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Okay this is like auspicious or something. I registered my .eth domains like mere hours before the ENS governance token airdrop deadline (which I did not know about). So I've claimed my tokens (and delegated them to Coinbase).
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It's like me, a hobo, wandering into the lobby of a company and they ask me "do you want to be on the board?" and I say, uhh no, and they say "well here's some shares because you were born before a certain date, and you can assign it to someone as a proxy."
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Coinbase is perhaps not the best choice, but the devil you know etc. Also, I don't actually see the tokens in my wallet, though the tx was successful. So I assume they're either on loan to my delegate or will be airdropped later or something? I supposedly have 361.
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Update: got them imported. And wtf they're *already* worth like 8k??? How did the market even price this thing so fast. So voting rights on ENS are this valuable...
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Replying to @vgr
They’re there. Are you using MetaMask? Add a custom token using the token contract address.
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TIL... the hawala markets move fast
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Replying to @vgr
Thanks to decentralized exchanges, people set up liquidity pools almost immediately. Price discovery happens within hours or even minutes, though liquidity is probably pretty thin. Big buy/sell orders would have a large price impact. Will improve in the coming days.
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Here we go, next NFT auction is live (disclosure: as with the previous one, I get 4.2%)
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🌊 Happy Chaos Never Dies Day 🌊 Listed now: a 1/1 NFT @withFND to celebrate Worlding in times of great change. A time when the incoherent parts of you awaken and stir trouble. 🦷 foundation.app/@eyecheng/~/10 A digital drawing from my 2019 @ribbonfarm guest post “Who Worlds?”
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Replying to
How do groups manage representational tasks? If a group wanted to delegate things like signing declarations or placing bids, which all require something like a m e t a msk wallet, would the reps just share the seed phrase?
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I am NOT asking about multisig. We have a gnosis safe for our yak collective treasury for example. Not looking for n/m authorization. More like 1 on behalf of n, while browsing around. And don't think most multisig vaults etc are set up for working with the most UIs anyway.
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Every site I've logged in to has allowed me to log in with M e ta mask and a couple of other browser extension wallets. I've never seen anything offering me the option of triggering a multi-sig sign-in to (for eg) list an nft created by a group. This is a delegated task UX need.
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I *think* using the spend-limit authorization mechanism, it may be possible to have a multi-sig gnosis safe authorize one of the signatories to make tx individually of up to some amount, but it's not clear how that would work.
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Thus tweet hits home today. Thanks to Web3 DeFi markets, the ENS tokes had instant market value and will be taxed as ordinary income. In the dinosaur age that was 2013-17, airdrops were meaningless until one of the centralized exchanges listed them and there was a price.
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on web3, making money is easy but doing your taxes is really hard
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I mistakenly thought I could treat the airdrop as zero-cost-basis and report any appreciation as capital gains when sold. This was true when airdrops were illiquid for months. Now, in the US, you owe taxes on market price at the time of claim, even if it later goes to zero.
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Milestone: did my first DeFi token swap, trading a quarter of my ENS for ETH to hedge against potential tax losses in case it goes to zero. Planning to hang in to the rest. Yet another case of Web3 sucking me in to do something earlier and more consequentially than I planned to.
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This might be a characteristic of the medium. It’s really hard to do small experiments. I mean you can’t buy a tiny fraction of a domain name. It’s 0/1. And that has… consequences.
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I *want* to stay on the tech+culture side of Web3 and ignore the speculative frenzy, but it’s tough. You may not be interested in DeFi, but DeFi is interested in you. The 800lb DeFi gorilla black hole is the King Kong of bored apes.
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Yes, this is almost certainly true. Carlota Perez installation phase going on. Overbuilding of capacity, crash, then everything comes true in deployment phase, 10 years later than the frenzy people thought.
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Replying to @vgr
I think this bubble will be similar to dot com: the market will very much get ahead of itself, but the long-term thesis is correct. Take advantage of the current ride, get out when it’s absolutely insane, then stay interested during the bear market for long-term investments.
