Goldman Sachs Investment Banker Matt Levine: What are the key innovations of the next generation of cryptocurrencies?

The only cryptocurrency I have is ExcelCoin. ExcelCoin is the next generation of cryptocurrency and its important update is that the list is managed by me, not by a feature document (which has environmental issues) or proof of stake (which has its own issues. ). I manage my documents with Microsoft Excel. At 9 a.m. today, a copy of the request reads as follows:

If you are interested in purchasing ExcelCoins, please email me. A supply of $ 0.99 / ask of $ 1.01 will create market share. Of course, that will change depending on the market.

Sure,ExcelCoin started out as a currency, a form of "money", but the strength of the idea was that in law all assets could be tracked using the same basic technological output (in Excel).For example, ExcelCoin technology can continue to track not only fungible tokens such as coins, but also non-fungible tokens, where each entry in the list represents a product of particular value. For example:

Why do you want me to have a "cat photo" of your name on the paper?This is just an example of a toy, but with a little thought you can see how powerful it is.For example, you can track houses in this case. I can keep the names of all the houses in my city and to whom they belong, I can edit the properties of the names and change the members. Currently, My Lists in Excel are not legally affiliated and have not been synced or changed with legal data. However, I think you will agree that it is more efficient and technologically advanced than current recording tools. So I think it will be useful in the long run.

You idiot, why are you saying that? Put simply, it's technically stupid.Real cryptocurrencies (and blockchain systems for NFTs, planning blockchains, etc.) use approval procedures to change shared data, stake proof or credentials in the first place. , or any other procedure allowing the participants of the system. and collective management of the list.And you can write whatever you need in Excel. If you bought me ExcelCoins and deleted an entry in the Excel ledger, you don't have any ExcelCoins at all. What is the type of system?

A better answer is a better answer if it's stupid because I got an ExcelCoin ledger. Obviously a joke. There is a better answer: I'm stupid because this is my ExcelCoin ledger. Obviously a joke.You won't believe me owning the ExcelCoin List because I created ExcelCoin to play with the ExcelCoin Ledger.On the other hand, millions of people have money. This means that some banks have a list and a list of names.It won't be available in Excel, but the main idea is the same. Banks have a list of funds in their accounts, and the names are not governed by any agreement or blockchain. Bank accounts use Cobol.But you (usually) trust the bank to keep this list.(1) have a good track record in maintaining these lists, (2) have commercial support for maintaining these lists, and (3) have regulatory and legal support for maintaining this list.The list of banks is technically unaffected. 100 years ago, banks kept similar names on paper and pen. This list is not perfect and sometimes the banks spoil the list! But not too stupid. It's old and standard, and millions of people mindlessly trust it.The Excel part is stupid so I don't save it, but it looks stupid when I store it in Excel.

Last Friday, Moxie Marlinspike wrote a blog post on "My First Belief in Web3". Marlinspike is a registered cryptographer, computer security expert, Signal application developer, and more. This phrase has received a lot of attention in the Web3 world (and Web3 skeptics). One example is that distributed data does not have to be a complete solution for heritage.

While most people think of NFTs, they think of digital graphics and charts, but most NFTs don't store this information on strings. For most graphics to be NFTs, it costs too much.

Instead of storing data on the channel, NFT has a URL guide for the data. What amazes me with this pattern is that there is no contract hash for the file in the URL. If you look at many popular industry NFTs that sell for tens, hundreds, or millions of dollars, the URLs usually point to a dedicated VPS running Apache. Anyone who has access to the machine, who buys the name in the future, or someone who broke the machine can change the pictures, name, description, etc. of NFT so that he likes it all the time. have ")"). There is nothing in the NFT specification that tells you the image should "be" or determine if it is a "correct" image.

So, as an experiment, I created an NFT that changes based on the viewer, because the web server image server can choose to create different images based on the IP request or user representatives request. . For example, it's very different from OpenSea and different from Rarible, but when you buy it and view it in a crypto wallet, it's always marked with a big emoji [crap]. What you bet is not what you get. Nothing special about this NFT. This is how the NFT specification is created. Most of the more expensive NFTs can be converted to emojis [crap] at any time. I concentrate more.

Is technology still a medium? Marlin Spike added:

The NFT itself does not change the ownership of related goods in accordance with legal or practical conditions. He describes belonging in a more metaphysical sense. When you purchase the Bored Ape Yacht Club NFT, people in the BAYC NFT community will see you as the owner of the monkey. This is true for relationships, and it can be true even if the unchanged blockchain code is stolen or you don't have it for some reason. Technology is the spring on which social processes are abolished, but social processes may or may not express the "property" of meaning.

Is technology still a medium? Marlin Spike continues.

A few days later, the NFT I created was deleted from OpenSea (NFT Marketplace) without notice or explanation.

But the interesting thing is that after OpenSea removes my NFT, it doesn't show up in my crypto wallet on my device. It's web3, but how does it work?

