BC CRYPTO
Saved by @AnmolNarula11

I've just read one of the most lucid, wide-ranging, cross-disciplinary critiques of cryptocurrency and blockchain I've yet to encounter. 1/

 It comes from David "DSHR" Rosenthal, a distinguished technologist whose past achievements including helping to develop X11 and the core technologies for Nvidia.

https://t.co/tkAMShno4k 2/
Rosenthal's critique is a transcript of a lecture he gave to Stanford's EE380 class, adapted from a December 2021 talk for an investor conference. 3/
It is a bang-up-to-date synthesis of many of the critical writings on the subject, glued together with Rosenthal's own deep technical expertise. He calls it "Can We Mitigate Cryptocurrencies' Externalities?"

The presence of "externalities" in Rosenthal's title is key. 4/
Rosenthal identifies blockchainism's core ideology as emerging from "the libertarian culture of Silicon Valley and the cypherpunks," and states that "libertarianism's attraction is based on ignoring externalities."

This is an important critique of libertarianism. 5/
The idea that "liberty" is the freedom to do as you like, provided it doesn't harm others is simple enough on its face, but the reality is very few of our actions are free from the potential to harm others. 6/
The freedom to drive, or operate a firearm, or to determine your own vaccination preferences all have impacts on others. 7/
We can (and should) argue about what consideration you owe to your neighbors and what tolerance they owe to you, but all to often, that argument is settled by ignoring it. 8/
Think of the people who talk about masking as a "personal choice." Human beings have an undeniably entwined epidemiological destiny. There are few epidemiological choices that are purely personal - they redound to the people around you. 9/
The existence of a shared destiny and the necessity of a society to manage it runs smack into the idea that messy personal conflicts are best resolved by carving out individual zones of autonomy. 10/
All too often, the libertarian definition of "liberty" is cover for "I don't want to pay taxes to support a society." This is a pretty unpopular position, so libertarians form alliances with naked authoritarians, like the Christian right:

https://t.co/kbmvG5MRbq 11/
That's how you end up with archlibertarians arguing that the world would be "freer" if women weren't allowed to vote:

https://t.co/bIwXOkJfZH

That democracy itself is incompatible with liberty, since it lets workers vote to limi their bosses:

https://t.co/oL2cBCYJMB 12/
The maintenance of libertarian ideology may not require that you ignore externalities, but it sure helps. 13/
When advocates for "liberty" champion the likes of Augusto Pinochet, who tortured and slaughtered his political enemies by the thousands, they are discounting the lethal externalities of Pinochet's economic "freedoms" to zero. 14/
Rosenthal's critique of contemporary blockchainism starts with this idea of discounted externalities - the foundational contradiction that one's "liberty" exists in a state of pristine isolation, and doesn't harm anyone else. 15/
To get to this, he looks at the history of blockchains. He divides blockchain technology into an older, "permissioned" blockchain technology, invented in 1990, and "permissionless" blockchains, which were invented around 2008 with the first Bitcoin white-paper. 16/
A permissioned blockchain require on a central authority that dictates who can write to the chain. Within that stricture, it produces a highly computationally efficient public ledger that can identify malfunctioning or corrupt nodes in the network and route around them. 17/
Permissionless blockchains, like the Bitcoin blockchain, are born decentralized. No one authority gets to decide who can participate in the ledger's creation - at first. This decentralization comes at a high price, though. 18/
Blockchains are vulnerable to "Sybil attacks" where one attacker impersonates a horde of unconnected actors and takes over the system. 19/
To defend against this, permissionless blockchains make Sybil attacks expensive, so that the most you can steal in a Sybil attack is less than it would cost to pull it off. 20/
The inescapable corollary of this is that using the network has to be expensive - the system has to have a giant electricity bill and hence a massive carbon footprint.

This expense, in turn, compensates miners for the money they pour into defeating Sybil attacks. 21/
These miners get paid in cryptocurrency, and for cryptocurrency to have value, it has to have someone who's willing to buy cryptos with "fiat" - dollars or other easily spent money. 22/
The only reason for someone to trade fiat for those cryptos (apart from making ransomware payments) is as an "investment" - that is, because you think the cryptocurrency's price will rise. Thus these blockchains *require* speculation to function. 23/
All of this means that the majority of blockchain activity is just about maintaining the blockchain - not about buying or selling things. There are only about 27,000 "economically meaningful" Bitcoin transactions in a day - and 75% of those are inter-exchange transactions. 24/
All told, only 2.5% of Bitcoin transactions represent someone buying something from someone (fewer than five per minute, globally).

