Denis Lam ✨

Conscious Entrepreneurship. Automation. Web3/4.

[Denis Lam ✨ @_denislam]

@elonmusk Next-level

[Denis Lam ✨ @_denislam]

The entire area around 40th and 10th at Hudson Yards / Midtown West NYC is blocked off by first responders… stay away. A crane apparently just caught fire and collapsed above me. I had to evacuate by running down 30+ flight of stairs.

[Lamboland @Lamboland_]

The dark side of NFTs:

A throwback to the most painful moments in web3 history🧵👇

(1/21)

[Denis Lam ✨ @_denislam]

BlackRock CEO:

2017: “Bitcoin is an index is money laundering”

2023: “Crypto will transcend international currencies”

🤡

https://t.co/F72qwWOFcR

[Denis Lam ✨ @_denislam]

Decentralization 😏

https://t.co/TDzPSRaaOG

[Denis Lam ✨ @_denislam]

Why fully transparent, on-chain “oracle” voting systems are needed from verified movie watchers to restore trust 🤡

https://t.co/d2OiTRCvQk

[Matt Navarra @MattNavarra]

@TitterDaily ^

[Delphi Digital @Delphi_Digital]

Over $10B of $ETH has been enabled to be withdrawn from @LidoFinance this week.

Lido v2 enables in-protocol ETH withdrawals, along with further decentralization of the network.

Lido's v2 Future: An important breakdown 🧵⬇️

[Denis Lam ✨ @_denislam]

Did #3ac and $LUNA cause too much damage?

[Denis Lam ✨ @_denislam]

Too big to fail? Where’s our FTX bailout? 🦴🐶

https://t.co/1hR1mVKb9w

[Denis Lam ✨ @_denislam]

Looks like AI ain’t gonna stop winter from coming. Someone ask GPT how to prevent a recession? 🫠

https://t.co/wetztKnmMo

[Denis Lam ✨ @_denislam]

Sike! 👀

[Reuters @Reuters]

https://t.co/31BUnE1rH2 calls off $1.3 billion deal for Voyager's assets https://t.co/mbFbLzmQ4u

[Denis Lam ✨ @_denislam]

👀

[⟠ @ryanberckmans]

Stablecoin legislation has been drafted in Congress

I read the bill.

TL;DR decentralized stables become illegal in the US (DAI, LUSD, RAI, etc. become illegal🚨) while centralized stables, defi, Ethereum, and ETH win big.

High-level summary⬇️
- decentralized stables become illegal in the US. DAI, LUSD, RAI etc.
- foreign stables become illegal in the US. National boundaries for stables
- imo ETH sees significant uptake as a payment method that's both legal and decentralized
- licensed stables, eg. USDC, become huge winners and permitted to access Fed accounts directly

Full summary⬇️

1. The Act makes it illegal to offer unlicensed stablecoins in the US, with a maximum fine of $1M and of 5 years in prison. The Act is specific that this applies globally. Their definition of "stablecoin" is very broad and includes DAI, LUSD, floating stables like RAI, and even includes exotic quasi-stables as long as they are designed to be redeemable for a relatively fixed amount of "monetary value", including all fiat currencies.

For example, this act makes it illegal to build DAI in America, illegal to send DAI to an American business or person living in the US, and illegal for foreign-licensed or unlicensed stablecoins to be offered to Americans in any way.

Essentially, this bill draws national borders around stables by making decentralized stables and foreign-licensed stables illegal in America.

imo the illegalization of unlicensed and foreign stables seems likely to greatly benefit the uptake of non-stable payment tokens, especially ETH.

2. The Act makes the stablecoin licensing process structured but ultimately discretionary. They decide who gets to issue licensed stables.

3. Allows stables to be collateralized by insured deposits in some cases. Could perhaps cause deposit tokens to fall under this regulation as "stablecoins backed by bank deposits".

4. Gives stable operators direct access to the Federal Reserve. Eg. Circle could have accounts at the Fed.

5. Launches an official study on a CBDC. Includes a surprisingly thoughtful list of criteria to study, including the potential impact of a CBDC on the competitive landscape of stablecoins.

6. The Act defines "payment system" broadly in a way that, imo, would include many wallets, bridges, defi, and crypto payment apps. But, the Act does not regulate these payment systems. They aren't banning or licensing defi in this Act.

I'm not a lawyer, and this was my best-effort interpretation of the Act.

Full Act:
https://t.co/vR65M3XayW

[Denis Lam ✨ @_denislam]

@lawyertherapist Tell me one problem NFTs can solve that the status quo cannot solve. Maybe projects should focus on this instead…

[Denis Lam ✨ @_denislam]

@OpenAI DALLE2 has competition with larger data set #raceison

https://t.co/7t1DIpHp33

[Denis Lam ✨ @_denislam]

Yuga Lab killer?

[KIRAVERSE @Kiraversegame]

Kiraverse BETA V1.1 is now live💫

Our initial download will be available for PC users only and downloadable until 1/18.

Follow the steps at https://t.co/SId8Rh6UCl to get started. Then visit our discord https://t.co/BX7CQMVyHO to retrieve a BETA code.

[Denis Lam ✨ @_denislam]

👀

[Cameron Winklevoss @cameron]

Earn Update: An Open Letter to @BarrySilbert

[Denis Lam ✨ @_denislam]

👀

[Mira Christanto @asiahodl]

@SBF_FTX This is the company structure. There’s no way FTX US is solvent with all the co-dependencies of companies.

[Denis Lam ✨ @_denislam]

FTX victims grow: I’m predicting Genesis and Grayscale will be next, dropping BTC to ATL. Coinbase should acquire FTX IMO

https://t.co/R6J2f6O1uf

[Denis Lam ✨ @_denislam]

Prediction: Grayscale defaults driving crypto ATL.