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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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Replying to
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
Homer Simpson The Simpsons GIF
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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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So far I think the most interesting general insight Ive developed some confidence in is that Web3 is all about flows, not stocks. In that sense it’s different not only from Web0 and Web1, but industrial organizations too (think “stock” markets).
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The split (branch between flows) is to Web3 what links (bridge between stocks) is to Web1 and Web2. Calling it now. The split is the hyperlink of Web3.
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If I’m right this is a radical subversion of even the OG vision of the internet, Vannevar Bush’s Memex, which is stock-centric. His classic 1945 essay, As We May Think, which shaped 70 years of tech development, (including my own modest bits at Xerox) does *not* fit Web3.
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In Web3 it feels like the fundamental behavior is not following a trail of links from stock to stock, but following a stock as it flows from address to address. Even our basic metaphor of a “bitcoin” is utterly wrong because it anchors on a stock view.
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The coin metaphor is going to prove to be severe baggage for Web3, just as the document metaphor was baggage for Web1 and Web2. The late Web2 metaphor of the stream (effectively infinite dynamic frankendocument) is a clumsy Web2 version of a Web3 flow.
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This is why the split is the hyperlink of Web3. It forks a flow structurally. Voting and staking mechanisms look like flows > stocks. Multisig wallets are flow control valves. “Balances” (not coins) are levels of fungible stocks in flow buffers. Burning tokens is flow.
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Minting is an unfortunate coin-metaphor term (“coinage” 😖). It’s really a kind of source spigot. I wish they’d called mining drilling. Drilling for hashes.
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Ethereum developed better language tbh. Ether, gas… fluid metaphors all over the place. Oh yeah, hash rates! Can’t get more flow than that! And mining “pool” … you can’t really pool solids.
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Okay will hit pause on this train of thought. Trying hard to stay on the hands-on side. It would be just too easy for me to get carried away by this flow 🤣 My natural mode is tinker with real things for 5 minutes, speculate wildly in the abstract for 15. Must resist.
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