ericyakes
Eric

Major financial institutions influencing the social layer of #bitcoin should not be underestimated
Ark pulling out of supporting core devs based on an alleged conversation with saylor is a minor symptom of a much larger problem that will grow exponentially
Their social influence is just starting
Don’t buy the ETFs
Run a node

2024-04-09 13:11:21

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2024-04-06 03:40:04

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Ok fine

2024-04-02 22:45:32

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Thanks bro https://image.nostr.build/8fa2395755661899818f12769038509ebce0b6f25c7fc5c192467bbdfeb15387.jpg

2024-03-23 22:12:37

If any of you know Barbara DM @npub1hte…sw3d
https://m.primal.net/HnnJ.jpg

2024-03-18 20:17:06

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Glad you liked it

2024-03-09 17:53:57

#bitcoin protocols starting to look like a financial system
#note1ndf…c2w5

2024-02-28 03:02:17

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Me thinks you still don’t deserve it and need to give me your coins

2024-02-22 04:46:45

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badass my sister went to berklee

2024-02-22 04:22:54

How is #bitcoin going to scale?
The same way all other monetary systems have
Except that this time we have cryptography on our side
will it be trustless?
barring a 0 to 1 innovation - no
all scaling solutions are optimizing for fundamental tradeoffs
but we will be able to remove a lot of "mal-trust" in the same way we will remove "mal-investment"
everyday we trust people to provide services for us
By doing so we can specialize in various trades
In economics the people we trust for goods and services are referred to as agents
Trusting agents in other trades and giving ourselves time to specialize in our own trades is the greatest enabler of economic wealth since the dawn of man and largely what separated homo sapiens from our common ancestors
so trust is like really really good
but only when our interests are aligned with agents
when there is a conflict of interest things always end up bad
because money is the most desirable good, financial history is littered with conflicts of interests between agents and those trusting them
So we have this agency problem with money
and fiat money is the epitome of it whereby the agents of the system privatize profits and socialize losses
Now #bitcoin needs to scale it's own financial system and we're encountering similar problems of legacy systems
But now we have cryptography - which changes quite a lot actually
Just as #bitcoin used cryptography and properly aligned incentives to reduce trust in base layer money...a similar approach can be used to reduce trust in scaling layers
#bitcoin is not a perfectly trustless system
When you trust that #bitcoin will not change it's not just math and software but also properly incentives you trust
Try arguing against #bitcoin FUD without discussing how perfect the systems incentives are aligned
Incentive alignment is innovation and it was one of the key innovations that separated #bitcoin from it's predecessors
This is a critical point when it comes to scaling
Banking systems were the scaling mechanism for gold enabled by the printing press
these systems worked well when they were free from government interference but it didn't take long for government to learn how to control them and create conflicts of interest
If you want more detail check this out: yakes.io/bitcoin-bankin…Banking systems were the scaling mechanism for gold enabled by the printing press
these systems worked well when they were free from government interference but it didn't take long for government to learn how to control them and create conflicts of interest
If you want more detail check this out: https://yakes.io/bitcoin-banking-systems-full-reserve-vs-free-banking/
I believe #bitcoin will follow the same pattern of history but resist centralized control
This is because the #bitcoin will be able to leverage unique properties of a digitally native system such as:
- The internet: moving information instantly
- software: automating functionality that removes unnecessary agency
- P2P competition: for the first time in modern history you can exit the financial system and participate in a P2P online economy
- Unilateral exit: some protocols will allow for trustless exit of the system into P2P systems
- Cryptography: having the option to conceal information and identity of economic behavior
- information transparency: service providers and centralized interference will much more challenging to go undetected
No banking system in history has had any of these properties
I believe their combined result will be a system so efficient, dynamic, private, & transparent that it can't be captured or controlled
These unique properties will align incentives in a way that history has not seen
Many are focused on trustless/trust-minimized systems and that is great and I hope they proliferate
but 0 to 1 innovations may be necessary for these systems to be competitive with trusted systems
that's why I think trust optimization should be a priority as well
I believe eCash systems such as fedimint and CashuBTC will play a large role in this because:
1) they can optimize trusted custodians for various use cases
2) they use eCash which doesn't have a blockchain
eCash has all the benefits of cash in a wallet as well as a paypal account
no blockchain means scalability is limited to the latency of the internet or federation
but you have to trust in a mint that creates it for you - like a bank - when you send it #bitcoin
Why wouldn't the eCash mint rug me?
Great question. This is a perfect example of using cryptography and incentive alignment to take a banking function and optimize it's trust nature
.@callebtc theorized this specific scheme w/ origins from the Scrit project
gist.github.com/callebtc/ed522…
By setting an expiration date on eCash issued by a mint we can effectively automate bank runs
This creates a probabilistically certain outcome of catching a cheating mint WHILE STILL allowing users to remain private
that is innovation
Just as #bitcoin pushed the marginal cost of verifying money to near zero
This eCash scheme can push the marginal cost of automating bank runs to near zero
which changes the incentives of everything
They create a probabilistically certain outcome that a cheating mint will eventually get caught
They reduce the cost of implementing bank solvency verification to near zero
That means these methods can be cheaply and easily implemented in eCash wallet software
And that means we’ve created incentives aligned against pursuing fractional reserves
This isn't a perfect technological solution but it is one that aligns incentives
and it is from these types of solutions that I expect much of #bitcoin scaling will occur
Self-custody for all monetary use cases is a serious consideration - but shared custody may be
But creating a system with incentives aligned to resist any form of centralized capture is likely
This story will be trustless and trusted but most importantly - trust optimized
Here's the detail behind a lot of this: https://yakes.io/banks-without-bankers/

2024-02-22 04:12:45

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Okee

2024-02-21 23:31:56

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bad ass broh

2024-02-20 23:54:48

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captured media

2024-02-14 17:33:47

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Will there be ladies night?

