to this understanding as they do not have an issuer, they are not an instrument of debt/commodities nor do have any intrinsic value.
Scathing comments on Crypto from Mr Rabi Shankar - Deputy Governor, RBI.
1) On crypto being treated as a currency:
"Currency always has an issuer, usually a trusted entity like the sovereign. Even when gold is used as a currency, the gold coins had to be issued by a sovereign.
to this understanding as they do not have an issuer, they are not an instrument of debt/commodities nor do have any intrinsic value.
in a blockchain) provides the trust for cryptocurrencies, they can at best perform the role of a currency within the private and closed environment of that cryptocurrency.
awkward attempt to equate some of them with gold, hence limiting their supply like natural resources, or creating them through mining.
smartphones.
cryptocurrencies from a social perspective. Even Ponzi schemes invest in income earning assets.
bond with similar cash flows would be valued at 0, which, in fact, can be argued as the fundamental value of a crypto"
https://t.co/mX9n2ukCN8…
Interestingly its second time in a week that tulip reference has been used by RBI 🙂
More from Crypto
Michael Pettis @michaelxpettis argues that it is not always obvious who (China or the U.S.) adjusts best to "turbulent changes."
Bitcoin answers that question.
Thread:
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
Bitcoin answers that question.
Thread:
1/11
— Michael Pettis (@michaelxpettis) January 11, 2021
An article worth thinking about: \u201cAs changes to the world structure accelerate, China\u2019s rule is in sharp contrast with the turmoil in the West,\u201d says Beijing.
I agree, but I draw a different conclusion. The world is certainly currently going...https://t.co/ugha7ygqqx
World economies currently suffer four major redistribution challenges:
The most important is increasing government stealth use of the monetary system to confiscate assets from productive actors.
/2
That process is exacerbated by "Cantillon Effect" transfers to interest groups close to government ("the entitled class," public sector workers, the medical industrial complex, academia, etc....), which is destroying much of that wealth /3
The shadow nature (see Keynes) of government inflation makes the process unidentifiable, un-addressable and undemocratic.
The biggest victims (America's poorly educated young) are unequipped to counter generational confiscation tactics of today's wily senior beneficiaries. /4
Government control of the numéraire in key economic statistics (GDP, inflation, etc...) makes it impossible for economic actors to measure progress and liabilities. /5
2020 was a game changer for Ethereum.
The vast majority of its success was fueled by #DeFi.
Here's what happened in 5 Tweets 🔽
1) Governance Tokens 🪙
Projects gave complete ownership of billion dollar protocols to their users, often using retroactive airdrops.
Early adopters earned tokens for past usage, and token-based voting now dictates all technical
2) Liquidity Mining ⛏️
Power users were the first to earn on-going distribution by providing liquidity.
$COMP sparked the wave, with $BAL coining the term a few weeks
3) Yield Faming 🌾
Projects coupled liquidity mining and governance tokens to boost 'yields' by combining lending rates with an incentive layer.
APYs peaked as high as 1M% during 'DeFi summer', leading to a 'food coin' craze like $YAM and
4) Fair Launches ✅
Who needs investment when you can launch using yield farming?
@iearnfinance debuted $YFI with no formal funding, seeding a community treasury for self-sustainability.
The notion of a core team and community became one and the
The vast majority of its success was fueled by #DeFi.
Here's what happened in 5 Tweets 🔽
1) Governance Tokens 🪙
Projects gave complete ownership of billion dollar protocols to their users, often using retroactive airdrops.
Early adopters earned tokens for past usage, and token-based voting now dictates all technical
It pays to be a web3 power user.
— Coopahtroopa \U0001f525_\U0001f525 (@Cooopahtroopa) December 9, 2020
Five networks that issued retroactive airdrops to value added actors \U0001f4dd
2) Liquidity Mining ⛏️
Power users were the first to earn on-going distribution by providing liquidity.
$COMP sparked the wave, with $BAL coining the term a few weeks
BAL is live!
— Balancer Labs (@BalancerLabs) June 23, 2020
The 435k BAL for liquidity providers of the first three weeks of liquidity mining (145k per week) have just been sent out to the wallets used to provide liquidity on Balancer.https://t.co/pkXFzwzPVC
3) Yield Faming 🌾
Projects coupled liquidity mining and governance tokens to boost 'yields' by combining lending rates with an incentive layer.
APYs peaked as high as 1M% during 'DeFi summer', leading to a 'food coin' craze like $YAM and
Check out @Cooopahtroopa's latest post for all the #DeFi farmers out there \U0001f468\u200d\U0001f33e
— Zerion \U0001f3e6 (@zerion_io) June 26, 2020
Turns out @synthetix_io & @CurveFinance were ploughing the fields long before $COMP & $BAL came along.
