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PaperImperium
You may have heard of RWAs that consist of “revenue-based financing” — where a loan is granted, but the lender has a lien on receivables or even control of accounts where the borrower is paid.
What you may not have heard of is that this is an old practice, with some interesting variations. Let’s take a look at a *spiritual* revenue-based financing RWA (is it still a real-world asset if it’s spiritually collateralized?) that helped spark the Protestant Reformation and change the course of history.
The medieval Catholic Church found itself allowing indulgences — forgiveness for sins, so I guess
What you may not have heard of is that this is an old practice, with some interesting variations. Let’s take a look at a *spiritual* revenue-based financing RWA (is it still a real-world asset if it’s spiritually collateralized?) that helped spark the Protestant Reformation and change the course of history.
The medieval Catholic Church found itself allowing indulgences — forgiveness for sins, so I guess
MORPHO-1.7%
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It’s not good to build a house - it’s good to have a house. To the extent building is the best way to get a house, then it’s good
It’s not good that crypto powers stablecoins - it’s good to have stablecoins. To the extent crypto is the best way to get stablecoins, then it’s good
The distinction matters! It’s the end product, not the input that determines value.
It’s not good that crypto powers stablecoins - it’s good to have stablecoins. To the extent crypto is the best way to get stablecoins, then it’s good
The distinction matters! It’s the end product, not the input that determines value.
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I’m not going to QT anyone on this token vesting debate because I’ve yet to see a sophisticated + honest take.
First, it’s silly if vesting for teams (including founders) doesn’t come with a strike price. At least make these options that are worthless while price is < strike, and give teams more control over deferring exercise. This doesn’t happen enough.
Second, any vesting for team members (unlike investors) is a compensation expense. Imagine saying “let’s pay our CEO all their options at $0 strike on Day 1.” Recipe for checking out and going to the Bahamas.
If you are not booking these team
First, it’s silly if vesting for teams (including founders) doesn’t come with a strike price. At least make these options that are worthless while price is < strike, and give teams more control over deferring exercise. This doesn’t happen enough.
Second, any vesting for team members (unlike investors) is a compensation expense. Imagine saying “let’s pay our CEO all their options at $0 strike on Day 1.” Recipe for checking out and going to the Bahamas.
If you are not booking these team
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I was not inclined to comment but since I’ve been asked, as “a stablecoin guy” about the S&P Tether downgrade & CT discussion:
1) Usually, someone who uses the term “FUD” as pejorative is not a Serious Person. Mute them.
2) You don’t have to underwrite Tether’s solvency and liquidity unless you rely on redemptions from them. You just need to see consistent secondary market liquidity, and such liquidity today is vast.
3) Tether dominates stablecoins because it’s not trying to compete with JPM or SWIFT. It competes with crappy local banks in Bumblefuck, Peru or Nowhereland, Bangladesh. Everythin
1) Usually, someone who uses the term “FUD” as pejorative is not a Serious Person. Mute them.
2) You don’t have to underwrite Tether’s solvency and liquidity unless you rely on redemptions from them. You just need to see consistent secondary market liquidity, and such liquidity today is vast.
3) Tether dominates stablecoins because it’s not trying to compete with JPM or SWIFT. It competes with crappy local banks in Bumblefuck, Peru or Nowhereland, Bangladesh. Everythin
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Two older games I wish would get a sequel or new content: Eufloria and Cultist Simulator
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At some point in DeFi, there was a shift from developing S-tier open-source software to building C-tier financial institutions.
It’s hard to pinpoint exactly and memories are unreliable, but I’d guess late 2022/early 2023 was when it got momentum.
It’s hard to pinpoint exactly and memories are unreliable, but I’d guess late 2022/early 2023 was when it got momentum.
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I prefer to read on:
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Reminder: A government is just a group of people — fallible, and themselves notably ungoverned.
Crypto exists for a reason. It’s fine to do additional things, but that prior is pretty important to retain
Crypto exists for a reason. It’s fine to do additional things, but that prior is pretty important to retain
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DeFi is in a similar position as those late medieval ministers and financiers. It has a hunger and willingness to experiment, but has generally forgotten all the lessons that came before it. This means they have to be rediscovered — the debacle with Stream and Elixir last month is an example — even as genuinely new forms of financial tools are being crafted.
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Crypto market after you give thanks for market not nuking straight down for once. Will it please give you a few days to unwind all your degenerate leverage?
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Paper’s Razor: The use of large-scale buybacks while still relying on emissions as a source of funding is a good indicator of low financial literacy.
It pairs great with Feynman’s Razor for a way to “shave” amateurish projects off your investment list.
(Exceptions exist - like paying team members in vesting tokens to incentivize performance; is more nuanced for convertible debt)
It pairs great with Feynman’s Razor for a way to “shave” amateurish projects off your investment list.
(Exceptions exist - like paying team members in vesting tokens to incentivize performance; is more nuanced for convertible debt)
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Paper’s Razor: The use of large-scale buybacks while still relying on emissions as a source of funding is a good indicator of low financial literacy.
(Exceptions exist - like paying team members in vesting tokens to incentivize performance; is more nuanced for convertible debt)
(Exceptions exist - like paying team members in vesting tokens to incentivize performance; is more nuanced for convertible debt)
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So who will figure out how to extract the tax deductions you’d get from buying a loss-bearing DAT?
Section 382 is a pain, but surely there’s a path around it to pay a small premium for the DAT and book the losses. This is probably where DATs with real operations are useful vs just holding coins.
I would assume there’s examples post GFC with real estate, but don’t know of any offhand.
Section 382 is a pain, but surely there’s a path around it to pay a small premium for the DAT and book the losses. This is probably where DATs with real operations are useful vs just holding coins.
I would assume there’s examples post GFC with real estate, but don’t know of any offhand.
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Does anyone know why it’s taken the Ethena DAT so long to de-SPAC and get trading? ENA at 24¢ is ~ their breakeven price, so I’d assume PIPE investors are eager to get liquid
People who loaned Kain money through @WildcatFi so he could join the PIPE also maybe uncomfortable?
People who loaned Kain money through @WildcatFi so he could join the PIPE also maybe uncomfortable?
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With American Thanksgiving next week, I’m always reminded of how no one has done a proper movie about Squanto.
The guy gets tricked into boarding a slaver ship, taken as a slave to Spain, bought by priests in Spain and taught to write, makes his way to England, hitches a ride on a fishing ship back to New England.
There, he finds his village and everyone he knew dead from disease, and kind of mills around with a Wampanoag guy who also speaks English.
When the Pilgrims show up, Squanto and his friend go ask them - in English - for beer.
It’s only after this point in the story that most US schoo
The guy gets tricked into boarding a slaver ship, taken as a slave to Spain, bought by priests in Spain and taught to write, makes his way to England, hitches a ride on a fishing ship back to New England.
There, he finds his village and everyone he knew dead from disease, and kind of mills around with a Wampanoag guy who also speaks English.
When the Pilgrims show up, Squanto and his friend go ask them - in English - for beer.
It’s only after this point in the story that most US schoo
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