2024-02-14 10:04:18

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Surprised Aurelius was aware of cancer

2024-02-13 22:48:38

Nah

2024-02-13 22:48:06

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2024-02-13 22:47:57

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Yarrr

2024-02-11 01:33:30

2024-02-09 21:10:56

Supercycle

2024-02-05 23:53:45

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Prove it

2024-01-18 16:26:16

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Let’s do it. Hit my DMs with details.

2023-12-01 00:56:47

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Owie

2023-11-18 19:47:59

I was wrong
It’s not about bits and sats
I need to face the reality that it’s a suboptimal convention
And the superior convention is obvious:
BITTIES
“Hey dude bro that’ll be 5 bitties”
“Nah man I only HODL bitties”
HODL bitties frens
So simple
So fun

2023-11-18 02:42:45

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We wish

2023-11-18 02:13:03

Tatum’s first beef rib https://image.nostr.build/72b5b1ccd32c0a1ddc9acf69411271aa9c80ce55dd5f586147662ed537673473.jpg

2023-11-15 05:37:10

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This is the sacred word

2023-11-03 04:53:02

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Fr fr

2023-11-03 04:40:32

Hard as hell #note1e7k…mme4

2023-10-28 18:25:20

Ok let me out of the arena I want out now #note1j7d…6q3l

2023-10-24 02:25:14

#bitcoin SZN https://image.nostr.build/ea6a941ee37a2ff9d4607aabe869919a04c6ed2b4eb1653592b743d535982f13.jpg

2023-10-23 19:55:48

Tru #note1ml0…3xvw

2023-10-21 18:46:01

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And Kanye west

2023-10-14 17:30:29

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Nice!

2023-10-14 17:30:17

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No you don’t dude

2023-10-14 17:30:02

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Where??

2023-10-14 17:26:48

A MILLION YEARS #note1y25…8hsh

2023-10-01 15:15:42

I’m in the arena on a Sunday
I am him
The alpha and the omega
The moon and the stars
The butter and the bread
The copy and the paste

2023-10-01 02:20:22

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Just remember to save some for the rest of us

2023-09-30 23:34:58

The last thing the world needs #note12u8…dx55

2023-09-29 19:34:41

There are many societal interpretations of Atlas Shrugged but nobody every talks about how Dagny Taggert's first love was some mega rich heir that was "destroying his wealth on purpose" and "only acting like a playboy for show" and "really only loved her" but can't be with her "because society" and by assuming that this character was inspired by observations of Ayn Rands real life experiences it seems reasonable that there were serious mental gymnastics going on to convince herself she wasn't dealing with a DiCaprio level playboy who couldn't commit "because society"

2023-09-25 17:03:11

One of the most valuable lessons I've learned thus far:
Rational decisions can lead to a life without meaning
From the perspective of modern financial theory - the rational person should take that corporate job and compound savings over your life in a diversified portfolio minimizing asset class correlation until you're 60 and retire with $5M
That's rational.
Now some people realize that those investments are all just propped up by perpetual stimulus and because of this your $5M will be raped by inflation by the time you need it
That's step 1 and you buy #bitcoin to protect yourself
What few people realize is that nobody created anything memorable for world by taking that corporate job in the first place
And few ever will because entrepreneurship isn't rational - the statistics support that you should expect to fail
Rational decision making is based on minimizing risk in proportion to positive outcome
Of course, minimizing risk good - but it often leads to decisions based in fear and compromise
and those little decisions of compromise compound over decades until you wake up wondering how you got here and why you're doing it all in the first place
Entrepreneurship is the opposite of this
It is venturing into the unknown and having the courage to trust your character and instincts
It fundamentally requires faith. Faith in yourself, or your god, or whatever.
Often it is the decisions that provide us the most meaning that are the least rational but our fear of the unknown or what others think prevents us from following them.
Making irrational decisions to avoid a life of compromise and pursue something that is truly meaningful is deeply human.
That's what living is.
Rational decisions are necessary and the mode of our decision making but don't throw away your life and humanity in their name.
True rationality is pursuing decisions that pave a path of meaning.

