1/ Crypto’s biggest potential impact to society is in sustainably distributing wealth, capital & ownership to a larger % of the world.

This is also its biggest risk: crypto can exacerbate inequality if it is not made accessible to everyone—especially those who need it most.

1/ Fear and Bitcoin.

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through “Fear, Uncertainty, and Doubt” or what we Bitcoiners have nicknamed “FUD.”

Unlike #ETH and #BTC $ Algo uses delegated proof of stake (DPOS) #AlgorandandFriends

Under the DPOS mechanism, the community will empower a number of users the delegates to choose the next block. This is a mechanism that is used by blockchains such as EOS etc. $Algo

There is a fixed number of delegates & these delegates can be viewed as having centralized control. In the adipose blockchain, the delegates may own a tiny fraction of the total money in the system. Yet, the whole blockchain is secure. $Algo

The Algorand consensus mechanism is called pure proof of stake. And it operates on this simple principle. It makes cheating by a minority of the money impossible and cheating by the majority stupid. $Algo

$Algo developed a mechanism so that those with small stakes cannot cheat, those that have a large stake in the network won’t cheat. It will completely devalue their holdings & make no economic sense. As long as 2/3 of the majority are honest, the protocol will work just fine. $

1/ If you’ve been listening to @HiddenForcesPod over the last few months, you will know that I’ve been wrestling with many emotions as we’ve moved through the 2020 election, past the inauguration and towards the start of a new presidential administration.

2/ I’ve felt some combination of anxiety, nervousness, distress and sometimes even, anger.

I think these result from the threat I feel emanating from our broken society, as evidenced by not only the assault on the Capitol but by the larger forces that have led us to this moment.

3/ Rather than make an effort to bring our country together, our partisan media and talking heads on cable news outlets find every opportunity to tear it apart.

Likewise, our regulators continue to turn a blind eye to the systemic build-up of risk happening in financial markets.

4/ The celebrated rise of Bitcoin is a symptom of these broken markets.

People have such little faith in government that they'd prefer to hold their money in a database with the carbon footprint of a small nation than in government bonds or in their FDIC insured bank accounts.

5/ And this illuminates a larger observation, which has to do with the generational divide that we are experiencing—a divide which cuts much deeper than any political fissure currently tearing the country apart.

Once again, we can turn to Bitcoin for answers.

This might take a few tweets to get out.
1/ The ICO boom in 2017 and the altszn in early 2018 were unique in that crypto was a largely unregulated space where countless fools were getting lucky on the bad luck of greater fools. This was largely fueled by Ethereum and the ability

2/ to create tokens and contracts from thin air but it got thrust from the post halving BTC bull market and the unique phenomenon of 'crypto kitties' which were both like booster rockets and drew huge media attention to the entire crypto space

3/ Crypto wasn't new in 2017-18 but it was new to most of the people who were seeing it on the evening news, CNBC, etc. Seeing construction workers buying new trucks with crypto riches and idiotic crypto-rich in lambos and moving to Puerto Rico -

4/ - these images captivated lots of people and inspired the idea of 'I missed out before, I don't want to miss out this time' in relation to stocks, internet, tech, real estate, and more. The important ingredient was 'If those people can do it, I can do it'

5/ The inclusion of a character like John McAfee and the entire ICO industry created a greedy free for all where for every good project there were fifty worthless ones - but sometimes, a diamond emerged from the shit