corpsec attorney, now tokenizing companies at @MetaLeX_Labs ex-BigLaw Buyside Tech M&A (Weil, Hogan Lovells) ex-@Delphi_Labs GC @BrownUniversity grad
Cybertron
Based in South America
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gabriel shapiro retweeted
Folks, do you really want to be a debt slave forever?
We can control our own assets onchain and be free
You can be debanked. You can have the terms changed on you. On Ethereum ethereum:native, neither is possible.
@joechalom, who led digital assets at BlackRock, boils the entire decentralization case down to that.
No CEO, no rule changes, no de-platforming.
He calls it the better analogy for the future than any cooperative or clearinghouse.
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gabriel shapiro retweeted
One unexpected pattern when studying the lives of extraordinary people is that many were completely unremarkable in their 20s. The breakthroughs came much later.
Dyson was 46 when his first vacuum came out, Henry Ford was 40 when he started Ford Motors, and Sam Walton was 44 when he opened the first Walmart.
The average age of a unicorn founder in the US at incorporation is ~40.
By the standards of today’s “30-under-30” culture, most of these late bloomers would have been written off long before they did the thing that made them famous.
The unremarkable years waiting for the breakthrough were spent building the relevant technical skills and pattern recognition. You cannot compress the ordinary years required to birth genius..
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gabriel shapiro retweeted
AI videos are impressive because they ultimately represent the viewer’s control and self-sovereignty over the content they consume.
Every piece of traditional content has an agenda. Advertising, promoting actors, political messaging. But AI videos remove the structure being force-fed to the consumer and replaces it with the actual sentiment of consumers.
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gabriel shapiro retweeted
The e/acc message is very simple really
Accelerate or die.
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issuers minting directly on Ethereum with no intermediaries and no bridging. this is the way
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It’s too early to judge what the market wants. The thing that would be very appealing to issuers hasn’t been unlocked yet.
The more natural setup is to deploy onchain and have the DTCC just use that.
In the omnibus model for transfer agents, where assets are held in street name issuers are screwed left and right.
The whole Broadridge x Brokerage cabal is pretty crazy. Mutual funds and ETFs basically give up a majority of the fees to the distribution channels.
Issuers would love nothing more than to cut everyone out in bw them and the investor.
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DTCC's entire business is being a ledger. Fundamentally, they compete with L1s like Ethereum and Solana--at most, what they are doing in crypto could be seen as adding some bridges, like Solana having an Ethereum bridge or vice versa, or APIs, like a totally centralized bank being gracious enough to offer a heavily permissioned and expensive API into the bank.
Ethereum and Solana should view DTCC and similar intermediaries like Broadridge as competitors, to be disrupted and destroyed by a superior, fully peer to peer technology.
Ethereum people simping for DTCC to "tokenize on Ethereum" means asking DTCC to mint on Ethereum receipt tokens representing claims back on DTCC's ledger, which remains definitive in all respects. This would be like Solana people begging for assets to be tokenized on Ethereum and then bridged to Solana--fundamentally a very cucked mentality.
nitter.net/chainlink/status/18640…
1. DTCC has their own chain that will be their primary venue called DTCC Collateral Appchain. It is a private, permissioned Hyperledger Besu EVM chain. Chainlink CRE is embedded into it for data and collateral mobility.
(See attached image)
2. DTCC's tokenization platform will be multi-chain across many different chains with Canton and Stellar already announced with more to come.
The goal of tokenization is to have a consistent state across all chains with real-time data orchestration, automated compliance and atomic DvP/ PvP transactions, enabling T+0 settlement, 24x7 open markets and regulatory monitoring.
It's not about what is happening on any one chain.
(see attached clip from the CTO of DTCC, Dan Doney)
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Probably a positive sum development, as a DTCC chain offers Ethereum a more programmatic bridge to traditional finance than what exists now, and re-uses/expands the smart contract suite that is Ethereum compatible, given it uses the EVM.
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gabriel shapiro retweeted
DTCC's entire business is being a ledger. Fundamentally, they compete with L1s like Ethereum and Solana--at most, what they are doing in crypto could be seen as adding some bridges, like Solana having an Ethereum bridge or vice versa, or APIs, like a totally centralized bank being gracious enough to offer a heavily permissioned and expensive API into the bank.
Ethereum and Solana should view DTCC and similar intermediaries like Broadridge as competitors, to be disrupted and destroyed by a superior, fully peer to peer technology.
Ethereum people simping for DTCC to "tokenize on Ethereum" means asking DTCC to mint on Ethereum receipt tokens representing claims back on DTCC's ledger, which remains definitive in all respects. This would be like Solana people begging for assets to be tokenized on Ethereum and then bridged to Solana--fundamentally a very cucked mentality.