This profound wastefulness is a feature, not a bug. 25/
It's the expense that keeps Sybil attacks at bay, without centralizing authority over the blockchain, as would be the case with the otherwise vastly more efficient permissioned blockchains that have been around for 30 years. 26/
But here's where Rosenthal unveils the other half of his critique: the drive to maximize the efficiency of mining drives miners to consolidate, in order to attain economies of scale. The more valuable a blockchain is, the more centralized it becomes. 27/
Today, 10% of miners control 90% of the mining. The top 0.1% of miners control 50% of mining. Five mining pools control the majority of Bitcoin mining. Last November, only *two* mining pools controlled the majority of Ethereum mining. 28/
This is the worst of all worlds: a highly volatile blockchain that is incredibly wasteful *and* centralized, with control in the hands of largely anonymous parties who are accountable to no one, who can cheat with impunity.

https://t.co/fO5fciIW3u 29/
So far, the focus of Rosenthal's externality critique has been energy consumption and climate harms. But here he comes to his second externality: e-waste. 30/
To maintain their position in the highly concentrated mining sectors, miners have to run their equipment hard and discard it quickly as it burns out. 31/
The average service life of an ASIC used in blockchain mining is a mere 16 months - whereupon it turned into ewaste, retiring its embodied materials and energy. Other blockchain verification systems, like proof of space-and-time, do the same thing to mass storage devices. 32/
Now, it's true that the finance and tech sectors produce a lot of ewaste on their own. But that's because their equipment wears out despite their best efforts to preserve it. 33/
The foundational premise of cryptocurrency mining is that you are in a race with other miners to discard and replace your equipment as rapidly as possible, to eke out every speed advantage. 34/
The blockchainst response to this is to ignore the ewaste problem and hand-wave the emissions issue by claiming that they're fixing it with offsets. Offsets, meanwhile, are a market for lemons. Most carbon offsets are fairy tales:

https://t.co/xbJRf73SZy 35/
And, as Rosenthal points out, even if your cryptos are being mined with renewables, that is only carbon neutral if you assume "that doing so doesn't compete with more socially valuable uses for renewables, or indeed for power in general." 36/
Blockchainists are aware of the problems with proof of work, and many are calling for a transition to proof of stake, a notionally less climate-intensive way of running a permissionless blockchain. 37/
Rosenthal's critique of proof of stake begins by observing that it drives even more centralization than proof of work. 38/
A proof of stake network allows the people who have the most to tax the transactions of those with less, cementing their dominance and increasing centralization. 39/
So both permissioned and permissionless blockchains end up centralized, but permissionless blockchains - the type beloved of blockchainists - are centralized into unaccountable and often anonymous hands. 40/
So while a permissioned blockchain that is run by a benevolent (or at least accountable) authority can reverse frauds, permissionless blockchains struggle to do this. 41/
This immutability is part of the reason that blockchains and fraud go together like peanut butter and chocolate. Thefts on working permissionless blockchains can't be readily reversed, making them permanent. 42/
Meanwhile, the entities who end up at the top of the centralization pile in these networks can commit thefts by rewriting the "immutable" ledgers. 43/
It's not a purely hypothetical problem. The Steem proof of stake network was compromised by Justin Sun in 2021, who took advantage of the highly centralized staking sector to hijack the Steem blockchain. 44/
The immutability problem is worse in programmable cryptos like Ethereum. The "smart contracts" that operate on these chains are effectively bug bounties whose maximum payout is everything in the wallets connected to them. 45/
The attack surface of programmable money which is connected to social media, Discord servers, standalone wallets, etc, is virtually unbounded. 46/
This is another important point raised by Rosenthal: not only are permissionless blockchains highly concentrated, they're also ineluctably bound up with Web 2.0 technologies. 47/
The fact that Binance conducts two thirds of crypto derivative transactions and half of all spot technologies using browsers and other 2.0 stuff multiplies all the blockchain vulns by all the non-blockchain vulns. 48/
Here Rosenthal cites Adam Levitin's recent, excellent analysis of the legal status of crypto exchange users in bankruptcy proceedings (tldr: if your exchange goes bust, you'll probably get nothing or nearly nothing):

https://t.co/jdtbWjOe3C 49/
Rosenthal's boils this all down to four points:

