Fascinating thread. It reminds me of the stories of military veterans who emerge years after the war has ended, essentially living in the past.
This is not 2016 where everything is brand new and we’re trying stuff to see what sticks. Tomorrow starts 2024, and CZ has been slapped, LUNA has been labeled a security, and SBF put the entire world on high alert about crypto.
I’d recommend folks spend more time looking at how other ecosystems operate. Particularly ones where there’s an entity that feels implored to keep things on track, typically a foundation. This entire thread reads like a plea for consumer protection intervention. Probably the lowest-hanging fruit for regulating entities I’ve seen. I finally get why those were created.
And as for the, “one-offs aren’t what governance is for” and “it’s the precedent it sets” statements echoed throughout, is this from some codified scripture or something? I think you just made that up, and while it’s punk rock and stuff, it’s dated. The world is changing, and it’s going to continue to change whether people believe it or not.
Luckily for folks in the US like me, I have Kraken and Coinbase accounts, where I have moved my Cosmos-related assets. Pretty decent return on stablecoins, and they even offer futures trading for approved regions. Plus you get free tax documents, which is particularly useful for this ecosystem. With centralized exchanges, if you lose an eye-watering amount you have actual recourse. Remind me of the benefits of DeFi again, cuz I forget. Speaking of recourse, shoutout to Gemini for providing weekly updates on the Genesis bankruptcy ordeal. I recently filed my vote there, and it feels so good to know that grown-ups are working hard to make sure things are right by the consumer. USA USA!
If you wanna be a guinea pig, cool. I’m a regular person who wants to do a trade and move on with my life, so I’m changing my mind on this decentralized thing.
I’ve learned a lot from Cosmos, though. I, too, thought that boring bureaucracy and 9-5 work didn’t have to be this way. I thought if we let smart, technical people make decisions, there would be emergent coordination that would surpass the stodgy mediocrity we’re born into. Apparently human nature isn’t ready for that yet.
Back to Ethereum. The DAO Hack was a one-off, so what are you so afraid of? We’re afraid of a precedent. But if we’re the community, then we’re afraid of what our future selves will think? I cannot grasp this, but I think it comes down to a desire to make rules that apply everywhere, to everyone. Damn g, if that’s your mentality, it’s really gonna slow down explosive innovation. Let’s not paint ourselves into our own box.
The solution is simple: have leaders who make decisions. Get a couple leaders with a spine, who aren’t afraid to say, “yeah I know you’re mad about UST, and we’ve determined that was a wild, unforeseen catastrophe and only barely related to this case. And we believe that if it’s very straightforward to ascertain the cause for an unfortunate flaw, and it’s fixed very simply, we’ll just Occam’s razor that shit and make it right. I’ll take the heat for this, but know that we can’t dwell on this forever, and have a lot of building to do.”
“If you can’t fix it for everyone, then don’t fix it for anyone” is sophomoric. It’s also not a very convincing stance when regulators come and ask what measures you’re taking to preseve order in your ragtag ecosystem.
If there were a functioning foundation for Cosmos, all they’d have to do is set up a meeting with dYdX, Skip, and Osmosis. I dunno: three Zoom calls, and relay through their communication channels the TL;DR of the outcome. Namely, “yes, we’re going to make it right by this user, but the mechanism is not clear yet” or “nope, we emerged from our cave and the Wild West is still happening and this user is SOL.”
wen leaders