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Chamath explains the political calculus behind Obama’s anti AI speech
“This is a very important moment for a very simple reason, which is that the world is about to endow 3-6 companies with about $10 trillion of wealth.”
“And what Obama knows very well is that most of those companies are overwhelmingly left leaning. And what he also knows is that there is a huge portion of that money that will then get put into philanthropic and charitable causes that then he and the people around him will be beneficiaries of."
“That is the truth. We already know this because we know that some of these frontier corporations actually ask you to sign up DAFTs and have a portion of your stock that you're willing to pledge. So this money is going to go to things other than consumption or savings. It's going to go into PACs, it's going to go into political movements, and they stand to disproportionately benefit."
“So this has nothing to do with prosperity. This is a very simple political calculus. If you freeze frame the economy the way it is today, a handful of organizations that will disproportionately be able to affect the Democrats will win, they will capture the lion's share of the economic gains. And then they will help the Democrats win power. That's all this is."
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gabriel shapiro retweeted
Tokenized stocks will act as this skeuomorphic in between phase as more of the economy is brought onchain
But the end state is that native tokens will end up eating equity and probably other types of asset classes
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RT @therollupco: You can be debanked. You can have the terms changed on you. On Ethereum, neither is possible.
@joechalom, who led digital…
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read the SEC's new crypto assets FAQ
the securities laws are starting to look opt-in now, at least as applied by the SEC to crypto
if you raise money by selling a non-rights-bearing token, are careful about what you represent or promise, and have a functional crypto system, there is now an extremely broad path outside the securities laws--arguably 'functionality' is not even necessary but there's some equivocation on this
the buyback guidance goes further than I expected. once the system is functional, even announcing a token buyback *program* (which I guess even could be a 'perpetual program') does not, in the staff's view, constitute a promise of essential managerial efforts. same for promises to improve the system or grow its network effects
so you can retain enormous influence over the thing, keep developing it, support its price with buybacks (including under a permanent "program"), and get many of the benefits of having a public investment instrument, without giving holders the rights or protections that normally come with one
they have opened a loophole in a regulatory regime whose whole point was supposed to be that you couldn't draft your way around economic reality (see e.g. papers.ssrn.com/sol3/papers.…)
can't really say if this is good or bad, but VCs etc. got a lot of what they wanted & the market should absorb all the implications of this
among others, I am growing skeptical how much of a 'long tail' there will be for tokenized equity. . .if you can get people to buy a coin in the style of BNB, HYPE, PUMP, etc., with minimal regulation, why voluntarily take on the burdens of selling them equity? if you are not mag-7 level, it doesn't seem there would be much reason to focus on equity securities for your capital-raising. . . if you want to access 'traditional buyers' you can wrap the token in an equity instrument like an ADR for those institutions. . .
the obvious next question is how far this extends beyond crypto businesses. can an ordinary company attach a functional token to its business and apply 100% of its profits to discretionary buybacks, without giving holders any right to those profits or making representations about future business efforts that independently trigger Howey? the FAQ doesn't expressly resolve that, but it opens a pretty enormous door
equity still gives investors something a discretionary buyback token doesn't. . .the question is whether the market will pay enough for those rights to make granting them worthwhile. otherwise the incentive is to keep the equity for insiders and sell everyone else the coin
crypto's current focus on hyping tokenized equity may be misguided, the bigger trend is "get all the benefits of equity with none of the burdens"
of course this is SEC guidance, not a repeal of the statutes or a command to the courts. a private plaintiff or a future SEC could have other ideas
but did not think I'd see it in my lifetime. . .the securities laws are being "disrupted" in substantial part by incentivizing making fewer commitments to investors. and if Warren Dems eventually take control and try to undo all this, after an entire market has organized around it, the resulting chaos will be something to behold
sec.gov/about/divisions-offi…
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even a 5-10% chance of securities law extinction is better than a world with no growth
Peter Thiel says even a 5-10% chance of AI extinction is better than a world with no growth
"I don't think the probabilities are very high. On the other hand, if the probability is even 5% or 10%, that seems pretty bad."
"It doesn't necessarily follow that you should always go slower and always go in the precautionary direction, because if you do nothing, if there is no progress on any dimension, I don't think our societies work at all."
"The intergenerational progressive compact in our society was that there was progress from one generation to the next. Maybe economic progress, material progress, progress in health. And when that breaks down, I think the whole society starts to derange in very, very strange ways."
"There's a picture that people implicitly have that the alternative to AI, let's say, a zero-growth world where there's no progress at all, will somehow be this peaceful, social democratic society. And I don't think that's true."
Mathias Döpfner: “If America is slowing down and China is accelerating, we are just strengthening China, but it's not solving anything."
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