Learn how to put your #crypto to work with this #yieldfarming 101 \U0001f4b8
\U0001f449 https://t.co/zYUKtqx3BK
4) Fair Launches ✅
Who needs investment when you can launch using yield farming?
@iearnfinance debuted $YFI with no formal funding, seeding a community treasury for self-sustainability.
The notion of a core team and community became one and the
2/ What is a Fair Launch?
— fair launch capital (@fairlaunchcap) August 26, 2020
A FL enables founders to bootstrap new crypto networks that are earned, owned, and governed by their community from the outset.
In this dynamic, everyone participates on equal footing\u2014there is no early access, pre-mine, or allocation of tokens.
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#sculpture #story -
Chandesha-Anugraha Murti - One of the Sculpture in Brihadeshwara Temple at Gangaikonda Cholapuram - built by Raja Rajendra Chola I
This Sculpture depicts Bhagwan Shiva along with Devi Paravathi blessing Chandeshwara - one of the 63 Nayanmars.
#Thread
Chandeshwara/Chandikeshwara is regarded as custodian of Shiva Temple's wealth&most of Shiva temples in South India has separate sannathi for him.
His bhakti for Bhagwan Shiva elevated him as one of foremost among Nayanmars.
He gave importance to Shiva Pooja&protection of cows.
There are series of paintings, illustrating the #story of Chandikeshwar in the premises of
Sri Sathiyagireeswarar #Temple at Seinganur,near Kumbakonam,TN
Chandikeshwara's birth name
is Vichara sarman.He was born in the village of Senganur on the banks of River Manni.
His Parent names were Yajnathatan and Pavithrai.
Vichara Sarman was a gifted child and he learnt Vedas and Agamas at a very young age.
He was very devout and would always think about Bhagwan Shiva.
One day he saw a cowherd man brutally assaulting a cow,Vichara Sarman could not tolerate this. He spoke to cowherd: ‘Do you not know that the cow is worshipful & divine? All gods & Devas reside in https://t.co/ElLcI5ppsK it is our duty to protect cows &we should not to harm them.
Chandesha-Anugraha Murti - One of the Sculpture in Brihadeshwara Temple at Gangaikonda Cholapuram - built by Raja Rajendra Chola I
This Sculpture depicts Bhagwan Shiva along with Devi Paravathi blessing Chandeshwara - one of the 63 Nayanmars.
#Thread
Chandeshwara/Chandikeshwara is regarded as custodian of Shiva Temple's wealth&most of Shiva temples in South India has separate sannathi for him.
His bhakti for Bhagwan Shiva elevated him as one of foremost among Nayanmars.
He gave importance to Shiva Pooja&protection of cows.
There are series of paintings, illustrating the #story of Chandikeshwar in the premises of
Sri Sathiyagireeswarar #Temple at Seinganur,near Kumbakonam,TN
Chandikeshwara's birth name
is Vichara sarman.He was born in the village of Senganur on the banks of River Manni.
His Parent names were Yajnathatan and Pavithrai.
Vichara Sarman was a gifted child and he learnt Vedas and Agamas at a very young age.
He was very devout and would always think about Bhagwan Shiva.
One day he saw a cowherd man brutally assaulting a cow,Vichara Sarman could not tolerate this. He spoke to cowherd: ‘Do you not know that the cow is worshipful & divine? All gods & Devas reside in https://t.co/ElLcI5ppsK it is our duty to protect cows &we should not to harm them.
I'm going to do two history threads on Ethiopia, one on its ancient history, one on its modern story (1800 to today). 🇪🇹
I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. 🇪🇹 (sub-thread):
The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC 🇪🇹
Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. 🇪🇹
References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". 🇪🇹
I'll begin with the ancient history ... and it goes way back. Because modern humans - and before that, the ancestors of humans - almost certainly originated in Ethiopia. 🇪🇹 (sub-thread):
The famous \u201cLucy\u201d, an early ancestor of modern humans (Australopithecus) that lived 3.2 million years ago, and was discovered in 1974 in Ethiopia, displayed in the national museum in Addis Ababa \U0001f1ea\U0001f1f9 pic.twitter.com/N3oWqk1SW2
— Patrick Chovanec (@prchovanec) November 9, 2018
The first likely historical reference to Ethiopia is ancient Egyptian records of trade expeditions to the "Land of Punt" in search of gold, ebony, ivory, incense, and wild animals, starting in c 2500 BC 🇪🇹
Ethiopians themselves believe that the Queen of Sheba, who visited Israel's King Solomon in the Bible (c 950 BC), came from Ethiopia (not Yemen, as others believe). Here she is meeting Solomon in a stain-glassed window in Addis Ababa's Holy Trinity Church. 🇪🇹
References to the Queen of Sheba are everywhere in Ethiopia. The national airline's frequent flier miles are even called "ShebaMiles". 🇪🇹
