이번에 발생한 이더리움의 Reorg 문제를 간단하게 설명한 thread입니다.

about Ethereum Reorg - short thread

https://twitter.com/hodl_gap/status/1529827998295175168?s=28&t=ilkFHhxvBkS9geIdVPv-uQ

Vitalik's recent post on automated stablecoins.

Automated stablecoin?
- It issues a stablecoin, which attempts to target a particular price index. There is some targeting mechanism that continuously works to push the price toward the index if it veers away in either direction.
- The targeting mechanism is completely decentralized and it must not rely on asset custodians.

Thought experiment 1: can the stablecoin, even in theory, safely "wind down" to zero users?
- When a product declines, customers generally don't get hurt all that much in the non-crypto world. But sometimes in crypto world, a rapid drop in interest followed by a bang happens instead of slow decline.
- RAI's security depends on an external asset, so has a much easier time safely winding down. However, it still has problem when it becomes primary dApp on Ethereum that it can crater the price of ETH (and also it cannot eventually grow more than ETH's market cap since it's over-collateralized).

Thought experiment 2: what happens if you try to peg the stablecoin to an index that goes up 20% per year?
- For a collateralized automated stablecoin to be sustainable, it has to somehow contain the possibility of implementing a negative interest rate.
- The stablecoin must somehow be able to respond to situations where even at a zero interest rate, demand for holding exceeds demand for borrowing.

Attitude we should have
- We need to move away from the attitude that it's okay to achieve safety by relying on endless growth.
- We should evaluate how safe systems are by looking at their steady state, and even the pessimistic state of how they would fare under extreme conditions and ultimately whether or not they can safely wind down.

https://vitalik.eth.limo/general/2022/05/25/stable.html

JPMorgan Finds New Use for Blockchain in Trading and Lending

https://www.bloomberg.com/news/articles/2022-05-26/jpmorgan-finds-new-use-for-blockchain-in-collateral-settlement?sref=6FtEotWJ

The Hitchhiker's Guide to Ethereum

Key Takeaways
- Ethereum is the only major protocol building a scalable unified settlement and data availability layer
- Rollups scale computation while leveraging Ethereum’s security
- All roads lead to the endgame of centralized block production, decentralized trustless block validation, and censorship resistance
- Innovations such as proposer-builder separation and weak statelessness unlock this separation of powers (building and validating) to achieve scalability without sacrificing security or decentralization
- MEV is now front and center – numerous designs are planned to mitigate its harm and prevent its centralizing tendencies
- Danksharding combines multiple avenues of cutting edge research to provide the scalable base layer required for Ethereum’s rollup-centric roadmap
- I do expect danksharding to be implemented within our lifetimes

https://members.delphidigital.io/reports/the-hitchhikers-guide-to-ethereum

Analysis on venture scene atm.
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"While market conditions are multi-variate and unpredictable, we do not envision a rapid bounce-back as we saw in Q2 2020 (decidedly driven by fiscal and monetary policy). Our estimate is that the markets remain uneven and bearish well into 2023."

https://ventureunlocked.substack.com/p/the-bull-market-is-over-what-are?s=r

Vitalik's recent post on automated stablecoins. Tells how stablecoin could wind down safe w/o creating a ponzi scheme. Worth read. (Kinda looks like he'd like to support RAI, stablecoin collateralized by pure-ETH and run by redemption rate adjustment; but still think there's points to learn out of it & takeaways on #고유_terra.)

Automated stablecoin?
1. It issues a stablecoin, which attempts to target a particular price index. There is some targeting mechanism that continuously works to push the price toward the index if it veers away in either direction.
2. The targeting mechanism is completely decentralized and it must not rely on asset custodians.

Thought experiment 1: can the stablecoin, even in theory, safely "wind down" to zero users?
- When a product declines, customers generally don't get hurt all that much in the non-crypto world. But in case of Terra, what's more likely is a rapid drop in interest followed by a bang instead of slow decline.
- RAI's security depends on an external asset, so has a much easier time safely winding down. However, it still has problem when it becomes primary dApp on Ethereum that it can crater the price of ETH (and also it cannot eventually grow more than ETH's market cap since it's over-collateralized).

Thought experiment 2: what happens if you try to peg the stablecoin to an index that goes up 20% per year?
- For a collateralized automated stablecoin to be sustainable, it has to somehow contain the possibility of implementing a negative interest rate (Terra systematically only had positive).
- The stablecoin must somehow be able to respond to situations where even at a zero interest rate, demand for holding exceeds demand for borrowing.

Attitude we should have (Important!!!):
- We need to move away from the attitude that it's okay to achieve safety by relying on endless growth.
- We should evaluate how safe systems are by looking at their steady state, and even the pessimistic state of how they would fare under extreme conditions and ultimately whether or not they can safely wind down.

Article by Georgios on ZK Hardware. ZK definitely is a major tech innovation in crypto space, but still we encounter hardware issues. Reckon that hardware should be spotlighted more in this scene for balanced growth overall.
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"A full ZK mining and proving industry will manifest, starting with hobbyists generating proofs in their CPUs, then GPUs, then FPGAs."
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"As cryptocurrency adoption increases, ZKPs will be required in order to accommodate the increased demand for performance and privacy from users, and new types of applications and protocols.
ZKPs fundamentally allow scalable and private payments and smart contract platforms to thrive but introduce non-trivial overheads which have historically hindered their adoption."
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"They are slow and will require hardware acceleration to be made feasible over complex computations. We believe that the technology that will matter the most for ZK hardware acceleration is FPGAs and not GPUs (due to cost and energy efficiency) or ASICs (due to their inflexibility and long iteration cycles)."

https://www.paradigm.xyz/2022/04/zk-hardware

How Elon Musk think and take action (korean)

Interesting thought process of Elon Musk, human brain as a software, and a strategic enhancement loop.

https://hahnryu.com/2017/05/22/elon/

One thing to make sure is - Cash & Equity is fully backed by the law, but FTs & NFTs are not. We should go through more legal procedures to guarantee and clarify their portion of tokens. Nobody would like tokens w/ crazy volatility & zero utility.

https://www.nfx.com/post/network-bonding-theory