Crypto wallets like MetaMask, Rainbow, etc. are "non-manager" (keys stored on user), but have the same problem as my dApps above. Wallet must be run on your mobile phone or browser. At the same time, Ethereum and other blockchains were created with the idea of ​​a peer-to-peer network, but not in a way that a mobile device or a browser could be a friend of it. .

Wallets like MetaMask need to perform simple tasks like viewing balances, recent changes and NFTs as well as lots of complex tasks like starting a business, interfering with smart contracts, etc. In fact, MetaMask should interact with the blockchain, but the blockchain was designed so that users like MetaMask cannot interact with it. So, like my DApp, MetaMask does this by calling APIs for 3 companies placed there.

For example, MetaMask ... calls the OpenSea API to present NFTs ...

All of this will still disappear from your wallet when NFTs are removed from OpenSea. Works fine, it doesn't matter if my NFT isn't deleted from the blockchain. Because Wallet (and more than anyone else in the ecosystem) started using the OpenSea API to extend NFTs and give me an address. NFT back 304 No content!

"OpenSea stores lists in Excel that host NFTs." The list below is stored on the blockchain and OpenSea can edit the list of names as needed, and the changes have been very smooth. In fact, there are often stories like this:(1) an unscrupulous cryptocurrency man handed over his private key to his NFT client, (2) his NFT was stolen, and (3) he complained on Twitter. (4) It acquired significant NFTs to shut down the pirate trade. NFT, (5) Everyone says, “Hahaha, do you hate distribution now? "

Web3 reviewers argue that OpenSea is good because of its ability to meet the constraints of community standards. An open and discreet blockchain still exists, so you can compare what OpenSea says to what the blockchain says. (This is not a metamask, but a potential.) If the OpenSea names don't meet the expectations of its users (i.e., they can ignore the blockchain, people can apply it and not their NFT, etc.), then everything. will be taken monkeys. somewhere else. But it is also the number one reason why people trust banks!

Marlin Spike: 3 Million fans await you on Webtalk!

When you think about it, OpenSea is a "better" option in the straightforward sense if all of web3 is gone. Each is faster, cheaper, and easier to use. For example, to accept an offer for NFT, you would have to pay $ 80 or more for $ 150 or more at the Ethereum exchange rate. This places a lower limit on every game. Otherwise, you will lose money by accepting the offer that is less than your gasoline price. Credit card payments seem expensive compared to credit cards, but they generally seem cheaper. OpenSea can also easily publish live data when users want to identify their account using public data from trades, statements, forecasts, etc.

However, I don't think it will be successful if you create a platform where you can buy and sell non-crypto-based images. Not because it hasn't been released, but because, as we've seen, a lot of the stuff needed to make it work hasn't been released. I'm not happy because it's hot. This means how the forex market is set up when people make money speculating in cryptocurrency and these people want to use cryptocurrencies in a way that increases their capital during repayments.

After all, the folks in the NFT hype don't really care about reliability standards or payment procedures, but care about where the money is going. So the money will attract people to OpenSea and improve the experience by creating a platform that iterates the simple web3 protocol into websites2 and ultimately gives you the ability to "write" NFTs through OpenSea itself rather than by your own smart contracts. . All of this enables Coinbase to provide access to NFT activity using its own debit card platform. This opens up the possibility for Coinbase to manage its own tokens through a dark pool owned by Coinbase, eliminating exchange rates and avoiding interference with smart contracts. Eventually all the Web3 parts are gone and there is a website to buy and sell JPEGs with a debit card. Although it is not possible to create a project like the web2 platform due to a strong market, it would seem that the same fundamental principles of dynamics and centralization of the industry will lead to this goal.

Additionally, technically ExcelCoin is somewhat the best for other types of encryption that rely on authentication capabilities. But in society, it is very bad. Not because I was joking and doing nothing to build trust in ExcelCoin, but because there was a big idea in cryptocurrencies that wasn't working for transparent non-cryptocurrencies like me. Excel jokes The power of consensus and non-invasive blockchains is the way Web3 works, not as a better machine than the bigger, more trusted websites we know to store lists. The power of consensual and non-trading blockchains is that they can attract investment, this is how Web3 works.

Coins

Last year, a group like the hype giveaways like GameStop Corp. Lots of people do this using the brokerage app from Robinhood Markets Inc. At one point Robinhood temporarily banned the purchase of GameStop and a few other things due to clearinghouse issues that upset many and caused a lot of controversy. Some meme marketers wanted to sue Robin Hood for it, and in fact, there was a class action lawsuit that was dropped in November.

Looking at this change, it's understood that people will buy GameStop by surprise to sue Robinhood. They want to sue Robinhood because of their anger, and suing Americans is a form of catharsis and heartache. They want to sue Robinhood because they think they have a valid app and they want financial damage from not being able to buy GameStop stock for $ 300 a share. However, in addition to enjoying the emotional and financial gifts, there may be a third preference. They might want to have some other amazing ideas. They can turn their Robinhood lure into a fortune teller, then trade to get rich.

