BC BITCOIN
Saved by @Shubham51ngh

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.

 The defi matrix is the table of all pair wise trades. It’s the fiat/stablecoin pairs, the fiat/crypto pairs, the crypto/crypto pairs, and much more besides.

Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.
More liquidity, less currency?

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
AMMs boost BTC. Here's why.

- 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
Basically, automated market makers like @Uniswap boost BTC in the long term, because they allow *everything* to be priced in BTC terms, and *anyone* to switch out of BTC into their asset of choice.

Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.
Minimum necessary currency

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!
This is how the age of coercion yields to the age of volition. You still keep minimum necessary currency on hand to render unto Caesar, etc.

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.
The defi matrix is what comes after the social graph. AMMs enable global yield farming. Every minute, every user will (automatically) run a search to find the best return for their assets in a totally liquid global financial market, and auto-rebalance.

It all becomes arbitrage.
Yeah, this is hard, but another thing that might get marked-to-market is your job. It's also an asset, one that requires maintenance like a house, except the maintenance is via labor rather than capital.

Maybe you can constantly find a better job too...
https://t.co/NhCP1AGNzu
Algorithmic liquidity reduces the need to hold currency.

Normally people talk about "liquidity events" as the moments when you can convert an illiquid asset into currency. But with AMMs you have a continuous liquidity event...

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Gigi \u23f3\u262f\ufe0f
Gigi ⏳☯️...
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1/ Everyone knows that time is money. In the digital realm, however, money is also intricately related to time. It has to

2/ Among other things, money solves a coordination problem. Trading a single good against others solves the combinatorial explosion of a barter economy. It is a scalability solution that allows coordination across large groups of people.


3/ The two basic forms of money are ledgers (made of information) and physical tokens (made of atoms). Physical tokens keep track of themselves. Ledgers need someone who is in charge.


4/ In the informational realm, only ledgers exist. And to make sure that transactions on a ledger are in order, a concept of time is required. In other words: Tokens are timeless, ledgers are not.


5/ A decentralized system can't rely on our human concept of time. A trustless, non-local time is required. Trustless, because we must not introduce a third party. Non-local because we don't have the luxury of a central frame of reference.
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Radigan Carter
Radigan Carter
@radigancarter
I have a different take on bitcoin, tether, and dollars

Can also speak with authority on nation state violence

"Nothing makes you feel more free than taking another person's freedom"


and @profplum99 concerns with tether, bitcoin, and decentralization make sense yet I remain long BTC

They are correct on force, I worked in decentralized societies, they are dangerous because the state does not have a monopoly on violence

For those in the first world who have never seen a milita ride out of the desert, kill and enslave farmers, and the government cannot stop it because the 21st century slave trade pays better than the UN, the reality of decentralization is might equals right

I know, that isn't the decentralized future Buterin talks about while wearing a t-shirt with a cat fighting space invaders on it (love those shirts)

But we need to be real, disrupting the global centralized economy won't be like Uber putting taxis out of work

It will be war and faminine level disruption as old empires come alive again

For decentralization to rise the centralized global power of the last 70 years (US Hegemony) has to weaken

Yes we will be rich, but as the Big Short says,

"you can be happy, just don't fucking dance"
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Ugly OldGoat
Ugly OldGoat
@UglyOldGoat1
The #Bitcoin fundamentals of four generations of inflation, entitlements, and regulations are separate and apart from #Bitcoin the technological innovation. If we had sound money there would be little demand for Bitcoin. (1/13)


The notion that gold futures hold down the physical gold price or subjects the gold price to long-term manipulation is a canard. CME gold futures deliveries are settled with warrants meeting exact specifications met by approved refineries, carriers, and warehouses which (2/13)

ensures the integrity of delivery apart from the exchange. https://t.co/CpV1OBSsAT One need look no further than the 1980 Hunt Silver fiasco which illustrates how deliverable futures contracts provide for the discovery of an untapped silver supply resting in people's homes.(3/13)

Not so for Bitcoin. The CME Bakkt Bitcoin contract is for Bakkt Bitcoin. It is not Bitcoin. Bakkt Bitcoin is a cash-settled monthly futures contract. While the Bakkt Bitcoin has geographically storage of private keys, they are not your private keys. (4/13)


Not your keys, not your bitcoin. The Bitcoin Warehouse is an internal ledger The internal ledger operates separate and apart from the Bitcoin blockchain. The only interaction with the public blockchain is during the deposit of bitcoin into the Bakkt Warehouse and the (5/13)
BITCOIN
Simon Lelieveldt
Simon Lelieveldt
@finhstamsterdam
Ok, so what is the significance of the @lagarde statement on bitcoin?

We were offered a very open insight (but slightly flawed analysis) into top level policy perspective behind the crack down on selfhosted wallets.

https://t.co/1LTzrxHbgs 1/32


'It is a speculative asset, by any account. If you look at the price movements... '

It starts with an economic price perspective and we can learn that ECB is closely monitoring this price movement as one of the many indicators.

So we are in the classic central bank frame 2/32

'Those who thought it would turn into a currency. Sorry, it is an asset not a currency.'

Here she summarises a classic debate on what is currency and what is needed for that. Based on the holy three: unit of account, means of payment, store of value. 3/32

The summary is classic, but too narrow and does not incorporate the wider financial history viewpoints on money, currencies and the way we pay. 4/32

ECB overlooks the de facto unit of account role of bitcoin, having been used to 200 years of having cash around whic is both the unit of account and a means of payment. 5/32
BITCOIN
CryptoWhale
CryptoWhale
@CryptoWhale
#BlackRock, the world’s largest asset manager with $7.81 trillion AUM, recently granted two of its funds the ability to invest in #Bitcoin futures.

Here's why I think BlackRock investing in Bitcoin futures is bearish, and could result in a major downturn in the coming months.


1) According to the new BlackRock SEC filings, it mentions the use of Bitcoin derivatives and other assets as part of its investment scheme. The futures will be cash-settled, and likely on the CME BTC exchange.


2) If BlackRock was bullish on Bitcoin, they would've directly bought it, but instead they are choosing to buy Future contracts. Why?

With Futures, they can either short or long. Considering BlackRock's historically bearish stance on BTC, It's quite clear they will be shorting.


3) Here's a short clip of BlackRock CEO Larry Fink bashing #Bitcoin, saying theres zero institutional demand, and calling it an ‘index of money laundering':


4) By investing in the Bitcoin futures market, it essentially allows them to gamble on its future price.

With their large cash size, BlackRock will be the largest player in this market. They can and will tank Bitcoin's price to avoid paying out. Banks have done it before...
BITCOIN

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One of the most important place for snake worship.
The murtis of Kartikeya and Narasimha are self-manifested.
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An interesting set of games that I've been vaguely interested in since I was a kid, after seeing one at a friend's house and never being able to find it again, was the BATTLES IN A DISTANT DESERT/BATTLES ON DISTANT PLANETS series.


These are turn-based wargames for windows 3.x, sharing the same engine.
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and Battles on Distant Planets is from 1991, and takes place in SPACE!
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So it's a 0-2 player game!


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3/ What’s happening isn’t exclusively American: Similar trends are being observed in other countries, including Japan, Australia, the U.K., Finland, and the Netherlands.


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