2023-09-04 16:38:14

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HBD TTU

2023-08-29 16:35:42

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Fr fr

2023-08-29 12:15:16

Gm
Teehee https://cdn.nostr.build/i/70050cf2395c6e92ac1a44d9f4f880b67b6d6f9fddcf13f70981c2c60b092d37.jpg

2023-08-29 03:42:57

Imma funcle now https://cdn.nostr.build/i/b6c18f7b7b22812f74d33272fd137ee40cc591c2aa0a167574d02ad29910daf7.jpg

2023-08-28 22:14:30

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The reputation market proposal is very interesting

2023-08-27 05:17:25

V sexy v cool #note1pz2…mljp

2023-08-27 03:32:36

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https://cdn.nostr.build/i/b156e3e4c0fb0fdb5a9a0a6adc43868e48529a5af7bb7d346b60bea8ab82b918.jpg

2023-08-27 03:32:00

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Ya like wtf

2023-08-27 01:49:31

Another adventure with Eric and @npub1hte…sw3d https://cdn.nostr.build/i/94f0d63b5d62850678020b247e998493c711601d913b22834b07ea627416210e.jpg

2023-08-26 23:02:38

A truly blessed dating profile #note1z8u…vfrz

2023-08-21 17:03:21

Chinese abandoned cities are the product of central planning and speculative credit bubbles
This is how malinvestment is created - unused homes for hundreds of millions
This wasted time, energy, and capital could've been used to increase living standards
#bitcoin fixes this https://cdn.nostr.build/i/e9f84a8140d56512617d60ec60b4f0b9704f58facaaabdcf68d558b80357e522.jpg

2023-08-17 22:29:26

Stop breathing and look at this

2023-08-16 04:25:14

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That sounds wild man good for you

2023-08-16 04:19:01

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Wattup dog

2023-08-16 04:10:19

If you ask people what think about #bitcoin before you start explaining things about bitcoin to them you’re going to do a way better job explaining bitcoin to them

2023-08-14 19:29:45

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Totoally. I think the architecture will enable lower admin costs and more competitive fee rates that will ultimately leads towards this.

2023-08-14 16:21:44

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Yes I think it will come with the next cycle. As more stablecoins get issued by fintech incumbents the market will get more competitive and stablecoins will be forced to pass along the yield they’re capturing to remain competitive.
Long term I think these institutions could cross into the systemically important territory

2023-08-14 16:05:36

Stablecoins are on pace to become the new money market funds - Crypto L1s will live and die by demand for these coins
Investors will buy and hold them to earn a yield from the debt backing them
That "yield" is derived from fiat debt issuance and this system will grow even more rapidly than fiat debt
It will be called the next innovation of crypto
A crisis will emerge with stablecoins losing their peg - effectively "breaking the buck"
Nothing about this system will enable freedom

2023-08-10 04:49:07

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I did frat

2023-08-09 22:54:59

EMERGENCY NOTE:
#bitcoin has a ratio issue
For some reason girls don’t like talking about bitcoin
wtf are we supposed to talk with them about

2023-08-09 20:12:42

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This is so cringe’
Our first adventure should dissect this cringe’

2023-08-05 15:34:02

Would you rather be @npub1hte…sw3d with a lobster roll or the guy with a girlfriend? https://cdn.nostr.build/i/2b7e44a099363bbd6bc7254ce6a7cd24ce4101ec9b48a3ae5e1a3e9531588987.jpg

2023-08-04 21:32:56

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I’ll buy this

2023-08-03 20:28:08

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Apple would love this

2023-08-03 03:17:39

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Ok maybe we should do it then

2023-08-03 03:08:13

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Bro why would we ever do this it would be such a terrible idea

2023-08-03 03:07:27

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Made me lol

2023-08-03 01:59:34

Show me your memes https://cdn.nostr.build/i/e0bcd7e846c1d6c01fc485e838f52ec469615946e35d3f20a6d0f2fb96ffcd2e.jpg

2023-08-03 01:52:12

Knew it https://cdn.nostr.build/i/83fd4351d9b2594ab27739d53c98651b66cdf1772516bf59833ec078c1d8f505.jpg

2023-08-01 18:57:08

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Oke why sir?

2023-07-27 02:20:13

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Fr fr

2023-07-24 21:58:30

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Give me that hat

2023-07-24 18:44:45

It seems that a big part of becoming a rent seeking monopolistic tech titan requires changing your name
Google —-> Alphabet
Facebook —-> Meta
Twitter —-> X

2023-07-22 01:20:58

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Ya it wasn’t good

2023-07-22 00:47:35

When they say you can’t zap anymore and to take your shoes off at the front door
#zapathon https://cdn.nostr.build/i/9cdc034411dccd8ec98d70464866b4249bedda55163b907a17e90492330313fe.jpg

2023-07-22 00:40:25

Rate this photo
#zapathon https://cdn.nostr.build/i/2b7e44a099363bbd6bc7254ce6a7cd24ce4101ec9b48a3ae5e1a3e9531588987.jpg

2023-03-12 23:39:02

This is a bailout
Bonds worth X% on the dollar are being valued at par
The taxpayer will pay
Just as they currently are through inflation
This system is defined by moral hazard
Opt out into #Bitcoin

2023-03-08 21:04:50

Guess how many eggs I eat a day on average
Winner gets all of the sats in my zap wallet
Hint: there’s a non-zero chance I eat caviar daily

2023-03-06 21:18:14

Noted