Blockchain Bites: DLT’s Great Leap Forward, Bitcoin ...

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Bing Pong: Bing Rewards Bot

Bing Pong has been taken down in response to a cease-and-desist letter from Microsoft. :( More information can be found here: https://www.reddit.com/MicrosoftRewards/comments/54wyod/bing_pong_is_no_more_xpost_from_rbingpong/ **This subreddit is permanently closed! No one is allowed in, so please don't ask for an invite!**
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Blockchain Bites: Bitcoin Miners’ Slim Margins, ConsenSys’ Latest CBDC Pilot, a16z’ Power Hire

Blockchain Bites: Bitcoin Miners’ Slim Margins, ConsenSys’ Latest CBDC Pilot, a16z’ Power Hire submitted by a36 to AllThingsCrypto [link] [comments]

Blockchain Bites: Bitcoins Boom Roils Markets and a16z Makes a Long-term Play (current BTC/USD price is $8,713.88)

Latest Bitcoin News:
Blockchain Bites: Bitcoins Boom Roils Markets and a16z Makes a Long-term Play
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
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Blockchain Bites: Bitcoin’s Boom Roils Markets and a16z Makes a Long-term Play

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Blockchain Bites: DLT’s Great Leap Forward, Bitcoin Hoarders and a16z’s New Fund

Blockchain Bites: DLT’s Great Leap Forward, Bitcoin Hoarders and a16z’s New Fund submitted by Ranzware to BitNewsLive [link] [comments]

@a16z: RT @balajis: Blockchains are the next step after open source, as they provide open data & open execution. You don’t just see the source code with something like Bitcoin or Ethereum. With a full node you see all historical data, all pending writes, and can retrace every step of code execution.

@a16z: RT @balajis: Blockchains are the next step after open source, as they provide open data & open execution. You don’t just see the source code with something like Bitcoin or Ethereum. With a full node you see all historical data, all pending writes, and can retrace every step of code execution. submitted by -en- to newsbotFUNDING [link] [comments]

@a16z: RT @gregdocter: v. high utility explanation/slide for "101" understanding of traditional network effects vs. token network effects From @arampell via @a16z "Decrypting Crypto, From Bitcoin and Blockchain to ICOs" https://t.co/u0tmzXf1gD (at the ~17:05 mark) https://t.co/QQgCehAUOR

@a16z: RT @gregdocter: v. high utility explanation/slide for submitted by -en- to newsbotFUNDING [link] [comments]

A16z Podcast: Blockchain vs./and Bitcoin

A16z Podcast: Blockchain vs./and Bitcoin submitted by smithd98 to Bitcoin [link] [comments]

A16Z Video: "Beyond Bitcoin: The Blockchain" This video mentions that the 21 million limit might not hold forever. Thoughts on why that is?

submitted by inv589 to Bitcoin [link] [comments]

a16z Academic Roundtable - Beyond Bitcoin: The Blockchain

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A16z Podcast: Blockchain vs./and Bitcoin

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A16z Podcast: Blockchain vs./and Bitcoin (feat. Chain CEO, Adam Ludwin)

A16z Podcast: Blockchain vs./and Bitcoin (feat. Chain CEO, Adam Ludwin) submitted by eragmus to Bitcoin [link] [comments]

a16z Podcast: Blockchain vs./and Bitcoin

a16z Podcast: Blockchain vs./and Bitcoin submitted by Jeriaska_ to 21dotco [link] [comments]

A16z Podcast: Blockchain vs./and Bitcoin (feat. Chain CEO, Adam Ludwin)

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

A16z Podcast: Blockchain versus/and Bitcoin

A16z Podcast: Blockchain versus/and Bitcoin submitted by packetinspector to btc [link] [comments]

Press • [2015-12-05] Audio: a16z Podcast: Blockchain vs./and Bitcoin

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Inside a venture capital fund: lots of blockchain/crypto startups

I recently had a look at the portfolio of a respectable recent venture fund. There were several dozen companies. A few were large multibillion dollar companies, like SpaceX. There were some gaming companies, direct to consumer, international, etc.
What surprised me was the number of blockchain/crypto companies. It's not "buying bitcoin" type of investments, but it was companies that the fund considers to be in the category of "blockchain/crypto", but the actual products look to be unrelated.
One example is this https://www.nbatopshot.com/ It's kind of like a modern version of collecting baseball cards. Instead of cards, you collect video highlights, which can be traded/sold. The ownership of these "cards" is tracked through a blockchain. Only a limited number of people can own a particular highlight. The company behind nbatopshot is Dapper Labs https://www.dapperlabs.com/ They have multiple different products built on blockchains.
Andressen Horowitz had a school talking about blockchains https://a16z.com/crypto-startup-school/ Lots of good video there if you want to learn about it. They think of blockchain today, like mobile was in 2000. The building blocks are there, but the real applications (like an iPhone) are still five to ten years off.
I think the crypto posts here get lots of skepticism as an investment, but keep your eye on the companies built on top of the blockchain because the really smart VC people are heavily behind it.
submitted by ron_leflore to investing [link] [comments]

All you need to know about Yield Farming - The rocket fuel for Defi

All you need to know about Yield Farming - The rocket fuel for Defi
Source
It’s effectively July 2017 in the world of decentralized finance (DeFi), and as in the heady days of the initial coin offering (ICO) boom, the numbers are only trending up.
According to DeFi Pulse, there is $1.9 billion in crypto assets locked in DeFi right now. According to the CoinDesk ICO Tracker, the ICO market started chugging past $1 billion in July 2017, just a few months before token sales started getting talked about on TV.
Debate juxtaposing these numbers if you like, but what no one can question is this: Crypto users are putting more and more value to work in DeFi applications, driven largely by the introduction of a whole new yield-generating pasture, Compound’s COMP governance token.
Governance tokens enable users to vote on the future of decentralized protocols, sure, but they also present fresh ways for DeFi founders to entice assets onto their platforms.
That said, it’s the crypto liquidity providers who are the stars of the present moment. They even have a meme-worthy name: yield farmers.

