Keki Burjorjee

Ph.D. work explains why recombinative (i.e. sexual) evolution is computationally efficient. Ex-chief scientist @Medium. Previously Pandora

[Keki Burjorjee @evohackr]

@Tiza4ThePeople If you think centralized stablecoins are TBTF for Ethereum, consider that they may also be critical for USG. Per Bessent, USG plans to finance a significant part of the future deficit using t-bill backed stablecoins. Triggering mass redemptions is not in USG's best interest

[Keki Burjorjee @evohackr]

@ellipticurve @robustus @RyanSAdams Confiscation of tokens is an irregular state transition. On both bitcoin and ethereum, this requires a fork of the network.

If bitcoin miners and node runners decided en masse to confiscate DPRK's BTC by forking the bitcoin network, there's not much DPRK could do about it.

[Keki Burjorjee @evohackr]

@ellipticurve @robustus @RyanSAdams Anything ethereum validators can do based on social consensus, bitcoin miners can also do based on social consensus. Staked ETH is equivalent to mining equipment.

> Eth is a token for friends. Bitcoin is money for enemies
DPRK not friends, but they have lots of stolen ETH 🤷‍♂️

[Keki Burjorjee @evohackr]

@ellipticurve @robustus @RyanSAdams Anyone can stake ETH and secure Ethereum. No permission required.

[Keki Burjorjee @evohackr]

@0xkydo Or, put differently, accumulate 10 ETH for every 1 ETH they spend on L1 transaction fees.

Honestly, L2s are fantastic treasury plays. No need to raise cash to buy ETH.

[Keki Burjorjee @evohackr]

@robustus @RyanSAdams What's so different about them from a digital SOV perspective?

In an era of financial repression, is there really only room for one?

Is it impossible for an asset to have more than one source of demand?

Does gold have to choose between being pretty and being a SOV?

[Keki Burjorjee @evohackr]

@MikeIppolito_ @here4pump @5dayoldburrito "things can be special"

Like the retrograde motion of Mars in a model of the solar system that places the earth at the center?

https://t.co/FdMT2SUkBb

[Keki Burjorjee @evohackr]

@RyanSAdams @ryanberckmans @jon_charb @jon_charb is focused on the past & present.

@ryanberckmans sees what's coming.

It's hard to imagine a future where Ethereum is widely accepted as the global root of trust and its scarce native asset does not acquire a massive monetary premium that absolutely dwarfs its DCF

[Keki Burjorjee @evohackr]

@ethereumJoseph "Ethereum is the gold standard in trust."

https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@TrustlessState > Ethereum is presently optimized for holding state more than state transitions

Yes, and Ethereum should continue prioritizing quality of state over running up state transition tolls. As BTC shows, that's where the big money is.

https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@RyanSAdams Love this framing.

To get a bit more technical, a blockchain state machine has state (e.g. the ETH/BTC in everyone's account) and state transitions (transactions).

DCF only values state transitions. Bitcoin shows that state itself can be more valuable.

https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@dunleavy89 https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@sassal0x https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@ryanberckmans https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@leolanza REV ≠ Value

https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@malekanoms And where the model doesn't fit, they just add an epicycle.

https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@RyanSAdams Carveouts like Bitcoin's special snowflake designation are like epicycles in Ptolemeic astronomy.

https://t.co/1lWZ9WHfzN

[Keki Burjorjee @evohackr]

@ryanberckmans At most REV represents the value users place on state *transitions* of a blockchain.

It does not reflect the value of the state itself.

The value of a blockchain's state depends on factors like verifiability and programmability, and accrues to the native asset.

[Keki Burjorjee @evohackr]

@TrustlessState Case in point: Bitcoin is valuable even though its network REV is minuscule.

[Keki Burjorjee @evohackr]

@TrustlessState > As I understand it, REV is just 'how much people paid to use the chain'

REV captures the value users place on the state *transitions* of a blockchain based state machine.

It tells you nothing about how the state itself is valued.