"so you staked your ETH on the Ethereum blockchain to earn yield?"
"yes, Dave"
"except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?"
"that's correct, Dave"
"and Lido gave you a liquid staking receipt token called stETH in return?"
"yes, Dave"
"and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?"
"you are correct, Dave"
"and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?"
"you got it, Dave"
"and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry"
"you are 100% correct, dave"
jfc.
I personally believe Satoshi Nakamoto was Len Sassaman, a brilliant cryptographer and privacy advocate who tragically took his own life in 2011.
As for the Satoshi wallets, I don’t believe they are controlled by intelligence agencies—but even if they were, their only options would be to hold them or flood the market with 1M #Bitcoin.
If they dumped them, it would affect the price short-term, but the global demand is strong enough to absorb it over time.
Maybe I should do a podcast on this topic and break down why I think Len Sassaman was Satoshi? 🤔
At its core, money is a ledger. Commodity money serves as a ledger governed by nature. Bank money serves as ledger governed by nation states. Open source money serves as a ledger governed by users.
#BrokenMoney by
@LynAldenContact