https://preview.redd.it/lxsvazp1g9l51.png?width=775&format=png&auto=webp&s=a36173ab679c701a5d5e0aac806c00fcc84d78c1

Where it started

Ethereum-based credit market Compound started distributing its governance token, COMP, to the protocol’s users this past June 15. Demand for the token (heightened by the way its automatic distribution was structured) kicked off the present craze and moved Compound into the leading position in DeFi.
The hot new term in crypto is “yield farming,” a shorthand for clever strategies where putting crypto temporarily at the disposal of some startup’s application earns its owner more cryptocurrency.
Another term floating about is “liquidity mining.”
The buzz around these concepts has evolved into a low rumble as more and more people get interested.
The casual crypto observer who only pops into the market when activity heats up might be starting to get faint vibes that something is happening right now. Take our word for it: Yield farming is the source of those vibes.
But if all these terms (“DeFi,” “liquidity mining,” “yield farming”) are so much Greek to you, fear not. We’re here to catch you up. We’ll get into all of them.
We’re going to go from very basic to more advanced, so feel free to skip ahead.

What are tokens?

Most CoinDesk readers probably know this, but just in case: Tokens are like the money video-game players earn while fighting monsters, money they can use to buy gear or weapons in the universe of their favorite game.
But with blockchains, tokens aren’t limited to only one massively multiplayer online money game. They can be earned in one and used in lots of others. They usually represent either ownership in something (like a piece of a Uniswap liquidity pool, which we will get into later) or access to some service. For example, in the Brave browser, ads can only be bought using basic attention token (BAT).
If tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.
Tokens proved to be the big use case for Ethereum, the second-biggest blockchain in the world. The term of art here is “ERC-20 tokens,” which refers to a software standard that allows token creators to write rules for them. Tokens can be used a few ways. Often, they are used as a form of money within a set of applications. So the idea for Kin was to create a token that web users could spend with each other at such tiny amounts that it would almost feel like they weren’t spending anything; that is, money for the internet.
Governance tokens are different. They are not like a token at a video-game arcade, as so many tokens were described in the past. They work more like certificates to serve in an ever-changing legislature in that they give holders the right to vote on changes to a protocol.
So on the platform that proved DeFi could fly, MakerDAO, holders of its governance token, MKR, vote almost every week on small changes to parameters that govern how much it costs to borrow and how much savers earn, and so on.
Read more: Why DeFi’s Billion-Dollar Milestone Matters
One thing all crypto tokens have in common, though, is they are tradable and they have a price. So, if tokens are worth money, then you can bank with them or at least do things that look very much like banking. Thus: decentralized finance.

What is DeFi?

Fair question. For folks who tuned out for a bit in 2018, we used to call this “open finance.” That construction seems to have faded, though, and “DeFi” is the new lingo.
In case that doesn’t jog your memory, DeFi is all the things that let you play with money, and the only identification you need is a crypto wallet.
On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
I can explain this but nothing really brings it home like trying one of these applications. If you have an Ethereum wallet that has even $20 worth of crypto in it, go do something on one of these products. Pop over to Uniswap and buy yourself some FUN (a token for gambling apps) or WBTC (wrapped bitcoin). Go to MakerDAO and create $5 worth of DAI (a stablecoin that tends to be worth $1) out of the digital ether. Go to Compound and borrow $10 in USDC.
(Notice the very small amounts I’m suggesting. The old crypto saying “don’t put in more than you can afford to lose” goes double for DeFi. This stuff is uber-complex and a lot can go wrong. These may be “savings” products but they’re not for your retirement savings.)
Immature and experimental though it may be, the technology’s implications are staggering. On the normal web, you can’t buy a blender without giving the site owner enough data to learn your whole life history. In DeFi, you can borrow money without anyone even asking for your name.
DeFi applications don’t worry about trusting you because they have the collateral you put up to back your debt (on Compound, for instance, a $10 debt will require around $20 in collateral).
Read more: There Are More DAI on Compound Now Than There Are DAI in the World
If you do take this advice and try something, note that you can swap all these things back as soon as you’ve taken them out. Open the loan and close it 10 minutes later. It’s fine. Fair warning: It might cost you a tiny bit in fees, and the cost of using Ethereum itself right now is much higher than usual, in part due to this fresh new activity. But it’s nothing that should ruin a crypto user.
So what’s the point of borrowing for people who already have the money? Most people do it for some kind of trade. The most obvious example, to short a token (the act of profiting if its price falls). It’s also good for someone who wants to hold onto a token but still play the market.

Doesn’t running a bank take a lot of money up front?

It does, and in DeFi that money is largely provided by strangers on the internet. That’s why the startups behind these decentralized banking applications come up with clever ways to attract HODLers with idle assets.
Liquidity is the chief concern of all these different products. That is: How much money do they have locked in their smart contracts?
“In some types of products, the product experience gets much better if you have liquidity. Instead of borrowing from VCs or debt investors, you borrow from your users,” said Electric Capital managing partner Avichal Garg.
Let’s take Uniswap as an example. Uniswap is an “automated market maker,” or AMM (another DeFi term of art). This means Uniswap is a robot on the internet that is always willing to buy and it’s also always willing to sell any cryptocurrency for which it has a market.
On Uniswap, there is at least one market pair for almost any token on Ethereum. Behind the scenes, this means Uniswap can make it look like it is making a direct trade for any two tokens, which makes it easy for users, but it’s all built around pools of two tokens. And all these market pairs work better with bigger pools.

Why do I keep hearing about ‘pools’?