I. Permissioned blockchains can stop Sybil attacks without cryptocurrency and have no significant externalities; 50/
II. Permissionless blockchains *require* a cryptocurrency to stop Sybil attacks, and this produce major externalities;

III. To be successful, permissionless blockchains require proof-of-work or some other deliberately wasteful system, making externalities inevitable; 51/
IV. Likewise inevitable is that any security system based on wasting resources will create the centralization that permissionless blockchains claim to eliminate. 52/
Rosenthal concludes his talk by affirming that he values decentralization and it is that value that causes him to reject blockchainism. 53/
He reminds us that the billions pouring into the Web3 bubble are bets on attaining scale and dominance - the only reason to pump billions into a blockchain technology is if you think that you can corner a market and make it back. 54/
In other words, Web3 investors see high barriers to entry as a feature, not a bug, and they're committed to centralization. 55/
Image:
U.S. Fish and Wildlife Service Headquarters (modified)
https://t.co/bq5JJPcDcp

CC BY 2.0:
https://t.co/B930sKCLnf 56/
ETA - If you'd like an unrolled version of this thread to read or share, here's a link to it on https://t.co/iSBh8s9m7q, my surveillance-free, ad-free, tracker-free blog:

https://t.co/5rhyfeEW7L

More from Cory Doctorow RIGHT-CLICKING WORDCEL MENTALITY

Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
There are lots of problems with ad-tech:

* being spied on all the time means that the people of the 21st century are less able to be their authentic selves;

* any data that is collected and retained will eventually breach, creating untold harms;

1/


* data-collection enables for discriminatory business practices ("digital redlining");

* the huge, tangled hairball of adtech companies siphons lots (maybe even most) of the money that should go creators and media orgs; and

2/

* anti-adblock demands browsers and devices that thwart their owners' wishes, a capability that can be exploited for even more nefarious purposes;

That's all terrible, but it's also IRONIC, since it appears that, in addition to everything else, ad-tech is a fraud, a bezzle.

3/

Bezzle was John Kenneth Galbraith's term for "the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it." That is, a rotten log that has yet to be turned over.

4/

Bezzles unwind slowly, then all at once. We've had some important peeks under ad-tech's rotten log, and they're increasing in both intensity and velocity. If you follow @Chronotope, you've had a front-row seat to the
INTERNET
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
The US election news has largely overshadowed a seismic moment in global finance: Ant, a fintech company that spun out of Alibaba/Alipay, was scheduled to have the world's largest IPO, topping even Aramco, the Saudi sovereign wealth fund.

Then Chinese regulators canceled it.

1/


As @yvessmith writes in her excellent @nakedcapitalism breakdown, the consensus narrative on this is capricious Chinese regulators changed their minds and jerked the rug out from under Ali's billionaire owner Jack Ma.

The reality is a lot

To understand it, you need to understand the difference between the Chinese and American "money story." In the US, there is widespread, unquestioning faith in the fairytale that money predates the state and is separate from it.

3/

In this story, people come together to trade but are plagued by disparate goods: if I want to pay for your chickens with a cow, how do you make change? They spontaneously decide that something (gold?) is money and price their cows and chicks in it.

4/

Then, governments come along tax our gold away, and then to add insult to injury, governments abandon gold and insist that paper is as good as gold, print too much of it and crash the economy!

This probably sounds familiar to you, but it's just not true.

5/
ECONOMY , {GIG MONEY} , BANKING AND REGULATION
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Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
When it's railroading time, you get railroads.

When the railroads turn into the personal satrapies of rail-barons, you get trustbusters.

A couple decades ago, it was online service time. We had the users, the telcoms systems, the computers, the modems, so we got platforms.

1/

We had that, but we lacked something important: effective antimonopoly enforcement. Lax merger laws allowed companies with access to capital markets to buy out or neutralize all their competitors, so we got monopolies.

Right on schedule, we're getting digital trustbusters.

