Preventing human-machines conflicts since 2014. Ethereum Foundation (2014), @unilogin (2018), @balancerlabs

Rio de Janeiro
Joined October 2006
I deposited money in a new exchange and recently found the dev team was shutting it down and moving on, the app didn’t work anymore. If this was a traditional exchange my money would be gone. But I was able to go directly to a contract and withdraw. Decentralization matters.
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Users couldn’t care less about decentralization when everything goes right. Until it doesn’t and they do.
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2021 NFTs have a lot in common with the ICOs of 2017: a mania fueled by newly crypto rich wanting to "diversify" where most buyers will lose money. So whatever happened to ICOs since 2017? They have quietly reinvented themselves completely while you were not paying attention.
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Ethereum itself was an ICO, in which the total amount was uncapped and raised $14M. Then came the DAO, also uncapped and raised over $100M and the resulting mess of 2016 pushed a lot of people to criticize uncapped sales as "greedy".
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So caps where made: large caps, hard caps, soft caps, secret caps. But here's the funny thing about money, if a giant pile of cash wants to go somewhere, it will put pressure and like water, something will have to give.
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The Brave sale raised $35M in a few blocks with some outrageous transaction fees. Some tried capping the gas prices accepted, but it meant that the huge amount of transactions coming in could clog the whole network for hours and hours. Others just gave no Fs and raised $4B.
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The ICO boom ended by early 2018, when the price of ether crashed and the hunger for new tokens also went down. But the idea never really went away, as it does address a real concern: how to launch a token fairly that allows rational price discovery over a period of time?
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So when people stopped paying attention to ICO the term evolved: STOs, DSOs, IEOs, and with the advent of the Automated Market Maker, the IDO appeared. An Initial Dex Offering is a way to skip the whole "build your own presale contract" step and simply use a Uniswap pool
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The problem however is that when a token is new its price can fluctuate wildly and initial liquidity providers can really get destroyed by the price swings as the pool automatically buys and sells their ether or dai. And in most pools to be an LP you must first buy the token!
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So enter Liquidity Bootstrapping events. The token creators initially set a pool that is mostly made of a highly liquid asset, like USDC, DAI or Ether and with only a small amount of the new token. Being a liquidity provider is low risk as it's 90%+ just one token.
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But slowly, the pool automatically increases its share of the new token. The volatility is absorbed by the highly liquid majority and it works basically as a slow buyer of the new token. Radicle's sale is a great success case to read: medium.com/balancer-protocol…
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In the end, the pool is a normal 50:50 pool and suddenly the new token is now highly liquid too. You can read more of LBPs in this great article by Stanislav: medium.com/balancer-protocol…
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There's a lot of space to explore still: can you use a LBP with a range in years instead of days, to reproduce a reversible ICO like @feindura did with the Lukso sale? Can you use the Pool shares as a way to directly vote on the management (vitalik's DAICO)? Let's keep an eye!
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Alex Van de Sande (avsa.eth) retweeted
Replying to @ChrJentzsch @zooko
If you want to talk more other people must unmute you but then it reduces from their clock! That would be quite cool in a large roundtable discussion
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Alex Van de Sande (avsa.eth) retweeted
Replying to @zooko
more like a chess clock. Everyone has a fixed amount of time they are allowed to be unmuted.
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Alex Van de Sande (avsa.eth) retweeted
Needed: a Zoom plugin that shows how much time each person has been talking.
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Remember when there was an American candidate that had a plan that would end poverty in the US, while reducing the size of the state and without giving a single dime to corporations? The cost was $4T, he had shown how to pay it, but was considered too expensive and too radical.
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Solar energy prodction: 700 TWh/y (2019) Bitcoin energy usage: 73- 99TWh/y (2019-2021) So if all bitcoin production was from solar panels it would have consumed over 10% of global production. OP was wrong, but it’s still too much and I can’t wait to get out of the PoW train.
Pretty cool how you can just say stuff and it gets published
Show this thread
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Sources: * Our World in Data ourworldindata.org/renewable… * Digicononist digiconomist.net/bitcoin-ene… (Anyone has a better direct source than digiconomist?)
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