To illustrate why more money helps, let’s break down how Uniswap works.
Let’s say there was a market for USDC and DAI. These are two tokens (both stablecoins but with different mechanisms for retaining their value) that are meant to be worth $1 each all the time, and that generally tends to be true for both.
The price Uniswap shows for each token in any pooled market pair is based on the balance of each in the pool. So, simplifying this a lot for illustration’s sake, if someone were to set up a USDC/DAI pool, they should deposit equal amounts of both. In a pool with only 2 USDC and 2 DAI it would offer a price of 1 USDC for 1 DAI. But then imagine that someone put in 1 DAI and took out 1 USDC. Then the pool would have 1 USDC and 3 DAI. The pool would be very out of whack. A savvy investor could make an easy $0.50 profit by putting in 1 USDC and receiving 1.5 DAI. That’s a 50% arbitrage profit, and that’s the problem with limited liquidity.
(Incidentally, this is why Uniswap’s prices tend to be accurate, because traders watch it for small discrepancies from the wider market and trade them away for arbitrage profits very quickly.)
Read more: Uniswap V2 Launches With More Token-Swap Pairs, Oracle Service, Flash Loans
However, if there were 500,000 USDC and 500,000 DAI in the pool, a trade of 1 DAI for 1 USDC would have a negligible impact on the relative price. That’s why liquidity is helpful.
You can stick your assets on Compound and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.
Similar effects hold across DeFi, so markets want more liquidity. Uniswap solves this by charging a tiny fee on every trade. It does this by shaving off a little bit from each trade and leaving that in the pool (so one DAI would actually trade for 0.997 USDC, after the fee, growing the overall pool by 0.003 USDC). This benefits liquidity providers because when someone puts liquidity in the pool they own a share of the pool. If there has been lots of trading in that pool, it has earned a lot of fees, and the value of each share will grow.
And this brings us back to tokens.
Liquidity added to Uniswap is represented by a token, not an account. So there’s no ledger saying, “Bob owns 0.000000678% of the DAI/USDC pool.” Bob just has a token in his wallet. And Bob doesn’t have to keep that token. He could sell it. Or use it in another product. We’ll circle back to this, but it helps to explain why people like to talk about DeFi products as “money Legos.”

So how much money do people make by putting money into these products?

It can be a lot more lucrative than putting money in a traditional bank, and that’s before startups started handing out governance tokens.
Compound is the current darling of this space, so let’s use it as an illustration. As of this writing, a person can put USDC into Compound and earn 2.72% on it. They can put tether (USDT) into it and earn 2.11%. Most U.S. bank accounts earn less than 0.1% these days, which is close enough to nothing.
However, there are some caveats. First, there’s a reason the interest rates are so much juicier: DeFi is a far riskier place to park your money. There’s no Federal Deposit Insurance Corporation (FDIC) protecting these funds. If there were a run on Compound, users could find themselves unable to withdraw their funds when they wanted.
Plus, the interest is quite variable. You don’t know what you’ll earn over the course of a year. USDC’s rate is high right now. It was low last week. Usually, it hovers somewhere in the 1% range.
Similarly, a user might get tempted by assets with more lucrative yields like USDT, which typically has a much higher interest rate than USDC. (Monday morning, the reverse was true, for unclear reasons; this is crypto, remember.) The trade-off here is USDT’s transparency about the real-world dollars it’s supposed to hold in a real-world bank is not nearly up to par with USDC’s. A difference in interest rates is often the market’s way of telling you the one instrument is viewed as dicier than another.
Users making big bets on these products turn to companies Opyn and Nexus Mutual to insure their positions because there’s no government protections in this nascent space – more on the ample risks later on.
So users can stick their assets in Compound or Uniswap and earn a little yield. But that’s not very creative. Users who look for angles to maximize that yield: those are the yield farmers.

OK, I already knew all of that. What is yield farming?

Broadly, yield farming is any effort to put crypto assets to work and generate the most returns possible on those assets.
At the simplest level, a yield farmer might move assets around within Compound, constantly chasing whichever pool is offering the best APY from week to week. This might mean moving into riskier pools from time to time, but a yield farmer can handle risk.
“Farming opens up new price arbs [arbitrage] that can spill over to other protocols whose tokens are in the pool,” said Maya Zehavi, a blockchain consultant.
Because these positions are tokenized, though, they can go further.
This was a brand-new kind of yield on a deposit. In fact, it was a way to earn a yield on a loan. Who has ever heard of a borrower earning a return on a debt from their lender?
In a simple example, a yield farmer might put 100,000 USDT into Compound. They will get a token back for that stake, called cUSDT. Let’s say they get 100,000 cUSDT back (the formula on Compound is crazy so it’s not 1:1 like that but it doesn’t matter for our purposes here).
They can then take that cUSDT and put it into a liquidity pool that takes cUSDT on Balancer, an AMM that allows users to set up self-rebalancing crypto index funds. In normal times, this could earn a small amount more in transaction fees. This is the basic idea of yield farming. The user looks for edge cases in the system to eke out as much yield as they can across as many products as it will work on.
Right now, however, things are not normal, and they probably won’t be for a while.

Why is yield farming so hot right now?