2/

Now, some people aren't technically sophisticated, but they do understand a lot about competition law. That's how you get meat-and-taters antitrust proposals like @amyklobuchar's #CALERA, which address the structural problems with antitrust

Klobuchar's bill is hugely important. The reason we have monopolies is that we stopped enforcing anti-monopoly law 40 years ago. Monopoly isn't a tech problem, it's everywhere from sneakers to glass bottles to pro wrestling to candy to

Klobuchar's CALERA doesn't just seek to apply antitrust law to tech - it also explicitly restores the pre-Reagan basis for fighting monopolies: we fight monopolies because they concentrate power and corrupt our politics. All monopolies are guilty unless proven otherwise.

5/
SOCIETY
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
Today's Twitter threads (a Twitter thread).

Inside: Dependency Confusion; Adam Curtis on criti-hype; Catalytic converter theft; Apple puts North Dakota on blast; and more!

Archived at: https://t.co/Osts9lAjPo

#Pluralistic

1/


This weekend, I'll be participating in Boskone 58, Boston's annual sf convention, where I'm doing panels and a reading.

https://t.co/2LfFssVcZQ

2/


Dependency Confusion: A completely wild supply-chain hack.

https://t.co/TDRNHUX0Ug

3/


Adam Curtis on criti-hype: Big Tech as an epiphenomenon of sociopathic mediocrity, not supergenius.

https://t.co/MYmHOosTk3

4/


Catalytic converter theft: Rhodium at $21,900/oz.

https://t.co/SDMAXrQwdd

5/
TWITTER
Cory Doctorow #BLM
Cory Doctorow #BLM
@doctorow
One of the most Monkey's Paw things about my life is my relationship to books. When I was a teenager, I read all the way through the school and public libraries, spent everything I had on books, and still couldn't get enough and dreamt of more.

1/


Today, as a reviewer, I have more books than I can possibly read, huge, teetering mountains of books that I'm desperate to read, far beyond my ability to ever get through them. Periodically, I declare "book bankruptcy," sweep away the backlog and start over.

2/

Even then, my eyes are bigger than my stomach: I keep back a few books that I can't bear to part with and promise myself I'll read them someday. Usually I don't, but I just did, and boy did I ever make the right call with @TheUniverse's BROAD

I have read a LOT of histories of computing, and I had a front row seat for a lot of the events depicted in this book - people I worked with, people I worked against - and yet I was surprised over and over again with details and perspectives I'd never encountered.

4/

For example, for some reason, my ninth grade computer science course included lengthy readings on ENIAC, Univac, the Mark I and the Mark II, but none of those mentioned that they were all programmed exclusively or primarily by women.

5/
CULTURE

More from Crypto

Eric Tymoigne
Eric Tymoigne
@tymoignee
This "bitcoin is better than gold" statement going around once more show that bitcoiners have no clue about monetary history and what the purpose of a monetary system is. A thread.

1- Metal standards were never inflexible; they could not in order to operate properly. Qty of metal was changed, usually lowered, to accommodate for changing economic conditions: price of metal, scarcity of coins, financial needs of economic units (state and private), etc.

2- The purpose of a monetary system is to make the rest of the economy go. It is there to accommodate financial needs. The more elastic one can design the supply, the better.
That doesn't mean that monetary creation & destruction shouldn't follow any rules & have no constraint.

3- Rules and constraint impose depend on economic system and evolve over time has we learn how to manage better the system. In a capitalist economy, the private sector is subject to the profitability constraint. We have learned from experience that this is not enough.

3 (ii) Financial stability requires a "hedge finance" constraint for most private agents: profitability should be judged on income gains, not capital gains.
In the government sector, the constraints are ressource availability and political constraints.
CRYPTO
Meltem Demirors
Meltem Demirors
@Melt_Dem
1/ crypto VC is going through an explosive 🧨 phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

i’ve done 15 deals in the last 3 months as an angel + small fund @CoinSharesCo VC.

observations + implications... 👇🏾

2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there aren’t enough companies raising series B / C / D rounds!!!

every deal i’ve done lately is under $50M valuation

3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, it’s highly competitive

4/ most projects and co’s don’t need money tho - why would a founder take 20-40% dilution when they’re banking cash and crypto? so they do 5-10%

so the valuations go up, but available allocations go down, resulting in an even bigger squeeze on allocators who *need* to deploy

