crypto 来开发比如 ETF, 代币托管, 对冲基金, 衍生品交易所的产品. 他总结到银行和其他中介对 Crypto 的采用速度会越来越快.

      Elad 在最后也调侃了这些大机构, 他说这些全球银行的董事会会议总是以马丁尼酒结束, 并且说纽约的马丁尼比旧金山的好很多, 而且波士顿的特别好. 他还说这些董事会成员都穿着西装带着单片眼镜, 有点像玩大富翁 (其实他就是想说这些机构的垄断). 最后他认真地说, 区块链和智能合约会改变 Crypto 以外的金融体系, 但是需要很长时间.

    1. Nick Tomaino 在这篇文章中阐述了一个观点, 就是以比特币为首的一些项目其实也推出了开源分散组织的概念 (比如 DAO 以及开源开发组织). 在颠覆金融系统之外, 中本聪所创造的比特币也会颠覆公司的形式.

      经济学家通常认为, 公司的存在有两个主要原因: 尽量减少交易成本以及汇总资本和人员. 公司在几十年以来都是人们协作首选的形式, 但是比特币在没有公司的情况下蓬勃发展, 背后没有公司, 没有中央组织支持, 而是通过代码 (组织规则) 和激励措施 (代币) 将包括矿工、开发人员、用户的参与者聚集到一起, 共同创造价值.

      比特币是具有公司的优点 (最小化交易成本、汇总资本和共享资本以及为贡献者提供工作保障) 的组织结构的第一个例子, 并结合去中心化的所有权, 不受控制的数据以及受到制衡的决策权的优点. 比特币在全球范围内提供给人们赚钱机会, 并且建立明确的激励机制, 创造了公司无法实现的去中心化的新产品 (无法被 censor 的数字货币).

      然而, 这种分散式组织架构的缺点也很明显: 分散决策很难很慢, 很难衡量参与者真正的贡献, 权力下放导致了很多滥用...

      Nick Tomaino 最后总结说 2017 年是分散式组织的早期, 未来这种协作形式会渗透到主流, 越来越多新的分散组织会建立起来, 传统的公司也会在未来慢慢转型过渡到 Crypto 化的分散组织.

    1. 在上一篇文章发布十几天后, Chris Dixon 又表达了自己为什么对比特币产生兴趣的原因. 有些人认为比特币火热单纯是因为自由主义者的支持, Chris Dixon 赞同了很多比特币的早期支持者都是自由主义者, 同时很多重要的计算机领域的运动都是因为意识形态而受到支持.

      他不认为比特币的终极目的是替代美联储. 他觉得如果想用科技改变金融, 那么就不仅仅要在现有的基础上建立新增的服务, 而是要彻底重新构建一个新系统和新秩序.

      他最初认为比特币是一个投机泡沫以及互联网黄金. 但是他突然意识到比特币正在重建整个支付行业. 他非常看好小额支付的应用.

      他最后强调, 科技改善金融的唯一方式就是重建一个不依赖其他现有设施的新服务. 比特币是一个非常有效的改善方式, 是一个值得运行的实验.

      2013 年是 Crypto 的早期基础设施和认知建设的一年, 这一年 Coinbase 拿到了 a16z 的投资. 随着大众对比特币的关注提升, 两种对立的声音开始产生, 一部分人坚定认为 Crypto 是个 scam, 而远见者对比特币的认知开始逐渐清晰, 开始思考 Crypto 的未来.

    1. Fred Wilson 在这篇文章中提到了对比特币的概念的赞同, 认为比特币作为一种货币基于对算法和网络的信心的理念非常好.

      他说在他和他在 USV 的同事看来, 一种公平且透明的网络构建的替代货币是一个即将实现的想法. 他认为比特币值得观察, 但是货币与政府真正脱钩会产生重大影响, 所以还是要谨慎, 但是依旧是一个非常有趣的投资机会.

      对于当时比特币的币价, 他点评到, 可以说比特币失败了 (居然从 29 美元归零到了 13 美元), 也可以说我们刚刚经过了膨胀期望期, 价格回归到了比特币真正的价值. 有趣的是, 目前比特币的价格在三万美元以上.

      这篇文章的评论区也极其精彩, 我们可以看看 2011 年的人对比特币是有哪些思考, 质疑, 和辩论的.

      2011 年是远见者对 Crypto 探索的一年, 比特币开始逐渐吸引开拓者的目光, 而他们认为 Crypto 的主要作用会是一种替代掉央行的替代货币.

    1. The basic structure of the trade is (1) Ponzi, (2) acceptance, (3) diversification, (4) permanence. I feel very dumb typing that! But I guess it works.

      This is a very good summary of the steel-man version of this thesis.

      The history of foreign-currency runs makes me dubious of success on many of these.

