JOSE PAUL (@1cryptoshaman) • Hey
friendly neighbourhood crypto bro
Publications
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- Built on @memester-xyz.lens
- What did OpenAI say to Google?
Bard Mein Jao!
#hindijokes
- Built on @memester-xyz.lens
- Testing how this platform works!
Just a test. This logo was designed for a project of mine.
- Last Friday evening, my apartment was plunged into darkness as the power outage went on for two hours. With my Macbook bidding adieu with the sundown, I sat and wondered what to do. The emptiness brought about by no electricity and no wifi makes everyone a modern Socrates. As I swiped through some telegram groups I found a web3 event happening nearby. Determined to find a productive activity, I ventured to the location, and boy did I get my brains picked. Titled "Data Nerds @ BuidlersTribe" it was meant for people who wanted to understand the data inside a blockchain.
"What data does the block have?", was the discussion. As it went on, we kept adding more things as the number of people at the event started increasing. I will be sharing my learnings from this in a separate post.
But as the darkness of the night obscured the direction of the discussion, the conversation shifted to uncharted territories. Analogies by Pareen Lathia created vivid imagery in my head about the state of the ecosystem. Sharing some with you here.
1. Shitcoins teach you monetary policy. Marketcap of shitcoins is kite high because of the concentration of tokens among the main holders. If only 5 million tokens are available in the open market of a coin with a 100 billion supply, the market cap is determined by the Price of 1 token x 100 billion. This is why when the core team dumps the token on them, the value of the coin crashes -99.99% real quick.
This explains why a fair launch is very important for new money. And this also shows how companies/nations prop up their tokens/currency.
2. Most entrants exploring new verticals of products in crypto will die an early death. Like how a scout is sent in Age of Empires to open up the map for visibility, who will die in the hands of the enemy, the founders exploring cutting-edge stuff have a very high chance of never seeing their product take off. But a new paradigm will be built standing on their headstones by newer founders who get a wider vision of the horizon. Being aware that you are a front-line soldier will help you fail faster and succeed at the earliest.
3. The Future is KYC. As this discussion went on, my heart sank a bit. A Utopia of anonymity, cannot exist in a world, where there are incentives for maliciousness. Until we get rid of these incentives, anonymity will not fit into the practicality of our world. Obfuscation using ZK proofs and a quasi-data-private ecosystem is the new reality in web3.
There were more thoughts and discussions, as the night shredded away at the day's seriousness and made way for the high spirits of tangential conversations. After a while, I left the place on the back seat of my Rapido captain with swirling thoughts under my helmet and wind against my face.