5/ add in the onslaught of non-crypto M&A that’s coming, which is culling the herd of investable unicorns

add in the wave of SPACs and direct listings taking later stage opportunities out

there just aren’t enough places to put capital in size rn

what’s a fund to do?
CRYPTO
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David Fauchier
David Fauchier
@dfauchier
Some thoughts on this super inaccurate piece.

tl;dr: this is not a defence of Tether/ iFinex, who I would like nothing more than to see disappear into irrelevance. However, most of the conclusions here show zero understanding of crypto market

1. First up: it’s completely inexcusable that Tether refuse to have a 3rd party audit. I can’t find a single good faith reason for this.

Bitfinex GC recently did a superb job of sidestepping that question on WBD:

2. For better or worse, USDT (tether) started as a way for people to move fiat between exchanges (a major problem) in the absence of the ability to onboard banking partners, none of whom wanted to touch crypto. USDT is now the dominant stablecoin by mkt cap & liquidity.

3. As a result of the difficulty of having a fiat on/off rail, many exchanges, like Binance, chose to be ‘crypto only’, using stablecoins in lieu of fiat. This is why the majority of inflows into BTC (article says 70%) is via USDT

4. Unbanked exchanges are in aggregate larger than banked ones. This is true, but it’s not because of a giant conspiracy to steal your BTC. Being unbanked = real regulatory arbitrages (lower cost + ability to innovate fast), and lower barriers to entry means there’s more of them.
CRYPTO
Emperor\U0001f451
Emperor👑
@EmperorBTC
How to Trade without Fear, Stress or Anxiety. 💯

Trading should bring wealth, happiness and peace.
Not stress and sleepless nights.

Here is how to trade without dying faster.

Please share to de-stress the world.

A Thread.

The reasons for feeling anxious and Stressed.

1. Too high Position Size.
2. No Exit Plan.
3. Almost no Entry strategy.

We will learn about them below and try to find a solution.

1. POSITION SIZE.
Position size should be equal to what you're willing to lose and not cry over.

Eg. If your position size is 10K, you should be able to lose 10K without it making you depressed.

It doesn't mean you throw away 10K as a random experiment.

If you're stressed? Reduce your Position size, Now!

But If I trade with such a small position size, it won't be much Profitable?

-Profits and wealth are built slowly, trade with small amounts, built your system, profits will accumulate.

Small Position size. Low Stress. Better life.

Remember, you don't need a lot to become big.

1% gain per day compounds to 3700% Return per year.

- If Stressed or anxious, reduce your position size.

Switch to smaller position which doesn't make you feel sleepless.
CRYPTO
Matti
Matti
@mattigags
0/ The Great Crypto Reversal

Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.

Today everyone apes 3AC wanting to be the next Degen.

'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*

1/ The financialization of crypto means more volatility but pretty long ascend to the top.

Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto

Crypto becomes the ultimate Cantillon insider circle-jerk.

2/ This will be one the most iconic ideological reversals in history, comparable to Google who was firmly against advertising but turned into the most powerful ad company ever.


3/ This scenario reminds me of the 90s privatization period in the post-socialist countries.

The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.

4/ We are far from Satoshi's original vision . But words and intentions of *prophets* were used to manipulate and corrupt all throughout human history and this time it is no
CRYPTO

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Dhanwanthari Temple, Nelluvai
Thrissur District, Kerala.🚩🚩

ॐ नमो भगवते वासुदेवाय धन्वन्तरये अमृतकलश हस्ताय
सर्वामय विनाशनाय त्रैलोक्यनाथाय श्री महाविष्णवे नमः
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Dhanwanthary Moorthy temple in Nelluvai is one among the ancient temples in Kerala.


Dhanwanthari is the Deva of Ayurveda. It is said that the murthy at the temple was installed by Ashwani Devas and it was the same idol worshipped by Sri. Vasudevar in the Dwapara Yuga. The Dhanvanthari Moorthi is facing towards the west
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Smrata-Matrarti-Nasanah', Srimad Bhagavatam states that the one who remembers the name of Dhanwantari will be cured and protected from all the diseases. Temple is known for its Oushada Prasada with Ayuvedic medicinal values, called Mukkudi.