You may experience this for the following reasons:

1. This is what everyone wants today. Lessons from GameStop, AMC, NFT, Dogecoin, Web3, and ConstitutionDAO have always said that "people will be forgiven for the common sense of the business craze." So if there is anything you can change about the business craze, you should.

2. Participants in the even speculative equity trading craze may feel particularly in the speculative trading craze.

It's the story of a business that needs financial litigation and wants everyday people to share their financial information. I like to think that the list of heritage classes that the average person doesn't change often is long, and people say, "What if we created technology that gives the average person the right to trade these assets?" and my answer is: tend to be similar. "They won't change it because nobody wants it." People have tried to get ordinary people to change the location of a workplace for no reason. I don't think there are a lot of people out there who want to research and bet on a single plaintiff, or that a lot of plaintiffs try to fund their claim by ensuring public safety, but that's just an idea. It might not be crazy.

However, on its website, Ryval focuses on all possible considerations of the potential performance of its clients. The company says:"By buying and selling litigation tokens, it gives you access to a category of thousands of dollars of investments that were previously not available to the public." Ryval also promised "50% + annual return", but when questioned by the motherboard, Roche confirmed it. "It may be a bit high."

But the next is this.

However, it was not until after the first version of Apothio ILO that Roche realized the potential of the platform. This happened in January when online trading platform Robinhood temporarily suspended trading of the GameStop stock after taking advantage of a meme. This decision has led some to condemn the illegal trade. “When can we ILO Robinhood? We will keep Robinhood guaranteed,” Roche said.

"ILO" signifie "First Litigation Release".What is the value of GameStop's lawsuit against Robin Hood? Well the actual cost is around $ 0. This is my personal estimate from last year. But can you sell more than its long term value? For GameStop customers? January 2021?

Congress scholarship

Sometimes when I know a couple where a couple works in the bank and elsewhere on the stock exchange, I think to myself, “Oh, that's a nightmare”. Strict rules for self-employment to prevent the use of inside information by non-professional staff. Prior company approval is required, prohibiting transactions on behalf of the employee and sometimes prohibiting all transactions in an individual's company. And they seem to extend the rules even to the families of their employees so that they aren't explicitly spelled out. If you work in a bank and your partner is a teacher, that's okay. If your spouse is a start-up entrepreneur, you might have a difficult choice, but if you work for a bank and your spouse works for a roofing company, it seems difficult. Hedge funds cannot be expected to be approved in advance by the bank. I think people will solve this problem, but the idea is like a challenge.

always

House Chief of Staff Nancy Pelosi said Georgian Senator Jon Ossoff was trying to propose a law that would prevent lawmakers from trading in someone's property while her husband is away. Washington Post) said. .

A source close to Washington DC said Osoff's fairness policy could lead to conflicts of interest and make the stock market illegal for lawmakers and their families when they work, communities close to Washington DC have said. . Presentation of the Republican co-sponsor bill.

The measure could force lawmakers to keep assets in religious secrecy. Osoff, 34, ran for office just months after being elected in January 2021.

It may not be easy for a legislator to marry a CFO, but it can be more of a mistake than a mistake. What I am trying to say is the best of my experience, most of the important information in the legislature is obtained not from the personal product but from the various subjects. If you only have a business investment and receive detailed and confidential information about COVID-19, you can benefit from the sale of the loan without having to trade the business on your own. I think secularism solves this problem.

A quick glance at Bloomberg might not see AeroCentury Corp stock closing at $ 47.99 on Friday. After completing a 5: 1 stock split last week, Bloomberg's historical price page has been revised up to reveal Friday's closing price of $ 9,598. And people this morning and doing business before ... uh ...

NYSE Arca Equities, along with other UTP exchanges, today decided to eliminate all ACY errors - AeroCentury Corp trades closed at $ 11.52 or more from 4:00 AM to 4:04 AM: 00 AND. The decision cannot be appealed.

It really does seem to happen here if there is a computer buying and selling AeroCentury stock and the program starts and ends on Friday, assuming AeroCentury trades at $ 47.99 and ends on Friday. Then as the weekend builds on the price and the ride you might even think, "I'm going to buy AeroCentury for $ 47 or sell it for $ 49" (true number no problem) or edit or replace Repair program before Monday morning, like "don'ts", is not. Remember to divide everything by 5. "Some people did and some didn't. Without the 4am program, AeroCentury's market value is $ 47.00 / $ 49.00, and those with the program running at 4 a.m. Monday morning, the market value of AeroCentury is $ 47.00 / $ 49.00 $ 9.40 / $ 9.80, and those who think a little more, AeroCentury is trading at $ 9.40 / $ 45.00 and sells some of the more expensive products cheaply for the uninitiated.