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If you need help, talk to someone 40+ in tech. I haven’t seen a scene like this since 2000, when I joined a Web1 startup briefly, mere months before the dot com crash. Hedging is not hard. What’s hard is taking the downside scenario seriously enough at the peak.
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Anyhoo. I now have some 101 experience of every major user-side piece of the Web3 puzzle except DAOs 👀. Gotta pace myself. Been neglecting non-Web3 stuff for 10 days. I think I’ll budget 15% of bandwidth to this through 2022. Regardless of boom or bust.
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I suspect the really interesting building will begin after next crash. Without the dot com bust we wouldn’t have clouds or YouTube. Both based on overbuilt capacity. Don’t think in terms of asset prices but measures like number of skilled programmers or piles of firesale GPUs.
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Ok, calling it a night. The Foundation auction got triggered btw, and there’s a couple of bids in. 14h before the Ribbonfarm Map gets sold for the first time. And tomorrow we dive into DAOland via a token race 😵‍💫
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Okay, next experiment, I have now minted and listed my first serious NFT on Foundation. The Ribbonfarm Map of 2016, split with @GraceWitherell. Once the first bid rolls in, a 24-hour auction will begin. foundation.app/@vgr/~/106332
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Nightcap: big diff between 2017 boom and Web3 is: that was 100% speculative frenzy airgapped from trad economy. There was no user side to it. Only trading and coding sides. This time there’s a technological space to explore as a *user*, and a tenuous but real link to trad economy
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Polite but hostile comments, and indicative poll results. If you’re diving in, be aware that half your friends will react this way.
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Poll: What’s your reaction to the Web3 discourse (NFTs, DAOs etc)
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One thing I’ve learned from past cycles is that it’s a mistake to dismiss the criticism outright OR take it at face value. There’s always an element of truth to it, but it’s never the whole truth. So participating in the early history of a technology involves a reputational tax.
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One mistake techies made ~2009-13 when political potential of social media was becoming clear (Iran election, Arab spring), was focus polyannishly on the positive and dismiss criticism as “haters.” It can be true that both the scammy and positive potential are real.
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Same things happened with Web1 (“eyeballs business models are a scam!”) and PCs (“software piracy!”). New technologies always refactor moralities based on old technologies. I personally find that if there’s technical novelty, eventually the net unambiguous value also follows.
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One reason it’s generally young people who dive in, besides having less intellectual baggage and more intact brain cells, is that they usually have no reputation to lose, only a shot at making one. If it’s a public media technology, the reputational risk is even higher.
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Here for eg… yes I’m making a bit of money, but notice I’m putting 14 years of accumulated Web2 reputation at risk, with poll suggesting I could lose ~23% of it right now AND an indeterminate fraction of the undecideds, in 3 of 4 scenarios here. Not trivial.
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Aside, far more interesting than the hostility from genpop is the hostility from Bitcoin maxis (Bitcoin maximalists — people who believe Bitcoin is the One True Coin), since Web3 is based entirely on post-Bitcoin tech. For the record I think they’re wrong.
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You have ~2 more hours to vote in the WRITE race. And the Foundation auction ends in 50 minutes...unless someone bids in last 15 minutes in which case it gets extended another 15 minutes (who came up with this sniper-action design pattern? is it common?) foundation.app/@vgr/~/106332
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I *think* we made it? Says we came in at #2 in the current round of voting and the rules say top 10 get in. But don't yet see a way to verify. I'll wait to confirm, but looks like yakcollective will be on mirror shortly, and that's like halfway to being a DAO right?
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Feels like this is the end of Phase 1, Random Acts of Web3ing Phase 2 calls for some Cunning Acts of Strategery I think
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Thanks to all who voted for us in the WRITE race. If you're wondering why so many voters have 100s or 1000+ votes, it's because existing Mirror DAO members get 1000 votes when they get in and it increases slowly as they participate more. Outsiders get 10. It's an ingroupocracy!
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