Because of liquidity mining. Liquidity mining supercharges yield farming.
Liquidity mining is when a yield farmer gets a new token as well as the usual return (that’s the “mining” part) in exchange for the farmer’s liquidity.
“The idea is that stimulating usage of the platform increases the value of the token, thereby creating a positive usage loop to attract users,” said Richard Ma of smart-contract auditor Quantstamp.
The yield farming examples above are only farming yield off the normal operations of different platforms. Supply liquidity to Compound or Uniswap and get a little cut of the business that runs over the protocols – very vanilla.
But Compound announced earlier this year it wanted to truly decentralize the product and it wanted to give a good amount of ownership to the people who made it popular by using it. That ownership would take the form of the COMP token.
Lest this sound too altruistic, keep in mind that the people who created it (the team and the investors) owned more than half of the equity. By giving away a healthy proportion to users, that was very likely to make it a much more popular place for lending. In turn, that would make everyone’s stake worth much more.
So, Compound announced this four-year period where the protocol would give out COMP tokens to users, a fixed amount every day until it was gone. These COMP tokens control the protocol, just as shareholders ultimately control publicly traded companies.
Every day, the Compound protocol looks at everyone who had lent money to the application and who had borrowed from it and gives them COMP proportional to their share of the day’s total business.
The results were very surprising, even to Compound’s biggest promoters.
COMP’s value will likely go down, and that’s why some investors are rushing to earn as much of it as they can right now.
This was a brand-new kind of yield on a deposit into Compound. In fact, it was a way to earn a yield on a loan, as well, which is very weird: Who has ever heard of a borrower earning a return on a debt from their lender?
COMP’s value has consistently been well over $200 since it started distributing on June 15. We did the math elsewhere but long story short: investors with fairly deep pockets can make a strong gain maximizing their daily returns in COMP. It is, in a way, free money.
It’s possible to lend to Compound, borrow from it, deposit what you borrowed and so on. This can be done multiple times and DeFi startup Instadapp even built a tool to make it as capital-efficient as possible.
“Yield farmers are extremely creative. They find ways to ‘stack’ yields and even earn multiple governance tokens at once,” said Spencer Noon of DTC Capital.
COMP’s value spike is a temporary situation. The COMP distribution will only last four years and then there won’t be any more. Further, most people agree that the high price now is driven by the low float (that is, how much COMP is actually free to trade on the market – it will never be this low again). So the value will probably gradually go down, and that’s why savvy investors are trying to earn as much as they can now.
Appealing to the speculative instincts of diehard crypto traders has proven to be a great way to increase liquidity on Compound. This fattens some pockets but also improves the user experience for all kinds of Compound users, including those who would use it whether they were going to earn COMP or not.
As usual in crypto, when entrepreneurs see something successful, they imitate it. Balancer was the next protocol to start distributing a governance token, BAL, to liquidity providers. Flash loan provider bZx has announced a plan. Ren, Curve and Synthetix also teamed up to promote a liquidity pool on Curve.
It is a fair bet many of the more well-known DeFi projects will announce some kind of coin that can be mined by providing liquidity.
The case to watch here is Uniswap versus Balancer. Balancer can do the same thing Uniswap does, but most users who want to do a quick token trade through their wallet use Uniswap. It will be interesting to see if Balancer’s BAL token convinces Uniswap’s liquidity providers to defect.
So far, though, more liquidity has gone into Uniswap since the BAL announcement, according to its data site. That said, even more has gone into Balancer.

Did liquidity mining start with COMP?

No, but it was the most-used protocol with the most carefully designed liquidity mining scheme.
This point is debated but the origins of liquidity mining probably date back to Fcoin, a Chinese exchange that created a token in 2018 that rewarded people for making trades. You won’t believe what happened next! Just kidding, you will: People just started running bots to do pointless trades with themselves to earn the token.
Similarly, EOS is a blockchain where transactions are basically free, but since nothing is really free the absence of friction was an invitation for spam. Some malicious hacker who didn’t like EOS created a token called EIDOS on the network in late 2019. It rewarded people for tons of pointless transactions and somehow got an exchange listing.
These initiatives illustrated how quickly crypto users respond to incentives.
Read more: Compound Changes COMP Distribution Rules Following ‘Yield Farming’ Frenzy
Fcoin aside, liquidity mining as we now know it first showed up on Ethereum when the marketplace for synthetic tokens, Synthetix, announced in July 2019 an award in its SNX token for users who helped add liquidity to the sETH/ETH pool on Uniswap. By October, that was one of Uniswap’s biggest pools.
When Compound Labs, the company that launched the Compound protocol, decided to create COMP, the governance token, the firm took months designing just what kind of behavior it wanted and how to incentivize it. Even still, Compound Labs was surprised by the response. It led to unintended consequences such as crowding into a previously unpopular market (lending and borrowing BAT) in order to mine as much COMP as possible.
Just last week, 115 different COMP wallet addresses – senators in Compound’s ever-changing legislature – voted to change the distribution mechanism in hopes of spreading liquidity out across the markets again.

Is there DeFi for bitcoin?

Yes, on Ethereum.
Nothing has beaten bitcoin over time for returns, but there’s one thing bitcoin can’t do on its own: create more bitcoin.
A smart trader can get in and out of bitcoin and dollars in a way that will earn them more bitcoin, but this is tedious and risky. It takes a certain kind of person.
DeFi, however, offers ways to grow one’s bitcoin holdings – though somewhat indirectly.
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.
For example, a user can create a simulated bitcoin on Ethereum using BitGo’s WBTC system. They put BTC in and get the same amount back out in freshly minted WBTC. WBTC can be traded back for BTC at any time, so it tends to be worth the same as BTC.
Then the user can take that WBTC, stake it on Compound and earn a few percent each year in yield on their BTC. Odds are, the people who borrow that WBTC are probably doing it to short BTC (that is, they will sell it immediately, buy it back when the price goes down, close the loan and keep the difference).
A long HODLer is happy to gain fresh BTC off their counterparty’s short-term win. That’s the game.

How risky is it?

