PK (99.9,0.1) 🦇🔊

You had your chance and you blew it (yes this is real)

I ain’t reading all that. Which button? /s

We will be closely monitoring polls. Cheating will be punished with the full force of the law!!

Bernstein: Buy everything [digital assets] that you can! Our Digital Asset bucket: 50%: BTC/ETH 50%: Alt-L1, ETH L2, ETH L2, ETH L2, ETH Defi, ETH Defi, ETH Defi, Gen-infra, ETH gaming CT: “ETH is ded”

Networks are inherently complex

I’ve been very busy [hence my absence -which will persist for some time] but finally got around to the Drake/Toly debate on @bankless . A thought re: issuance: A US reporting company sells widgets abroad. The country it sells in has a highly inflationary currency. Cost to produce a widget is $4 and is done domestically. In the beginning of the year both country’s currencies were in parity and and products were being sold at $5 (or ¥5). Translated profit was $1 per widget. By the end of the year $1 = ¥2. A couple of scenarios can occur: (1) Do nothing. In this case Revenue at the beginning of yr2 (¥5=$2.5)- cost ($4)= a loss of $1.50. This fx translation is at the expense of the operator. This example is extreme & non-viable. A less extreme example would result in a still profitable operator, albeit with compressed margins. Said another way, the operator bore the expense. (2)As an alternative, to retain margin, price of the product needs to rise in parity with the fx rate in order to maintain margins. (Widgets now need to be sold for ¥10 rather than ¥5). This cost is borne by the end customer. *But what if the customer can invest their idle funds in inflation protected assets to hedge against the inflation? Sure they could do this. We first must assume the following (1a) there are no income taxes on the income generated off these assets (1b) 100% of funds are allocated to these investments, funds are 100% liquid, redeemable at par- at ALL times, and there is ZERO risk of ever losing principle- so as to mitigate the cost of capital, as well as credit risk*. In reality, only a minority of countries have no taxes, and there is always (even if small) an element of credit risk/CoC imposed. Solana validators are the company. They earn revenues is SOL, an inflationary currency. (Yes it is a currency because it is used as a medium of exchange for services. While Toly tries hard to market SOL as a pure equity play [by way of comparison to Apple; and by saying token derives value solely from the network produced cashflows] it is in fact used today as a currency. The validators’ expenses are primarily based in fiat. Be it the cost of electricity to run the boxes or any other cost borne by the operator in their daily lives (the chief life-currency is in fiat and revenues are not). No matter how you slice it, or react to it, there is an expense via issuance. Though it can be obfuscated well. That expense can borne by users, operators, or guised by hidden costs such as CoC/smart-contract risk. And if you are still not convinced then answer me this: Why does issuance exist at all? If it’s not an expense, then surely it’s not revenue (the IRS disagrees btw). If issuance is merely a stock-split as Toly suggests, then what is the purpose? Why not turn it off completely? If stake provides no ‘economic security’ and validators are only receiving stock splits(no revenue), why are they running boxes? The best, yet still inadequate response is, “not all people will stake therefore it is revenue to those who do”. In this case you are now arguing against the points that a) anyone can solo-stake b) you are a user friendly chain not taking advantage of less sophisticated users who don’t. If this is the only rationale response then it would appear Toly has abandoned his users despite supporting them in the past. While inflation rate is an easily fixable problem, and therefore, itself, is a non-concern to me, having very influential leaders like @toly remain obtuse to the matter is a notable.

a) counterpoint is BTC ETF b) counterpoint 2 is BTC ETF flows since ETH key dates (w/ bad T+1 joke included to fit my bias) Wrt b, could this be a tell on how much buying is being held back for ETH allocation. Time will tell. Study alpha.

Solana influencers new Ethereum Fud: “Your L2s aren’t even opting into the AggLayer + Shared Sequencers” We should probably kill this one before it takes hold

2. Ethereum cannot go on with this mentality. Does the below roadmap look complete to you? There is plenty of work to be done. Build, do not rebuild! We should not focus on reinventing the wheel to enshrine products into the L1 without good reason (one sufficient reason could be vendor lock-in/too much value capture- more on this later)

My point is that the AggLayer is a neutral good that can benefit ALL L2 teams Despite that, I think given the contributors (Polygon) some teams are hesitant to use it- a stance that I think hurts Ethereum and all L2s & will result is wasted capital if it needs to be reinvented

Two key takeaways: 1) Polygon team = Gigachads & they are totally underrated 2) Manlets term came from the size of @mert Just look how tiny and cute he looks next to these chads Kid needs a booster seat 😂 ___ But thank you to Mert & Co for giving Polygon good airtime!

For those who haven’t tried both, here is a 1:30 vid showing the difference between @LensProtocol & Farcaster vibes (At very quick random clicking- I’m sure you can find cooler things on both) Which app looks like the future of France you you?

💯 Couldn’t have said it better myself (or could I have)

Bonk. Bad Binji. Have you not ready any of my recent posts? This is a waste of capital and dev efforts & is a net negative for Ethereum. Join the interoperability solutions (SS+Agglayer) and lens will defacto unite with the superchain.. along with many other apps/users

This inflation is really getting out of hand