xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
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Anything can happen in crypto now...
https://twitter.com/PelosiTracker\_/status/1595517660561043456
SBF still are walking free despite $10B missing from his crypto exchange. He will give a speech on Nov. 30th...
What he will discuss then?
How do I blow up $10B but survive, or how do I save crypto with only $500M margin calls?
Anyway...
Crypto has been detached from its original mission.
Transparent, trustless, and permissionless are deja vu now.
Transparent becomes questionable third-party audits.
Trustless becomes trust me bro vibe.
Permissionless becomes make investors' money hostage.
Some could argue that they are all within centralized crypto exchange.
But the fact is centralized crypto exchanges played major roles in mainstream adoption, and there is no way one will ignore them to move crypto forward.
Yes, there are many decentralized options of crypto, and they have yet to be tested.
Of course, I am not rooting for a centralized crypto exchange, but you do not expect 70 years old grandma to have a private wallet and hold it with her own private key at some ledger drive around the house. You still need crypto services to help people who are not digitally native.
That is where centralized crypto exchange comes to play a crucial role.
However, regulations fail in the FTX incident to protect users.
What we have learned is to hold your own wallet and continue pushing centralized crypto exchanges to become more accountable.
We cannot trust anyone to protect our own funds, but we ask collaboration between centralized crypto exchanges and users to protect assets with contracts that cannot be immuntable and permissionless.
I think the crypto industry has to move toward accountable technology that performs due diligence to human operations, providing secondary safety to prevent bank runs and the exchange of withholding users' funds for hostages.
If any crypto services cannot meet the standard of users' protections, users should not put their funds in their hands.
Users' funds' protection is a priority.
Photo by Tim Mossholder on Unsplash
Anything can happen in crypto now...
https://twitter.com/PelosiTracker\_/status/1595517660561043456
SBF still are walking free despite $10B missing from his crypto exchange. He will give a speech on Nov. 30th...
What he will discuss then?
How do I blow up $10B but survive, or how do I save crypto with only $500M margin calls?
Anyway...
Crypto has been detached from its original mission.
Transparent, trustless, and permissionless are deja vu now.
Transparent becomes questionable third-party audits.
Trustless becomes trust me bro vibe.
Permissionless becomes make investors' money hostage.
Some could argue that they are all within centralized crypto exchange.
But the fact is centralized crypto exchanges played major roles in mainstream adoption, and there is no way one will ignore them to move crypto forward.
Yes, there are many decentralized options of crypto, and they have yet to be tested.
Of course, I am not rooting for a centralized crypto exchange, but you do not expect 70 years old grandma to have a private wallet and hold it with her own private key at some ledger drive around the house. You still need crypto services to help people who are not digitally native.
That is where centralized crypto exchange comes to play a crucial role.
However, regulations fail in the FTX incident to protect users.
What we have learned is to hold your own wallet and continue pushing centralized crypto exchanges to become more accountable.
We cannot trust anyone to protect our own funds, but we ask collaboration between centralized crypto exchanges and users to protect assets with contracts that cannot be immuntable and permissionless.
I think the crypto industry has to move toward accountable technology that performs due diligence to human operations, providing secondary safety to prevent bank runs and the exchange of withholding users' funds for hostages.
If any crypto services cannot meet the standard of users' protections, users should not put their funds in their hands.
Users' funds' protection is a priority.
Photo by Tim Mossholder on Unsplash
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