polynya

@polynya

127 Following

273779 Followers

polynya pfp

I'd like to see more sophisticated rate-limiting features on Safe and competing multisig wallets. Is it possible via transaction guards? How can non-coder users access it? So, for example: - Can only send $10,000 via the Uniswap contract per 24 hours - Can only send $1,000 to address X per 1 hour Nothing else can be sent from the wallet. Changing these requires X/Y multisig permissions, and takes 7 days to execute. Just an example, but the point is, the user can customise as per their needs. Rationale: User doesn't lose everything in one go if hacked - there's time and possibility to fix the situation.

1 reply

14 recasts

82 reactions

polynya pfp

Alas, in the 2+ years since, the vast majority in crypto have pivoted sharply towards full on greed, degeneracy, nihilism, and crime. Of course, there's a small minority that continues working on useful sustainability, and I have the utmost respect for them, but that keeps getting smaller by the day.

14 replies

104 recasts

343 reactions

polynya pfp

Finally, a good usecase for a memecoin Redistribute wealth from degenerate cryptobros to a LDC (corruption aside) https://x.com/FA_Touadera/status/1888722674265764017

3 replies

47 recasts

138 reactions

polynya pfp

Quite amusing that a year after I quit CT, Elon gave my account a Verified tick for free, and another year after that I still have that tick, for free. Surely, at some point they'll realise the account is inactive and take it back?

16 replies

39 recasts

225 reactions

polynya pfp

I haven't commented about rollups in several months, if not over a year, so I'm just a casual observer now... Native rollups are pretty cool, and what I meant by "enshrined zkEVM bridge" a couple of years ago (except they've got a wider scope than zkEVMs) However, they are not "enshrined rollups", as I wrote about them at least, which are in-protocol, L1 rollups Overarching thought on rollups: there simply has not been anywhere enough demand to saturate 1,000+ chains by 2025 like I had expected in 2021. Including all L1s and L2s, there's maybe like 10, at most. I'm sure demand will grow, but not to the magnitude anyone expected. It would be prudent to factor in this lower terminal demand in infrastructure designs, instead of just "build it they'll come" hopium. https://x.com/apolynya/status/1629651981768990720

3 replies

81 recasts

185 reactions

polynya pfp

It is pretty clear that Bitcoin as a blockchain is a colossal waste of energy. As BTC custody continues centralizing to a few ETFs, CEXs, institutions, in the long term >50% of BTC will be held by a handful of organisations Might as well just cancel PoW and move to PoA at that point. It would actually be *more decentralized* as PoW will inevitably centralize over to a handful of industrial players and pools due to crippling economies of scale. Plus, it'll solve the security budget problem. As before, the full nodes will be there as the last line of defence irrespective The only thing matters for BTC is it remains a speculative store-of-value, doesn't matter the mechanism to achieve that https://x.com/i/trending/1885868663116296256

23 replies

112 recasts

543 reactions

polynya pfp

I used to complain a lot about DeFi, L2 tokens etc. and their abysmal token distributions in 2021/22, to deaf ears That particular slippery slope has met its valley Just straight up criminal extortion, no filter 🤣

12 replies

64 recasts

221 reactions

polynya pfp

It's surreal to see cryptobros cheer on blatant capture by 1 country, real or imagined, by heavily shilling "American coins", with very little resistance Just more evidence for what we all know - very few give a fuck about defending a neutral globally accessible system, it's all about greed & whatever pumps your bags

18 replies

156 recasts

330 reactions

polynya pfp

While I mentioned academia specifically in my last cast about Bluesky, I've also noticed a lot of the cutting-edge discussions around finance, economics, markets etc. have steadily been moving to Bluesky. There's no reason Farcaster couldn't be a good fit for these communities, this is a once-in-a-decade opportunity. And no, none of these topics are about politics, since for some reason a lot of responses shoehorned politics into it.

15 replies

45 recasts

329 reactions

polynya pfp

Lately, I've been more active on Bluesky (different topic, different anon), and it's growing pretty fast. Given Elon has oriented Twitter towards anti-intellectualism, certain communities have moved wholesale already, particularly academia related. It's basically just Twitter without the bloat, but slower still... Farcaster is more interesting to me, but Bluesky has won the attention game - no one knows Farcaster exists outside the niche crypto crowd.

