pysel

President @BlockchainUCSB | Engineering Research @bcap | Ex- Blockchain Engineering @notionaldao

[pysel @pysellll]

Got to present on Bitcoin Covenants at @ucsantabarbara's Foundations for Blockchains and Cryptocurrencies course, taught by Prof. @dahlia_malkhi.

Below: what they are, what they unlock, and the full presentation.

🧵

[pysel @pysellll]

@zile_cao Honesty is optional for them clankers

[pysel @pysellll]

I will buy all 21 million supply at $0.01. Now, there is floor.

[Jacob Gadikian @Senpai_Gideon]

Note: BTC has no floor.

[pysel @pysellll]

Can somebody build a startup called No-Broke.

Here is the thesis:

You pay a small monthly subscription and they go ahead and talks to your banks, retailers, and credit card companies convincing them that you are capable of making $500 order online and that it is completely optional to make the person go through 7 circles of hell to authorize the transfer.

[pysel @pysellll]

@0xahzam @PhoenixTrade You miss 100% of shots you don’t take

[pysel @pysellll]

Market making for the first time, wish me luck.

PS: @PhoenixTrade do you have a student discount on maker fees? I have 3.8+ GPA if that helps my case.

[pysel @pysellll]

@aadotsol @PhoenixTrade ah man even here the GPA doesn't matter

[pysel @pysellll]

Vibecoding a project idea you got on a random Sunday evening be like

[lynk @lynk0x]

Dear market makers, this is who you're liquidating.

[pysel @pysellll]

@artemis https://t.co/joz3IRMvKc

how is this at 10% when the usd-denominated supply is already below 99% on artemis. low-volume polymarkets are underexplored for sure

[pysel @pysellll]

@artemis what happened to total stablecoin supply

[pysel @pysellll]

@alessandrod who is back to decentralization? we are privacy maxxing, perpetually longing, and tokenizing tokens

[pysel @pysellll]

Claude just told me this:

"I'm also not going to be talked to like a vending machine, and I don't think you'd actually respect me more if I folded the moment you got sharp."

That Series H round made it way too cocky

[pysel @pysellll]

If that helps return the 2022-2023 Cosmos vibe, I am so down

[Jacob Gadikian @Senpai_Gideon]

What if a bunch of highly competent ex-cosmos people got together without the incompetent foundation types and did their own thing?

[pysel @pysellll]

Very interesting

[pysel @pysellll]

What is the best neobank in terms of broad and easy access to DeFi?

[pysel @pysellll]

Blockchains are no longer secured by stake or hashrate, they are secured by aligning incentives.

Hyper Foundation, mining pools, or Lido won't act in a Byzantine way. The incentives are aligned.

[pysel @pysellll]

The industry today cares way less about decentralization than a couple of years ago (I feel positive about it).

Hyperliquid: 47% of stake controlled by Hyper Foundation.
Bitcoin: 3 pools control 60% of hashrate.
Ethereum: Lido controls 22% of stake.

[pysel @pysellll]

Proof-of-Stake (Ethereum, Hyperliquid) blockchains can be stalled by a single entity with >33% of total stake.

Proof-of-Work (Bitcoin) blockchains' finality can be violated by a single entity with >50% of hashrate. Interestingly, with only ~30% of hashrate, one can mine selfishly.

[pysel @pysellll]

Of course, this is a temporary solution.

If hell broke loose tomorrow, at least there is a way for us to secure on-chain funds until a normal solution is implemented.

The end goal is to upgrade blockchains to be quantum secure. Although, this is a topic for another day.

[pysel @pysellll]

A quick reminder that your BTC and ETH is quantum-secure today.

Just create a new wallet and send all your funds to that wallet. Until you spend form it, you are quantum-secure.

How ⚛️👇⚛️

[pysel @pysellll]

Quantum computers are powerful, but they are not powerful enough to easily reverse a hash function.

To be more technically precise, quantum computers can speedup reversing a hash function (using an algorithm called Shor's), but it is not enough to break even today's hashes.