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Richard Heart On Twitter Spaces July 23rd, 2022
Jul 23, 2022
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31:55
then maybe we can get the kind of mass
31:57
adoption where we can end the sort of
31:58
centralized skim that bankers and robin
32:00
hood and all the rest enjoy
32:02
maybe if we can liberate ourselves from
32:04
this idea that we can all call the top
32:05
call the bottom and enjoy market cycles
32:07
and instead just try to find a way to
32:09
benefit long-term adopters and d5 rather
32:11
than early adopters um at least
32:13
personally we'd get closer to what my
32:15
vision my version of p5 is optimally
32:18
so theater
32:21
peter i think you're right
32:24
sorry about that
32:26
love the insight definitely agree 100
32:29
i think i have an i have a question too
32:32
as well i'll add it to yours which is
32:34
very similar
32:37
stop this madness of the things that we
32:38
continue to do over and over just like
32:40
all the different you know tokens that
32:42
come out they follow the same strategy
32:44
i'm just you know i'm i'm trying to find
32:46
out and be the chase the face of how do
32:48
we
32:49
how do we how do we become not only
32:51
different i don't want to use the word
32:53
different because it's just so basic but
32:54
but i think sometimes basic and basic is
32:56
what we need and i feel like
33:00
like there's [ __ ] that have happened
33:02
with with all these different projects
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and all these as richard has said i
33:06
think there's just how do we legitimize
33:08
you know how do we legitimize the defy
33:10
space now with some of these new things
33:11
we're talking about
33:13
well in my view like one thing that we
33:15
can try to improve is is all the
33:17
jingoism and all the what's the next
33:19
thousand x gem what's the next ten
33:21
thousand x jam those kinds of gains are
33:23
only accessible to people that find the
33:24
top eggs of liquidity so it's not going
33:26
to be a common result for folks no
33:28
matter what kind of market you're in
33:30
um so to the extent we can kind of
33:32
rearrange our thinking around providing
33:33
sustainable goals
33:36
um ways to benefit to elevate community
33:38
ways to elevate decentralization
33:40
rather than focusing so much on number
33:43
go up over time i'm sure bull runs are
33:45
fun and they're a lot better you know up
33:46
is better than down but if we find a way
33:49
to create systems that are geared
33:50
towards efficient allocation rather than
33:52
massive redistribution um in my view
33:55
we'll be better off
33:56
so
33:58
most of the stuff is scams so if you
34:01
think about what cryptocurrency is
34:03
actually useful for it's useful
34:06
mentorship resistance it's useful for
34:09
removing counterparty risk
34:12
and
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if you think about
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how many things in d5 actually
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counterparty risk they're very few
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so i'll give you an example
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um how many d5 quote d5 projects
34:27
have a single front end and when it goes
34:29
down everyone's [ __ ]
34:31
everyone's
34:32
most of them 100
34:35
right so like i'm telling you in hex
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there's like six or eight front ends
34:39
and anyone could go down and they're all
34:41
run by different dev teams on different
34:42
code bases they have nothing to do with
34:44
me they're all truly decentralized and
34:46
they were at launch
34:48
we're fine but
34:50
and so d5 is actually centralized
34:53
[ __ ] and then how many of these
34:55
projects have admin keys
34:59
right so you've got centralized front
35:00
ends you've got admin keys and then
35:03
you've got these bridges
35:05
so
35:06
billions of dollars has been lost to
35:08
bridge hacks guess what when i fork the
35:10
ethereum network you don't have to
35:12
bridge over because your coins are
35:13
already on the other side you can bridge
35:15
if you want
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but you don't have to and so it's a more
35:18
effective better security model you know
35:21
how many how many of these d5 projects
35:23
require permission mission from you to
35:25
click [ __ ] you're clicking okay too you
35:27
have no [ __ ] idea what you're
35:29
clicking okay to
35:30
at all
35:32
and how many of it like how many fake
35:34
giveaways steal everyone's coins oh get
35:36
your free airdrop you get all your coins
35:37
stolen well and hex guess what man you
35:40
don't ever have to give permission for
35:41
[ __ ] it doesn't ask you for permission
35:43
because it was designed with a better a
35:46
better uh
35:48
