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proud uncle
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I know last week there was lots of drama, I don't rly have much comment about all that I with / behind Jack & the team
But I do think Rainbow sincerely gets Clanker, the role that the project has played in the eco.
Still... a project as big, valid + OG as rainbow building directly on top of @clanker as an interface is basically what I dreamed about when thinking thru how Clanker could grow up - "protocolization"
Apart from that it's also just a pretty elegant implementation: mobile app has a million strengths that I don't need to repeat, and @rainbow is targeting traders with rewards, something that I've been thinking about since like last December. Creators have great incentives, and well capitalized traders don't need them v much. But smaller accounts, users with 1-10k, accounts that drive so much of the value in our eco by committing time + attention to coins, projects... are a good candidate for rewards.
Love when a product makes me excited, think about the possibilities in new ways 3 replies
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I'm reading Chernow's "House of Morgan," which covers the invention of modern banking and finance. he talks a lot about the Railroad Mania that gripped this country in the back half of the 19th century (the 1800s).
Like it's almost funny the way European investors keep losing all their money in what are essentially "forks" of existing railroad lines. 1:1 copies of good, valuable lines without adding ANYTHING or even trying to make them valuable. They called these Blackmail Lines, and a lot of Wall St firms poured money into them: high upside, high downside, lots of crime involved. America really suffered more from OVER building of railroad lines, so much so that most of them end up crashing, wiping out investors in successive stock panics.
Boom and busts, speculative mania, extractive companies seeking windfall profits, bankers making enormous fortunes & controlling the destiny of states - financing wars and famines - none of this is new or specific to crypto. 2 replies
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I was early to DeFi and late to everything else. I was wrong about...
- DAOs, I was idealistic abt collective ownership & governance. Hoped DAOs might challenge The Firm, interrupt the myopia elite capture, accelerating accumulation of capital & power by le cabal. never underestimate free rider problems, most don't work, and ppl who work hard often still struggle with bias to action & risk
- end of credentialism, rise of anons: totally invalidated. I think pseudoanon stuff is cooked, see this inside crypto and even more outside. Rare anons do it, but esp on Base the pref is for YC or ex-base types. Credentialism reigns, most PoW types struggle to find distribution, capital, audience w/o followers. We're bullish blackrock bid, I haven't heard anyone mention egirl capital in ages (go read their blog though, bangers)
- Farcaster, miniapps: i felt what's missing was broad economic growth, which would kickstart adoption. but now champagne clankers exist, lots of miniapps too... but its vibes (matters so much) 2 replies
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