BC CRYPTO

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Anirudha Bose
@onybose 5 years, 5 months ago 560 views

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An ELI5 on #Bitcoin.

Think of Bitcoin as a startup founded in 2008, created by a guy named Satoshi Nakamoto, initially bootstrapped with his personal capital. No VC funding; just electricity.

His product? An unobtainium.

1/7 🧵

Bitcoin, an unobtainium, is an intangible, rare material, that allows you to store value across decades and generations. It's resistant to confiscation; censorship; theft by inflation; and attacks by corporations, governments, or even aliens - as in Avatar (2009 film).

2/7

In order to possess this rather unobtainable material, you must have a 78-digit random number, also commonly represented as a set of 24 words. Never reveal this to anyone. Ever. Write it down on a piece of paper or etch it on steel; then take it to the grave.

3/7

Bitcoin can be teleported across space (with on-chain transfers) and time (using timelocks); without the possibility of intercepting it in transit. It's either with you or with the counterparty — there's no intermediate state.

It's not magic; simply laws of thermodynamics.

4/7

Satoshi stepped down as the CEO of Bitcoin in 2011. Who runs it today? No one, and everyone, at the same time. It has no board of directors. It's just a set of mathematical equations, unfailingly enforced by very strong network effects. There's no known way of stopping math.

5/7

Today, it's a melting pot of bleeding-edge engineering and research, with hundreds of developers working on it for free. Each day, Bitcoin gets harder, smarter, and more secure; constantly evolving, and self-healing. True anti-fragility at work.

https://t.co/cI6MkklbZS

6/7

When you buy Bitcoin, you're using a product, but also buying equity in its success/failure. The price depends on how the market values its properties, and how difficult it is to produce more of it. It may be a passing fad or a very important feat of the human civilisation.

7/7

This is years of learnings marshalled in a few tweets. I learnt everything from:

@PrestonPysh @real_vijay @Breedlove22 @jimmysong @saifedean @michael_saylor @stephanlivera @100trillionUSD @pierre_rochard @RaoulGM @matt_odell

Go follow them!

For memes, follow @udiWertheimer.

Tagged the wrong Raoul. 🤦

The real one: @RaoulGMI

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Crypto Voices
@crypto_voices

Election day in US; to skip the politics and get straight to the money, here's our quarterly update. How do gold, silver, and government fiat money compare with bitcoin's 21 million? #Bitcoin is the 10th largest money in the world, ex-gold & silver. This is update #10.

2/ Bitcoin's monetary system marches on its continuously-lowering coin emission; meanwhile, other world monetary systems' units inflate, either naturally (like gold & silver ounces), or via monopolistic privilege (like government fiat money "printing").

3/ What follows isn't a lesson in stimulus or bailouts, whatever the world faces. It's an attempt at painting the monetary landscape around the globe. The dollars, euros, and yen we're all familiar with, collectively, are worth $25 trillion. This is an exercise in perspective.

4/ As many know, the response from governments worldwide to Covid-19 has been drastic, so expect big moves. Also interestingly, central banks have been much slower to update their data these days.

5/ Gold & silver is base money of the past. Government fiat is base money today. It comprises both physical cash… and a digital cash component. Bitcoin may be base money of the future. Before we get to the charts, it's important to clarify a few common misconceptions in money.

Dan Held
@danheld

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.”

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Dan Held
@danheld

1/ [December Bitcoin yield update]

Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.

Here’s my journey and how to guide👇

2/ Here are the ways you can earn yield:

Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: https://t.co/4x0YATuQ0v
- BlockFi: https://t.co/90Xtg2cNka

Covered calls (Harder)
Yield: 1-80%
- Deribit: https://t.co/2iQVkXlylP
- LedgerX:

3/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.

The yield you earn comes with RISK!

Below is my current allocation for Dec (will update MoM)

(yellow = changes)

https://t.co/PZwVYs8lFT

4a/ [Nov > Dec Changelog]

- Covered calls: approx. 4 BTC was in $40k 12/28/20 contracts. Those closed without them being exercised (a good outcome for me). However, I was nervous about my January 1/28 $50k contract so I decided to close out my position at a small loss.

4b/ [Nov > Dec Changelog]

- In process of reallocating the 5 BTC (probably will be a lending platform).
- I incorrectly had my Ledn rate at 6.5%, it's 6.25%

Jonty Wareing
@jonty

Out of curiosity I dug into how NFT's actually reference the media you're "buying" and my eyebrows are now orbiting the moon

Short version:

The NFT token you bought either points to a URL on the internet, or an IPFS hash. In most circumstances it references an IPFS gateway on the internet run by the startup you bought the NFT from.

Oh, and that URL is not the media. That URL is a JSON metadata file

Here's an example. This artwork is by Beeple and sold via Nifty:

https://t.co/TlJKH8kAew

The NFT token is for this JSON file hosted directly on Nifty's servers:

https://t.co/GQUaCnObvX

THAT file refers to the actual media you just "bought". Which in this case is hosted via a @cloudinary CDN, served by Nifty's servers again.

So if Nifty goes bust, your token is now worthless. It refers to nothing. This can't be changed.

"But you said some use IPFS!"

Let's look at the $65m Beeple, sold by Christies. Fancy.

https://t.co/1G9nCAdetk

That NFT token refers directly to an IPFS hash (https://t.co/QUdtdgtssH). We can take that IPFS hash and fetch the JSON metadata using a public gateway:

https://t.co/CoML7psBhF

Nick Chong
@n2ckchong

If you've been following DeFi or Ethereum over the past few months, you've likely heard the term "flash loan" mentioned again and again.

This new DeFi primitive has been at the core of a number of economic exploits and arbitrages.

A thread on the basics of flash loans - 👇

Most DeFi loans take place across days, weeks, or even months.

You can deposit Ethereum into Aave, then withdraw stablecoins for yield farming in Yearn, for instance.

On-chain loans have garnered much traction, with total debt outstanding moving toward $2.5 billion.

While popular, DeFi loans are not capital efficient: to account for custodial risk and volatility risk, you need to put up 130-150% of the value of your loan in collateral.

If your collateral slips below the threshold, you're liquidated, resulting in a fee anywhere from 5-13%.

Flash loans are much different than longer-term DeFi loans.

Flash loans are non-custodial, take place over the course of one block, and require no collateralization.

That's to say, the coins you borrow never appear in your wallet.

When taking a flash loan, you can direct the coins to any protocol and function, as long as you pay back the loan + interest fee within the same transaction.

So what the hell? What are flash loans used for?

More often than not, arbitrage.

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