Enough.
“DeFi, with the combination of an assortment of digital funds, automation of key processes, and more complex incentive structures that work across protocols – each with their own rapidly changing tech and governance practices – make for new types of security risks,” said Liz Steininger of Least Authority, a crypto security auditor. “Yet, despite these risks, the high yields are undeniably attractive to draw more users.”
We’ve seen big failures in DeFi products. MakerDAO had one so bad this year it’s called “Black Thursday.” There was also the exploit against flash loan provider bZx. These things do break and when they do money gets taken.
As this sector gets more robust, we could see token holders greenlighting more ways for investors to profit from DeFi niches.
Right now, the deal is too good for certain funds to resist, so they are moving a lot of money into these protocols to liquidity mine all the new governance tokens they can. But the funds – entities that pool the resources of typically well-to-do crypto investors – are also hedging. Nexus Mutual, a DeFi insurance provider of sorts, told CoinDesk it has maxed out its available coverage on these liquidity applications. Opyn, the trustless derivatives maker, created a way to short COMP, just in case this game comes to naught.
And weird things have arisen. For example, there’s currently more DAI on Compound than have been minted in the world. This makes sense once unpacked but it still feels dicey to everyone.
That said, distributing governance tokens might make things a lot less risky for startups, at least with regard to the money cops.
“Protocols distributing their tokens to the public, meaning that there’s a new secondary listing for SAFT tokens, [gives] plausible deniability from any security accusation,” Zehavi wrote. (The Simple Agreement for Future Tokens was a legal structure favored by many token issuers during the ICO craze.)
Whether a cryptocurrency is adequately decentralized has been a key feature of ICO settlements with the U.S. Securities and Exchange Commission (SEC).

What’s next for yield farming? (A prediction)

COMP turned out to be a bit of a surprise to the DeFi world, in technical ways and others. It has inspired a wave of new thinking.
“Other projects are working on similar things,” said Nexus Mutual founder Hugh Karp. In fact, informed sources tell CoinDesk brand-new projects will launch with these models.
We might soon see more prosaic yield farming applications. For example, forms of profit-sharing that reward certain kinds of behavior.
Imagine if COMP holders decided, for example, that the protocol needed more people to put money in and leave it there longer. The community could create a proposal that shaved off a little of each token’s yield and paid that portion out only to the tokens that were older than six months. It probably wouldn’t be much, but an investor with the right time horizon and risk profile might take it into consideration before making a withdrawal.
(There are precedents for this in traditional finance: A 10-year Treasury bond normally yields more than a one-month T-bill even though they’re both backed by the full faith and credit of Uncle Sam, a 12-month certificate of deposit pays higher interest than a checking account at the same bank, and so on.)
As this sector gets more robust, its architects will come up with ever more robust ways to optimize liquidity incentives in increasingly refined ways. We could see token holders greenlighting more ways for investors to profit from DeFi niches.
Questions abound for this nascent industry: What will MakerDAO do to restore its spot as the king of DeFi? Will Uniswap join the liquidity mining trend? Will anyone stick all these governance tokens into a decentralized autonomous organization (DAO)? Or would that be a yield farmers co-op?
Whatever happens, crypto’s yield farmers will keep moving fast. Some fresh fields may open and some may soon bear much less luscious fruit.
But that’s the nice thing about farming in DeFi: It is very easy to switch fields.
submitted by pascalbernoulli to Yield_Farming [link] [comments]