    1. Meanwhile in cryptoHere’s a trade you can’t do: Find a small publicly traded bank. Say it’s a bank with $10 billion of assets, with an equity market capitalization of $1 billion. (These are realistic numbers; the market value of a bank’s stock will generally be much lower than the value of its assets, because most of those assets are in effect owed to its depositors. 8 ) Buy 51% of the stock for $510 million or whatever.  Vote out the board, vote in a new board and make yourself the chief executive officer. Take the $10 billion in the vault and send it to yourself, making $10 billion on your $510 million investment. Smirk “what, I own the bank, I take the money, that’s how it works.”That’s not how it works, you can’t do this, 9  if you did do it you would go to prison, but you’d be stopped well before that point. But in its outlines it is a tempting and elegant trade, and we have talked about variations that work a little better. (The guy we talked about did go to prison, though he did get the money first, so his version worked only a little better.) window.__bloomberg__.ads.enqueue("in-article-4-RAJT3KDWLU6A01"); {"contentId":"RAJT3KDWLU6A01","position":"in-article4","dimensions":{"mobile":[[5,19],[300,250],[3,3],[1,1],"fluid"]},"type":"In Article Flex Native Ad","positionIncrement":1,"targeting":{"position":"in-article4","positionIncrement":1,"url":"/opinion/articles/2022-04-18/twitter-has-a-poison-pill-now"},"containerId":"in-article-4-RAJT3KDWLU6A01"} window.__bloomberg__.ads.enqueue("desktop-in-article-8-RAJT3KDWLU6A01"); {"contentId":"RAJT3KDWLU6A01","position":"desktop-in-article8","dimensions":{"large_desktop":[[300,250],[5,4]],"small_desktop":[[300,250],[5,4]]},"type":"Desktop in article Native Ad","targeting":{"position":"desktop-in-article8","url":"/opinion/articles/2022-04-18/twitter-has-a-poison-pill-now"},"containerId":"desktop-in-article-8-RAJT3KDWLU6A01"} The basic idea of the trade is that there exist in the world some very large pots of money — banks, insurance companies, asset managers, etc. — that are controlled by relatively small companies. It takes a smaller amount of money to buy control of the company, and then you get to decide what to do with the larger pot of money that the company manages. In the world of traditional finance, this is a well-known problem, and those pots of money tend to be very carefully regulated to guard against some opportunist taking control of them on the cheap and draining the money from the pot.In crypto, etc. etc. etc. etc. etc. you know how this is gonna go. Here’s Anthony Lee Zhang on Twitter:Beanstalk, a moderately popular new algo-stable protocol, just got attacked for $80MThis one is a very interesting hack: rather than exploit a bug in the code, it was a "governance attack". My understanding is that holders of beanstalk equity token holders can vote on changes to the protocol: literally, chunks of code that are added to the protocolThe way an algo-stable works, there's an equity layer and a debt (stablecoins) layer, and possibly a bunch of reserves, so the equity layer effectively has control over a bunch of "stuff" that the protocol ownsHence, a fairly simple attack:1. Propose a piece of code to the protocol that says "send the entire treasury to my address A"2. Buy a bunch of equity tokens and vote the change in3. Send the entire treasury to your address AAnd here is CoinDesk’s summary:The attacker took out a flash loan on lending platform Aave which enabled them to amass a large amount of Beanstalk’s native governance token, Stalk. With the voting power granted by these Stalk tokens, the attacker was able to quickly pass a malicious governance proposal that drained all protocol funds into a private Ethereum wallet.Various crypto pots of money are controlled by governance tokens, and the market capitalization of the governance token is often a lot lower than the value in the pot, for basically the same reasons that the market capitalization of a bank is generally much lower than the value of the bank’s assets. And the governance token can, by majority vote, decide what to do with the pot. (Sometimes — many pots are better designed than this!) And in crypto, you can often do a series of transactions as a single integrated transaction, in which you take out a flash loan to buy all the governance tokens, vote the governance tokens to give yourself the pot of money, use some of the pot to repay the flash loan and keep the rest for yourself — all at once. And so someone did.  window.__bloomberg__.ads.enqueue("desktop-in-article-9-RAJT3KDWLU6A01"); {"contentId":"RAJT3KDWLU6A01","position":"desktop-in-article9","dimensions":{"large_desktop":[[300,250],[5,4]],"small_desktop":[[300,250],[5,4]]},"type":"Desktop in article Native Ad","targeting":{"position":"desktop-in-article9","url":"/opinion/articles/2022-04-18/twitter-has-a-poison-pill-now"},"containerId":"desktop-in-article-9-RAJT3KDWLU6A01"} Again: You could do exactly this trade with a bank, instead of a stablecoin, if banks were stupidly designed. But they are not!

      Beanstalk governance attack

    1. Now did I get lucky?  Of course, but all big winners like that come with some aspect of luck.  If you find yourself in a situation where you are buying a clearly unsustainable token, you have to be asking yourself "am I so early this won't matter" and "what facts do I need to see to know to sell".   These types of tokens are trades, and trades only, not something to "HODL".   

      always have a plan ab buying and selling

    1. Dominic Williams, founder and chief scientist of the Dfinity Foundation commented in a statement: “The NNS now means the Internet Computer is feature complete. It represents a seminal moment in the history of the internet. For the first time, internet services will be governed in a completely independent, decentralized manner. It is the technical solution to the systemic problems Big Tech has created with its monopoly over the internet, a public utility that should be completely open — bringing back the concept of the programmable web. The NNS is the catalyst for the open internet we were promised in the 1990s, and it ensures that the future of the internet remains open and free.”
  20. Mar 2022
    1. Now you get it, this is the goal: free economy through free currency.

      But how are those two linked? This is the classic logical fallacy / sleight of hand of most currency oriented blockchain stuff ... how on earth does creating your own currency give anyone more freedom?

      Created money (including us dollars etc) only get value to the extent they are convertible into something with "use-value". Sure, control of the currency gives some power but it is relatively minor compared to the big question of the "real economy" where production and exchange of "real" stuff actually happens.

    1. overall digital currency growth and worldwide involvement.

      If this is the goal and the main reason for stable coins to exist we don`t need them.

    1. Should the transaction fees dry up, your UST is now backed by air and you're back to betting the project grows in the future. Looks like it's reached a critical mass though and is continuing to grow and can easily support the current burn rate.

      Woah! "Your UST is now backed by air"