37 replies

88 recasts

727 reactions

polynya pfp

Vitalik discovering capitalism

12 replies

53 recasts

353 reactions

polynya pfp

A personal note on this: I spent the last year of my blogging career focusing on exploring from first principles the fundamentals of blockchains. It hasn't gotten much attention, but I still believe it's by far the most impactful writing on my old blog. Blockchains are only useful for strict global consensus, with the key overarching usecase being objective accounting. For everything else, there are far more efficient and more decentralized options available/to be invented. Being dogmatic about only using blockchains has actively hindered growth for years - to expand the onchain economy we must adopt & invent better solutions, even if its not technically "onchain".

10 replies

26 recasts

182 reactions

polynya pfp

Crypto's greatest contributions to humanity: 1) Adding an overwhelming body of evidence to the millennia old universal truth: money is the root of all evil [...] 2) Digital store-of-value commodity as an alternative to Gold 3) Stablecoins that make USD more accessible in countries with high inflation + it's restricted

14 replies

39 recasts

179 reactions

polynya pfp

Beam Chain is basically the "zkEthereum" endgame I hoped for and wrote about in 2021, that plus the data layer and zkEVM upgrades. Back then, I had expected something like "about a decade", albeit delivered incrementally. So, anything sooner than early 2030s sounds like a win for Ethereum's Endgame. The one thing I'd like to see is what I called an "Enshrined zkEVM bridge" (a standardized in-protocol bridge for all "Type 0" zkEVM rollups) though maybe that's more suited for the EL, idk

6 replies

12 recasts

106 reactions

polynya pfp

My favourite invention in crypto is Uniswap range orders. Most crypto apps are alternatives to stuff that have existed, but Uniswap range orders are largely unique, offers a great way to scale in and out of positions, and earn while you're doing it! That and ZKPs as a broader category, of course.

4 replies

25 recasts

120 reactions

polynya pfp

As some of you have noticed, a big theme on this Farcaster profile is objectivity vs. subjectivity The human experience is extremely complex, multi-faceted, diverse, and thus deeply subjective Financialization is an attempt to dumb some things down into objective numbers. For some things, like capital allocation, exchange of goods, it works brilliantly. Blockchains are exclusively the domain of the strictly objective. But for almost everything else, forcing subjective matters into objective outputs leads to potentially catastrophic outcomes, and the root cause is plutocracy - determining governance by wealth, to the worst-case scenario, truth itself. I don't need to tell how that's peak dystopia and an affront to humanity. Fuck "info finance" with a bag of stale scrotums

9 replies

13 recasts

120 reactions

polynya pfp

"Info finance" is pretty emblematic of financialisation gone too far to become outright dystopian It's happening, there's no turning back, but I'll personally avoid it like the plague

1 reply

3 recasts

31 reactions

polynya pfp

Over the last decade or so I've been commenting on crypto (different pseudonyms) I've noticed a very clear pattern - the reaction to my content is directly proportional to how bullish the audience perceives them to be for their bags. That makes me appreciate the few who react positively even if I'm being critical.

11 replies

32 recasts

201 reactions

polynya pfp

A couple of years ago, I identified two main usecases for blockchains: objective money/finance and objective identity However, over time, I've warmed to the idea that objective identity does not actually require strict global consensus. A less strict, loosely ordered global consensus may be adequate Really, it's only money that requires strict consensus, or anything else of *temporal* economic value While identity does have economic value, it is in most cases non-temporal in nature, and can hence be achieved better with loosely ordered alternatives to blockchains

9 replies

28 recasts

176 reactions

polynya pfp

Though well-written and inspirational, I believe this post fundamentally misunderstands Ethereum and blockchains. Ethereum's distinctive property is objective, strict global consensus, and absolutely nothing else. It's great for usecases that require strict global consensus, but it's impossible for everything else, because Ethereum cannot parse any subjectivity or rough consensus at all. As such, while money, contracts, governance, identity, law are presented as examples, Ethereum can only parse very, very limited forms of the above, where it's objective. In some cases, like governance or law, it's almost entirely subjective with negligible scope for Ethereum to help. 99.99% of economics, institutions and the like are deeply human and subjective, which Ethereum or blockchains in general cannot interpret at all. Indeed, we've seen many a times how forcing subjectivity into objective code has led to many disastrous outcomes in crypto. (Contd...)

9 replies

106 recasts

233 reactions