dxDAO aims to power DeFi protocols through decentralized governance

I found this article on internet. It's repost of it to help educate people about all DXDao advantages:
These are positive and necessary steps for DeFi. The new governance structures are intended to help coordinate across community stakeholders and make better decisions. These dynamics are influenced by the issues covered in Dose of DeFi, but I believe they deserve their own focused analysis.
Govern This aims to educate token holders and make them better voters. Emphasis will be placed on specific governance proposals and relaying community governance discussions on forums and weekly calls.
Governance is a coordination technology that has helped countries and companies build more than the sum of their parts. Blockchains are also a coordination technology, but for computers, not humans***.*** Govern This will track the development of the melding of these two over the coming years.
Like governance, Govern This is a work in progress. I would appreciate any feedback on format, topics covered or any other suggestions to make the newsletter better. Just hit reply.
The first issue of Govern This is below. Please click here to subscribe.
Thanks for reading,
Chris
📷
dxDAO aims to power DeFi protocols through decentralized governance
Gnosis launched a long-awaited DEX last week with batched auctions for low-liquidity trade pairs. The front-end, Mesa.Eth.Link is owned and operated by dxDAO, a decentralized collective that hopes to power other DeFi protocols.
While dYdX does not have any specific governance plans (yet), this tweet from dYdX founder Antonio Juliano is a common approach to governance.
📷Antonio Juliano @AntonioMJuliano3) 0x should focus less on governance in the short term. It’s way more important to first build something with a large amount of adoption that’s worth governing
December 6th 2018
3 Retweets62 Likes
The tweet at the end of 2018 was in response to 0x and its native token, ZRX. The project was popular but the token had no use case outside of governance.
This governance strategy – build now, decentralize later – is widely accepted in the space and is perhaps best exemplified by the A16Z’s Jesse Walden’s post, “Progressive Decentralization: A Playbook for Building Crypto Applications”, which the A16Z-backed Compound has essentially implemented (more in the section below).
dxDAO, on the other hand, maintains that decentralization must come at the beginning or else the core team and investors will have an outsized influence on the project in formal (token voting) or informal ways (dictators for life).
Background
dxDAO was launched in May 2019, spun out of a collaboration between Gnosis and DAOstack over managing the DutchX platform. dxDAO’s key governance design is separating financial rights to the DAO (DXD) from voting power over the DAO (Reputation). It used an Edgeware-style lock drop to distribute reputation to stakeholders in May of last year. Any user could lock up ETH or an accepted ERC-20 for a month and receive Reputation, which are voting rights in dxDAO, even though it is not a token and cannot be transferred.
Over 400 unique Ethereum addresses participated in the distribution scheme. Gnosis went through a pretty extensive process in July 2019 to “step back” from its involvement in the DAO, and since then, the community and dxDAO have aligned behind a mission of “putting the ‘De’ in Decentralized Finance”.
Following on last week’s launch of Mesa.ETH.Link, dxDAO is conducting a fundraiser or (“DAICO”?) to help fund its new slate of DeFi products, including a prediction market platform (Omen) and a privacy-centric DeFi dashboard (Mix).
Project launch is typically when a project is most centralized. Execution is hard and direction and accountability are important. dxDAO’s approach will be an interesting counterexample to the “decentralize later” trend and may provide insight into new governance strategies.
Click here for more information about the dxDAO fundraiser.
Here’s what is on the dxDAO docket this week:
Compound governance goes live, has it found Market-Protocol-Fit?
Since its founding in 2017, Compound has executed with an almost flawless record: no bugs/hacks, a major protocol upgrade and a big name fundraise (twice).
But all of that has been because Compound, the company, has executed well, but can protocol development and the growth of the platform be sustained with community management? We shall see.
Compound’s governance system could not be simpler. Anyone with at least 1% of COMP can submit a proposal of executable code. COMP holders have a 3 day voting period; the proposal passes with a majority of token votes AND a 4% quorum of all COMP tokens.
The 1% minimum for proposal submission is a good anti-Sybil mechanism but it greatly limits participation by small users. There is delegation, so you could imagine a “proposal petition” where you would delegate your COMP to a proposal instead of signing your name.
Compound is clearly taking the “less governance is the best governance” approach. This has worked surprisingly well with Bitcoin and Ethereum, which of course, do not have any formal governance, but those communities clearly have informal governance systems that make decisions.
The biggest governance question for Compound: who is the community?
Market-Protocol-Fit
Other Internet has an intriguing essay on the emergent order from new blockchain tokens and their communities. It is worth a read. It discusses the emergent iteration that blockchains – as a technology and a community – go through to find a niche, both in culture and product.
While it focuses on base-layer blockchains that launch with a token, the essay underscores the most underrated governance element: token distribution. It quotes an insightful tweet from Eric Wall
📷Eric Wall @ercwlA question that keeps me up at night: Is it possible to create a rubbish coin based on advanced bullshit, build a community of misguided fans nevertheless, run it centralized for 5 yrs, hardfork-copy the design of a real working project, keep the community and become a success?
keysheet @keysheet
@ErcWll was one of the first vocal critics of IOTA back in 2017, shortly before the project hit a market cap of $15B. https://t.co/2267e8LEpl Today, the project is down 99% and appears to be brutally falling apart. A thread:
February 13th 2020
17 Retweets163 Likes
Before Bitcoin could harden its code and find ‘Digital Gold’ and before Ethereum found ‘DeFi’ and ships ETH2.0, both needed to find a “a strong community of believers” in order to create a “virtuous cycle between headless brands and infrastructural build-out to progressively realize [their] initial promise.”
Communities are connected through a wide spread token distribution, Bitcoin through cypherpunks and online drugs and Ethereum through a global ICO (what Teo Leibowitz called “The Immaculate ICO”).
$COMP distribution
The biggest “news” has been details about $COMP distribution:
There are no explicit plans yet, but the widely held assumption is that the COMP distribution will be determined by the interest earned and paid by users on the protocol since its inception. This is a clever way that only incentivizes more use of the protocol and is hard to game because interests accrues over time.
But the question still remains, what will the COMP community look like and what values will it espouse? Can emergent cultures arise out of Silicon Valley too?
Here’s what is on the Compound docket this week:
Maker and wBTC, a test case for the MIP process
While Maker had planned to spend Q2 moving forward with their upgraded governance process, most of its focus has been on restoring the Dai peg.
For more on how the Maker governance process has expanded outside the core community, check out the previous edition of Govern This.
Here’s what is on the Maker docket this week:
Governance and Risk meeting (April 23)
Single Collateral Dai shutdown – the process has begun. A poll passed with May 12 as the official SCD shutdown. Just yesterday, an executive just passed yesterday to make the MKR oracle fee-less, which will help with migration. Many in the community think the migration of debt from SCD will do more than enough to restore the peg.
13 MIPs and 2 sub proposals – Core to the new Maker governance process is the “Maker Improvement Proposals (MIPs), which are modeled off of BIPs (for Bitcoin) and EIPs (for Ethereum). The two sub-proposals are to appoint the Smart Contracts Team and assign Charles St. Louis as the MIP editor.
The 13 MIPs are listed below:
- MIP1 (Maker Governance Paradigms)- MIP2 (Launch Period)- MIP3 (Governance Cycle)- MIP4 (MIP Amendment and Removal Process)- MIP5 (Emergency Voting System)- MIP6 (Collateral Onboarding Form/Forum Template)- MIP7 (Onboarding and Offboarding Domain Teams for Collateral Onboarding)- MIP8 (Domain Greenlight)- MIP9 (Community Greenlight)- MIP10 (Oracle Management)- MIP11 (Collateral Onboarding General Risk Model Management)- MIP12 (Collateral and Risk Parameter Management)
By and large, the MIPs codify many of the informal Maker governance processes. There is currently a request for comments period (MIP forum) and there will be an informal poll on Monday, April 27 on whether to proceed with the 13 MIPs and 2 sub proposals. If it’s a “Yes”, than an executive for an official ratification vote would start on May 1 and lasts for 4 days. If it passes, the official governance cycle will begin and the rest of the MIPs will likely be approved from May 4 – 6.
Other Governing Things
That’s it! Feedback definitely appreciated. Just hit reply. Written in Brooklyn where it rained all day. No euchre today, but yesterday was epic.
Govern This is written by Chris Powers. Opinions expressed are my own. All content is for informational purposes and is not intended as investment advice.
submitted by yaroslav_karpov to CryptoMoonShots [link] [comments]

Time is Relative, When You Live in The Future (With Even More Juicy Content Added)

