Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.
The defi matrix
As each asset class goes on-chain, it can be stored in a digital wallet. And it can be traded against other such assets. Not just cryptocurrencies, but national digital currencies, personal tokens, etc.
We’re about to enter an age of global monetary competition.
Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.
This is an interesting point. Cash doesn’t make you money. In fact, it can lose you money in an inflating environment.
Reliable, 24/7 mark-to-market on everything is hard — but if achieved, means less % of assets in cash. https://t.co/Hg7W32iCDY
Thus less use for currencies as people can more easily store their wealth into assets and easily trade them.
— Pierre-Yves Gendron (@pierreyvesg7) February 24, 2021
- All assets trade against all assets in the defi matrix
- Automated market makers give liquidity for rare pairs
- Everything is marked-to-market 24/7
- Value of cash drops, as you can liquidate instantly
- The new no-op is to keep your assets in BTC
Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.
Total global liquidity for everything via automated market makers will drive the world to minimize national currency holdings.
Because the scale-up of AMMs & yield farming will allow anyone to instantly get a better return than holding cash!
But no more than that. Every excess unit of fiat beyond the necessary minimum goes into crypto to seek higher returns in the defi matrix.
It all becomes arbitrage.
Maybe you can constantly find a better job too...
https://t.co/NhCP1AGNzu
And what follows is the end of the bullshit job. What you do has tokenized and appreciable value, since otherwise, by definition, that capital could be earning immediate yield. There\u2019s a mark-to-market cost to bullshit.
— manhattanbeachproject (@manbeachproject) February 25, 2021
From drudgery to flourishing.
More from Bitcoin
Back with another #FreeLoveFriday. Last time, we covered how Mastercoin/@Omni_Layer pioneered digital asset issuance on blockchains. Today, let\u2019s discuss @Chainlink and the vital role it plays in connecting blockchains to the real world. https://t.co/0poYIBtGrt
— Emin G\xfcn Sirer (@el33th4xor) January 22, 2021
In my thread about Mastercoin, I briefly touched on the vital role fiat-backed stablecoins play in crypto markets, but there’s a catch with them:
The counterparty risk of a third-party holding fiat in reserves.
Enter MakerDAO, which set out to create a decentralized, collateral-backed cryptocurrency, DAI, that would be “soft-pegged” to the U.S. Dollar using the power of algorithms. In crypto tradition, its supporters said trust game theory, not operators.
In 2017, MakerDAO published a whitepaper describing a system where anyone could create DAI by leveraging ETH as collateral to create Collateralized Debt Positions. Essentially, you take out a digital USD loan against your crypto.
The game theory of the system is structured such that DAI issuance is controlled to keep the price pegged to $1.00. In essence, it buffers the fluctuations of the underlying collateral to create a synthetic dollar bill.
#BITCOIN
— Mayank Narula (@Mayank_Narula1) March 5, 2022
Pending RSI divergence on monthly chart which requires a dip under 13805 to get resolved.
But monthly RSI divergences can go on for years before the resolution.
Best case scenario will be panic dump over next few months. pic.twitter.com/hi67hMg9sZ
1. China PlusToken FUD: Old news. Please see linked thread.
2. U.S. Treasury FUD: Read thread below...
$BTC:
— David Puell (@kenoshaking) November 27, 2020
1/ So here's the deal with all the PlusToken news we've been seeing recently in the crypto media. Thing is, tho it's just being reported now after the Chinese government put out official balances, @ErgoBTC blew this story open for the on-chain community over a year ago... https://t.co/epNjZaNcJ1
1/ These news are much more relevant, as they imply severe trade-offs for people who want to keep their bitcoins undoxxed, with the cost and risks of doing so. I would not disqualify the tweet as mere FUD in the sense that what he posted is false. It should be taken seriously.
2/ For all we know, his decision of making it public before TG weekend may come out of the urgency of informing CT of a poignant anti-Bitcoin move by a Trump administration trying to cut lose ends before leaving office—not just "price manipulation" as I've seen suggested around.
3/ It implies the acceleration of a process already planned for for months in advance, not something he just came up with to "crash the market."
4/ In practicality, assuming this passes, it will have two major consencuences:
a. Armstrong's analysis is correct. And I would go further in saying, this regulation would leave the U.S. severely handicapped to continue to be the leader in the cryptocurrency industry worldwide.