Starting thread of threads to keep my thoughts on #crypto, #tech and #finance organized. Some threads have a complementary in depth blog post on substack. ๐งต๐
https://t.co/00cgQfEDm3
This is a great thread. This is exactly why in TradFi, just posting a single top Line NAV is not enough transparency. It doesn't address self dealing, provenance of funds or source of income. If DeFi is indeed better, we need to show more transparency, not less!
the team has been quite careful to ensure MS1-3 do not touch but 2 signers of MS3 (lending) had accidentally executed transactions for MS1 (LP)
thereby establishing MS3 as a team wallet
https://t.co/j0kKr1DSqP
https://t.co/40ue2fR354
@phtevenstrong@0xMakima_@apyx_fi@StreamDefi I think it's time like this, it's clear, having just the top line number doesn't really clarify enough to give people confidence on the numbers.
It's very sad. Banks that have capital ratios around 8-10% are yelling on the rooftops about protection against risky stablecoins which are 100% backed by treasuries.
JUST IN: JPMorgan CEO Jamie Dimon lashes out at The Clarity Act, says banks are going to fight it and Coinbase CEO Brian Armstrong is "full of sh*t" ๐ณ
"We'll fight it. If we lose, we lose. It will be fought."
The Bankers are MAD they're losing.
For #Python#developers that are still testing the waters, or want a really quick way to dip their toes into #crypto and #NFT, I've made the shortest tutorial that'll get you deeper than 90% of the participants in this space. Read the thread & try it out!
https://t.co/6PUQD1CV7u
Who needs marketing when we've got Marc?
I used to say we are like the SWAT team for DeFi accounting, somehow that message got slightly lost in translation...
For those that haven't experienced a 50% drawdown in a matter of days, this is the true moment when you get initiated into the crypto community. Congrats, You made it! Now go back to refreshing your portfolio.
Iโve read too many posts of people losing their crypto. Hereโs how to keep your NFTs safe like an OG: TLDR, get a hardware wallet. ๐งต๐
The main risks you are reducing are:
1. Preventing others from getting access to your keys (hacks)
2. You losing access to your own keys (loss)
1/ For those that are serious about protecting their crypto, my review of the @gridplus Lattice 1 hardware wallet:
I got this device is because of its killer feature: the ability to parse transaction data into readable inputs, it makes it easy to see what exactly you are signing.
Starting thread of threads to keep my thoughts on #crypto, #tech and #finance organized. Some threads have a complementary in depth blog post on substack. ๐งต๐
https://t.co/00cgQfEDm3
Yes, 1000%. Crypto funds are on the cutting edge. That means that they engage in transactions that is well beyond hotel/taxi expenses and payroll. You need a specialized team well versed with not only accounting of capital market transactions AND deep understanding of DeFi products. That's why most crypto bookkeeping tools don't work, where's that expert that's tagging things for you?
Until crypto gets standarised accounting practices, these types of investigations are necessary to understand the structural leverage of the products.
DYOR
Reminds me of that time they ran a fake privacy phone startup that sold real phones that had a backdoor...
Sounds like they could have made it as real crypto founders. The bar for our industry is so low. We need to level up!
THIS IS ACTUALLY INSANE!๐คฏ
The FBI launched its own crypto token last year just to trap the scammers.
They were sick of pump and dumps. So they built a real token with a real site and real branding, called it NexFundAI, and waited to see who would show up.
Within weeks, scammers were lining up to fake the volume for undercover agents.
Then one of them got on a recorded call and said it out loud. Their entire business model was making regular people lose money so they could profit.
The FBI had all of it on tape.
18 charged. $25M seized. Arrests across 3 countries.
The wildest part? The FBI ran a cleaner crypto project than half the founders out there. And the whole thing was a trap from day one.
@WatcherGuru Private companies can do the math and see that crypto rails can make things 10000x cheaper. Issuing new financial product using paper docs, lawyers, takes $$$ and months. Structured products built on top of tokenized funds can be made in a few minutes.
@therollupco And once we move from liquid short duration products to riskier assets, smart contracts are the best way to slice and dice the risk into components that are attractive to different investors. It will be like financial engineering on steroids, but service end investors.