Hey all, I originally did this post in the Daily May 23, 2020. u/decibels42 encouraged me to make it as an individual post so it is easily findable. Hope folks don't mind seeing it again. Cheers
Every day you login to this group you see someone stressed about the price or happy about the price. The heads who have seen it all only seem to come around when it's actually worth sticking their head out, and I respect that. People should live their lives and let this be a fun place they come to checkin with really smart people - not to stress about every single bump in the price.
How did someone like me find ETH community? I studied to become a developer to build my own business and it's taken me ten years to do so. Ten, long, years. Finally i'm able to be the CEO without having to code though I miss it. Someonewhere along the way our CTO told me about Ethereum. We talked for two years about blockchain etc before we ever talked about the ETH token.
Researching I came across the book by u/danconway650 about how to escaped his as a middle manager and risked it all to invest into ETH and became a millionaire in 2017. It was more than a book about getting lucky - it was about surviving addiction. Investing early in something you believe in no matter how crazy people think you are. And working for a shitty corporation and praying to escape. I think we can all relate to that. Most importantly, in his book he talks about ethtrader - and you can't help but study how things went down over the last 3-5 years after reading his book. I still recommend for new folks to go back and read the old threads. It explains why folks left EthTrader and built this community and what folks have been through:
https://www.reddit.com/ethtradecomments/9me3dq/when_did_you_first_buy_crypto/?utm_medium=android_app&utm_source=share
Sadly, i've seen folks bash him for being correct about the risk he took. So many contributions to this community, and who knows how many people his book has brought in or will bring in.
Below are all edits made after a few second thoughts:
The only bad thing recently seen on the eth boards (Can't remember if it was ethtrader or finance - probably trader) was someone being bashed for buying their first eth and making a proud post. Most people cannot afford to spend money on an investment like this. So folks here are in a privileged and blessed class. Please remember that and don't get down on yourself about what you don't have.
Did anyone see that great post a couple weeks ago by the guy who was addicted to trading and lost like 15 or 20k eth? That type of story gives you perspective.
The best thing i've seen is folks like u/SwagtimusPrime fighting the good fight in CryptoCurrency and getting banned for dispelling misinformation though it seems to be everywhere for bitcoin and allowed to flourish.
https://www.reddit.com/ethfinance/comments/gnrfldaily_general_discussion_may_21_2020/frd6jw3?utm_medium=android_app&utm_source=share
Also, u/heyheeyheeey ALWAYS doing his reminder ETH is going to 20k.
The guy who does the "This day in eth" posts
u/ethlongmusk posting important content from Twitter
DC always giving thoughtful and cogent responses to the moment of the day.
and of course JT and the other stalwarts.
I'm new af and I can tell you all have had a community built to last forever. That should tell you something.
On the trading side i've learned:
One thing the old heads seem to consistently say is "don't trade".
It is understood that this is a place for traders and hodlers - and both are needed to make the ecosystem work. The truth is, everyone here is super super early.
https://www.reddit.com/ethfinance/comments/cyczuq/this_seat_is_occupied/?utm_medium=android_app&utm_source=share
And to those of you who are tired of waiting - time is relative. Please be patient. More time to learn. More time to DCA.
Be as confident about ETH as this guy was about bitcoin 7 years ago ...not because you are a loyalist..because of Visa, Reddit, and JP Morgan, Winklevoss Brothers, JK Rowling, Eth futures popping off for Ethereum all in 3 weeks:
https://youtu.be/Cw29h7LhEuE
Let the brilliant devs do their work because the tech is what this is really about and what gives the tokens value
https://a16z.com/2020/05/15/the-crypto-price-innovation-cycle/
Lets just take a step back and appreciate that as we roll into "crypto spring" https://finance.yahoo.com/video/alexis-ohanian-why-onsite-offsite-155135473.html
submitted by studyforgain to ethfinance [link] [comments]

cb

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https://www.crunchbase.com/organization/soros
https://www.crunchbase.com/organization/sosv
https://www.crunchbase.com/organization/sparkchain-capital
https://www.crunchbase.com/organization/sparklabs
https://www.crunchbase.com/organization/spice
https://www.crunchbase.com/organization/spice-vc
https://www.crunchbase.com/organization/spice-venture-capital
https://www.crunchbase.com/organization/starchain-capital
https://www.crunchbase.com/organization/starta-accelerator
https://www.crunchbase.com/organization/starta-capital
https://www.crunchbase.com/organization/superbloom-capital
https://www.crunchbase.com/organization/suregroup
https://www.crunchbase.com/organization/sv-angel
https://www.crunchbase.com/organization/svk-crypto
https://www.crunchbase.com/organization/systematic-alpha
https://www.crunchbase.com/organization/taas
https://www.crunchbase.com/organization/target-coin
https://www.crunchbase.com/organization/techstars
https://www.crunchbase.com/organization/tetras-capital
https://www.crunchbase.com/organization/tezos
https://www.crunchbase.com/organization/tezos-fund
https://www.crunchbase.com/organization/the-crypto-fund
https://www.crunchbase.com/organization/the-stable-fund
https://www.crunchbase.com/organization/the-token-fund
https://www.crunchbase.com/organization/tig
https://www.crunchbase.com/organization/tmt-crypto-fund
https://www.crunchbase.com/organization/tokenai.io
https://www.crunchbase.com/organization/trammell-ventures
https://www.crunchbase.com/organization/trevi-digital-assets-fund
https://www.crunchbase.com/organization/true-global-ventures
https://www.crunchbase.com/organization/typhon-capital-management
https://www.crunchbase.com/organization/union-square-ventures
https://www.crunchbase.com/organization/valor-equity-partners
https://www.crunchbase.com/organization/venture-garden-group
https://www.crunchbase.com/organization/version-one-ventures
https://www.crunchbase.com/organization/virgil-capital
https://www.crunchbase.com/organization/vito-ventures
https://www.crunchbase.com/organization/vulpes-investment-management
https://www.crunchbase.com/organization/wave-financial
https://www.crunchbase.com/organization/winklevoss-capital
https://www.crunchbase.com/organization/wyre-capital
https://www.crunchbase.com/organization/xiong-an-global-blockchain-innovation-fund
https://www.crunchbase.com/organization/zcash-investment-trust
submitted by Quippykisset to peaceCorpsCoding [link] [comments]

Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears (current BTC/USD price is $8,825.02)

Latest Bitcoin News:
Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears
Other Related Bitcoin Topics:
Bitcoin Price | Bitcoin Mining | Blockchain
The latest Bitcoin news has been sourced from the CoinSalad.com Bitcoin Price and News Events page. CoinSalad is a web service that provides real-time Bitcoin market info, charts, data and tools. Follow us on Twitter @CoinSalad.
submitted by coinsaladcom to CoinSalad [link] [comments]

Next on ethcs.org: Jesse Walden, partner at a16z crypto. Post and upvote your favorite questions.