Mukkudi Nivedyam is a very special offering to Dhanwantari. It is prepared by using dry ginger, pepper, pomegranate peel, cumin seed, turmeric, rock salt and other medicinal items. It is offered during 'Usha- Pooja', and is later on distributed to the devotees present there.
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IT WAS RISHI KANADA WHO GAVE THE ATOMIC THEORY & TALKED ABOUT THE GRAVITY OF EARTH, 2600 YEARS BEFORE AN APPLE FELL IN FRONT OF NEWTON'S EYES:

Scientists of the modern world credit an English scientist John Dalton (1766 CE -1844 CE) for the Atomic Theory.


And this is because, most of us are not even aware of an ancient Indian Sage named Kanada, who was the first to formulate the theory of atoms, almost 2600 yrs before Dalton and talk about earth's gravity.


Rishi Kanada was born around 600 BCE in Dwarka, Gujarat and he was the son of a philosopher named Ulka. He was fascinated with the minute detailing of the things right from his childhood. Once, when he was very young, he accompanied his father on a journey to Prayaga.


He saw plentiful grains scattered along the path leading to the shore of river Ganga. It's a tradition in Hindu families to scatter the grains for the ants and birds to feed on them. Suddenly, an ant caught his attention, who was feeding on a rice grain.


He was mesmerised by this very fact that how a small grain of rice becomes food for the ant but to satisfy the hunger of a person so many grains are needed together. This incidence made him realize the importance of a single grain of rice.
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Liz (Welsh) Beechinor \U0001f605
Liz (Welsh) Beechinor ...
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My dad led an organization of over 300,000 employees.

When I took on my biggest marketing & events team to date (35 employees) I asked him how the *heck* he did it. Here's what he said and what helped me every day. 🧵

Remember you're leading all the employees under you, but you're not *managing* them all. You're managing your direct reports, which should be 5-7 individuals max. Focus on them.

When you interact with the employees you don't manage directly, get to know them as people first, that'll be the most valuable information in leading them. Remembering everything you learn about them is hard, but doing so will make you a superhero.

If you're not going to empower the managers under you, why do you have them? If you see room for improvement, let the manager know and let them make the change on their teams and come to you with questions/concerns. This will save you SO much time.

If you're the smartest person in any room - you're doing it wrong. As a leader, your job is bringing together the best people to get the job done - your skillset is identifying those people, not being one of them.
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foone
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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.
Battles in a Distant Desert is from 1992, and is based on the first Iraq war (Desert Storm)


and Battles on Distant Planets is from 1991, and takes place in SPACE!
I'm pretty sure this is the one I played as a kid.


They've got 3 options to play with:
* Player vs. Player
* Player vs. Computer
* Computer vs. Computer

So it's a 0-2 player game!


They also did a DOS strategy game called "STARDATE 2140.2: GALACTIC CONQUEST" in 1990, but it seems to be lost.
All the games share an experimental AI system based on neural networks.
FUN
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THE IMPORTANCE OF DEVI BEEJ / BIJA MANTRA.

Once Suutji in his discourse with King Janmajeya repeated the words of Vyasji regarding the pronounciation of the word ऐ. Vyasji had heard the importance of this word in a meeting of all important saints at Naimisharanya.


There this story was discussed.

In that gathering of such great sages, Rishi Jamdagni asked a question to all the eminent luminaries. He wanted to know which diety is the most revered and gets satisfied easily with our prayers. So Lomash rishi replied that Devi

Bhagwati was one such diety. She will be satisfied and is ready to grant you a boon even if you just say the first letter of her beej mantra. In this context he narrated the story of Satyavrat. The story is as follows.

There lived a Brahmin named Devdutt in Kosal.

He was childless. He arranged for an elaborate yagya for a intelligent son to be born. He invited all the eminent rishi's to conduct this Yagya. Rishi Suhotra, Pael, Brahaspati Yagyavalka were assigned different tasks. Rishi Gobhil was asked to sing the Saamved.

He sang the verses very well, but he had to take respite in order to breathe between two verses. This angered devdutt. He spoke his thoughts to Gobhil rishi.

The rishi got very angry as devdutt did not realise the practicalities of singing. He cursed devdutt that
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