a better design pattern
35:50
we never ask you to authorize any
35:52
contract to do anything
35:53
it just uses message sender as the
35:55
authorization and then you don't have
35:58
some risk that you authorize a contract
36:01
okay now the [ __ ] thing just empties
36:03
your
wallet
is your
wallet
36:05
so these bad design patterns fake defy
36:09
admin key counterparty risk laden
36:12
[ __ ] and dowser another function of
36:14
this
36:15
uniswap had a dow
36:16
they just decided to give like 20 or 50
36:18
million to some [ __ ] company no one
36:20
ever heard of before to do quote
36:22
education and they just took the money
36:23
and no one ever heard from him again now
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explain to me how to [ __ ] that's better
36:28
so like
36:30
this
36:31
centralized scam [ __ ]
36:34
it ain't helping nobody and this and
36:36
this
36:37
it's
36:38
to jump into [ __ ] coins and then hope to
36:40
dump them quick enough to jump into some
36:42
other [ __ ] coin and then everyone gets
36:44
holding the bag at the top that's not
36:46
innovation
36:47
that that's just hold around holder
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violence if everyone would just buy a
36:50
good thing and [ __ ] hold it that
36:52
thing would moon hard as [ __ ] and
36:53
everyone will be happy but instead they
36:55
dilute their economic energy across all
36:56
these [ __ ] scams and then you know if
36:59
the scammers hold their scam profits in
37:01
crypto then i guess the crypto price
37:04
totals goes up but if these [ __ ] dump
37:05
to usd then it hurts all of crypto and
37:09
so
37:10
i mean
37:11
there's
37:13
so much
37:14
that are just
37:15
just dangling carrots right in front of
37:17
people like with high apis promises of
37:20
the 1000x you know the centralization
37:22
issue in d5 is massive like
37:25
the governance of d5 like my version of
37:27
d5 would be
37:28
a government a governance that the
37:30
holders
37:32
would have to make decisions on changes
37:34
to the to the token right that's how it
37:36
should be and like
37:39
that i disagree with that i think that i
37:41
think wisdom of the mob is very poor i
37:44
think these bag holders are not capable
37:46
of making technical decisions i don't
37:49
want surgeon to
37:51
to take the votes of the other pleb
37:53
standing around him on like what he
37:55
should cut next
37:56
i i think plebs are plebs and i don't
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think they should make technical
37:59
decisions
38:02
anything that innovation and you know
38:04
technology should still be pioneered by
38:07
you know the brains you know in the
38:09
teams that are running
38:10
you know the tokens and the projects but
38:12
i think the token as itself when it
38:13
comes to
38:15
core decisions regarding the token and
38:17
the liquidity that obviously that token
38:19
comprises of
38:20
should be in direct consultation with
38:23
the community and that
38:25
they should have a tied you know help
38:27
make those decisions on what happens to
38:29
that liquidity and the [ __ ] the key
38:31
functions of the smart contracts
38:33
like that's literally a security like
38:34
what you're describing is literally a
38:36
regulated activity the definition of the
38:38
howie test is you put money into a
38:41
common pool with the expectation of
38:43
profit solely from the work of others
38:45
well in this case who are the others the
38:47
people that are [ __ ] voting on how to
38:48
distribute the treasury like a board of
38:51
directors that this is the scammiest
38:55
they vote
38:56
the guy
38:57
the guys that funded the [ __ ] project
38:59
and got in first in the seed round who
39:01
is usually a to b
39:04
uh [ __ ] y combinator guys
39:07
though and like those guys then vote to
39:10
just ask [ __ ] the protocol however they
39:12
want and what you end up with is
39:14
actually just a proxy for centralized
39:16
ownership because the plebs are never
39:18
going to out vote the vc anyway you're
39:20
speaking are you speaking that [ __ ]
39:22
richard you are thinking about that [ __ ]
39:24
i completely disagree that it's a
39:27
definition of security but i do think
39:28
that there's so total mismanagement and
39:31
misappropriation of
39:32
of liquidity and defy right at the
39:34
moment and the governance of d5 is
39:37
really lacking movements because if we
39:38
don't do it we don't create a framework
39:41
for
39:42
our own self-regulation then governments
39:45
and
39:46
you know
39:48
agencies around the world will do it for
39:49
us that's how i feel
39:52
yeah i think the cad is out of the bag a
39:53
little bit in the sense of how d5
39:55
protocols work
39:57
i think there is an appetite for people
39:59
to join communities they like and accept
40:01
a certain amount of centralization and a
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