The Ethereum Community Series continues. Next guest is Jesse Walden (@jessewldn), partner at a16z crypto. He founded Mediachain, a decentralized media attribution protocol, which was later sold to Spotify.
a16z crypto has taken a six percent stake in Maker, and Jesse has co-written a great introduction on Maker and its future. For a background on a16z, check the recently published "Andreessen Horowitz Is Blowing Up The Venture Capital Model (Again)" ("By renouncing venture capital status, Andreessen Horowitz says it’ll go deeper on riskier bets: If the firm wants to put $1 billion into cryptocurrency or buy unlimited amounts of shares in public companies or from other investors, it can.")
He's a recurring guest on the a16z podcast, where they talk about "Cryptonetworks and Cities — Analogies", "Cryptonetworks as Emerging Economies (Done Right?)" and "All about Stablecoins". He published "4 eras of blockchain computing: degrees of composability"
But there's more. A bio from his website:
My name is Jesse Walden. I am a VC at Andreessen Horowitz.
I grew up in and around NYC: born in Manhattan, learned to ride a bike in Queens, and went to high school in Great Neck. I moved to Montreal, Canada to attend McGill University, where I graduated with a B.A. in Art History and Economics.
While in school, I started a number of businesses, all of which derived from self-taught and sophomoric web/photoshop skills, plus an obsession with music I was digging for on the internet. The first business was a web design company, which led to designing newsletters and flyers for parties. From there, I decided to start my own party and concert promotion operation, and then a complimentary platform to manage social contests and event guest- lists. Montreal had an extremely special music scene at that time, which was partly why I stuck around, learned French, and became a permanent resident of Canada.
When I moved back to NYC in 2012, I co-founded an artist management company focused on helping independent artists engage their fans directly on the internet. It was a privilege to work with artists I consider generational talents, including Solange Knowles, Blood Orange, Majical Cloudz and many more. That crew also helped to launch Boiler Room in North America, where we pioneered live-streamed performances to online audiences.
In 2013, learning about Bitcoin sparked the ideas behind Mediachain, a decentralized media attribution protocol I co-founded in 2014. The company, Mediachain Labs was later acquired by Spotify, where I was a Product Manager in Creator R&D.
In 2018, I joined Andreessen Horowitz to take a wider view of decentralized networks and helped to spin out a16z crypto, a venture fund dedicated to investing in blockchain computing and applications.
I live between Brooklyn and San Francisco, and when I'm lucky I do so with my wife, a touring singer and artist. I am forever drawn to creative people, inspiring ideas, and perfect sounds.

If you have more than one question, please post them in separate comments. This keeps the upvote process (which questions are most upvoted) fair.

submitted by krokodilmannchen to ethtrader [link] [comments]

$515 million a16z fund will benefit Bitcoin! BTC was strengthened by the hysteria, Bullish! Andreas a16z Podcast  Why Crypto Tokens Matter The 4th Crypto Bull Cycle a16z - Bakkt Taking Crypto Mainstream - Jack Dorsey CashApp Bitcoin Update a16z Podcast Beyond Bitcoin -- The Blockchain Blockchain Project Raises $61 Million from A16Z, Polychain Capital

watch time: 21 minutes On the surface, the story of cryptocurrencies has been a story about new financial opportunities — whether it’s people betting on bitcoin, or banking on the blockchain. But the building blocks of this story go back … a16z Podcast: Banking on the Blockchain with William Mougayar Whether you think of it as a distributed ledger, decentralized database, computing infrastructure, open source/ software development platform, cryptocurrency, transaction platform, or financial services marketplace, the bitcoin blockchain is driven by two key features: that it is a peer-to-peer network, and that it unbundles trust. While bitcoin probably won't be the only protocol, if you care about security, all roads eventually lead to the massive bitcoin network effect. 2015-11-12T23:37:29Z. Users who like a16z Podcast: Blockchain vs/and Bitcoin; Users who reposted a16z Podcast: Blockchain vs/and Bitcoin; Playlists containing a16z Podcast: Blockchain vs/and Bitcoin July 11, 2018 by Shaurya Malwa at Altcoins, Bitcoin, Blockchain, Business, Investment, News, Tech After the launch of a blockchain and crypto-focused hedge fund, Silicon Valley investment houseAndressen Horowitz (A16Z) has announced a $45 million funding in blockchain-based privacy emphasized cloud project “Oasis Labs.” Bitcoin, they maintain, is best understood as sound money, and Silicon Valley's infatuation with "blockchain technology" is "a great example of 'cargo cult science,'" as the economist Saifedean ...

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$515 million a16z fund will benefit Bitcoin! BTC was strengthened by the hysteria, Bullish! Andreas

Blockchain Project Raises $61 Million from A16Z, Polychain Capital A blockchain project based in Switzerland has raised $61 million from a group of investors that includes venture capital giant ... Video Title: a16z Podcast Beyond Bitcoin -- The Blockchain. Los Angeles, CA- Welcome to the 1 Bitcoin show! Strong hands love this ride! Some people are disappointed with how Andreessen Horowitz is spending its money. I explain why the investment could ... - Andreessen Horowitz Forecasts Fourth Crypto Bull Cycle - How Bakkt is making digital assets like airline miles, loyalty points, and cryptocurrencies more accessible, useful, and trusted - Jack ... Video Title: a16z Podcast Bitcoin, Greece, and What’s Next for Cryptocurrency.

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