Andrew Munro

[Andrew Munro @ndrewMunro]

What is #Bitcoin really, and why is it the way it is?

I recently had the pleasure of trying to answer those questions on @PodcastFear, so come have a listen if you'd like a quick overview of the world's most entertaining asset.

[FEAR & GREED | Business News @PodcastFear]

Pfizer has announced a major vaccine breakthrough, sending markets soaring. Could this be the turning point in the fight against COVID-19?

Today's business news, plus @ndrewMunro from @findercomau on the return of Bitcoin.

🎧 https://t.co/PgXgmrt7jC or where you get podcasts

[Andrew Munro @ndrewMunro]

@winklevoss Worth noting that "fiat adoption always requires force" is, factually speaking, horseshit

There are many examples of fiat currencies being peacefully, organically adopted as the best available option

No reason for reality get in the way of a nice inspirational soundbite though

[Andrew Munro @ndrewMunro]

Oh no, the chef took some money

The only thing that can save SushiSwap now is some kind of coherently-designed, freely available incentive mechanism that lets mutually distrusting parties align on the same goals

[Andrew Munro @ndrewMunro]

@adnanixv Thanks Adnan!

[Frank Chaparro @fintechfrank]

Oh boy, do I have a pitch for them

[Andrew Munro @ndrewMunro]

@joemaccarone @MatiGreenspan Horses for courses.

DAOs are no good at signing paperwork, hiring, inking deals, keeping secrets and other real world necessities.

Complete decentralisation (or the perception of it at least) is not always a net advantage and should not automatically attract a premium.

[Andrew Munro @ndrewMunro]

@joemaccarone @MatiGreenspan In my opinion, one of the biggest mistakes a crypto speculator can make right now is to dismiss ~90% of the crypto ecosystem just because it doesn't meet arbitrary standards of "decentralised" (no premines, no corps, no central dev team, etc etc)

[Andrew Munro @ndrewMunro]

@joemaccarone @MatiGreenspan The economics are often fluid though. In Bitcoin's case, I think change will be needed as the block rewards drop off.

In other cases, there's no reason a business can't be well incentivised to transition its coin from centralised to genuinely decentralised.

[Andrew Munro @ndrewMunro]

@joemaccarone @MatiGreenspan Right, so we hand governance over to you and other stakeholders, but what makes your governance any less likely to be abused or more innately trustworthy?

Businesses can usually be trusted to act in the interests of profit. That predictability is trustworthiness of a sort.

[Andrew Munro @ndrewMunro]

@joemaccarone @MatiGreenspan Most people already trust corporations (miners) with controlling Bitcoin's monetary supply, for example.

It's silly to play by blanket rules on which flavours of legal entity are/aren't sufficiently trustworthy to issue digital assets, especially in a permissionless world.

[Andrew Munro @ndrewMunro]

@joemaccarone @MatiGreenspan Trust isn't binary. You don't either completely trust something or not trust it at all forever

Instead you trust different entities to do different things in different situations with varying degrees of confidence, changing as trust is built/maintained/destroyed over time

[Hedera @hedera]

"The problem is largely about how to maintain transparency and quickly track data, some of which is quite sensitive, in a complex multi-stakeholder ecosystem. That's basically another way of saying #blockchain." Read more from @ndrewMunro at @findercomau:
https://t.co/tZJnBQRPrV

[Andrew Munro @ndrewMunro]

@GetPegNet @cryptofindertv ...that PegNet is trying to simulate existing assets

The illusion falls down here because we can plainly look at pAssets and say "it's not real. I'd rather have the real thing. PegNet assets are worth less than the real thing"

1 BTC = 1 BTC
1pBTC ≠ 1 BTC

[Andrew Munro @ndrewMunro]

@GetPegNet @cryptofindertv That's the reagent. The magic is the monetary value it creates

PegNet is basically a trading simulator whose users pretend the money is real because the trading is on the blockchain

And that's fine. That's basically how Bitcoin works at the end of the day. The problem is...

[Andrew Munro @ndrewMunro]

@GetPegNet @cryptofindertv In the spirit of early learning, my understanding is that PegNet basically uses blockchain magic to wallpaper over the gap between market value of collateral and pegged asset face value

If that's the gist, do you think these kinds of events mean the magic is at risk of fading?

[Andrew Munro @ndrewMunro]

I feel like the "end lockdown to save the economy" crowd is significantly underestimating how economically inconvenient it would be to line the streets with millions of corpses.

Better off #NotDying4WallStreet

[Andrew Munro @ndrewMunro]

One of the great things about #CBDC is that almost every country is planning it, and every single plan is different and constantly evolving

It means you can just throw a dart at a map and find some kind of new CBDC coolness almost wherever and whenever it lands