/9. Also states that utility tokens may evolve towards or away from a security over time
I would think evolution towards a security would not be possible since so much of Howey depends on manner of sale and facts and circumstances that surround it.
/10. The SEC's mandate is to regulate securities transactions but the nature of crypto as a means of exchange and currency may change the way regulators approach currencies
1/ Hey #CryptoTwitter, grab a glass of vino and come sit by the fire so we can discuss your narrow-minded views on FAT PROTOCOL THEORY.
See what I did there -- how I juxtaposed "narrow" with "fat"?
No?
Just shut up and drink your wine. 👇
2/ First, let's acknowledge it as a "theory" even though it wasn't clearly labelled as such.
A theory is just a plausible principle offered to explain phenomena.
3/ In Joel's case -- @jmonegro penned the original theory -- he was observing the phenomena that #Bitcoin and #Ethereum both had market caps that far exceeded the value of applications built on top of either protocol.
- #Ethereum code school CryptoZombies trained 208k+ users and is growing by 30k+/mo
- Truffle has 580k dls, up 56% last 3 mo
- MetaMask has >1m users
- GitHub lists 14k $ETH-based repos and 220k commits
- 1500+ dapps are in dev
/1
- ETH does more tx and active addresses than BTC
- No, batching doesn't make up the dif in tx
- Of the top 100 tokens by MC, 94% are built on Ethereum
- EEA boasts 500+ members
- Brazil, Canada, Zug, Chile, Dubai, and Estonia are experimenting w/ government apps on Ethereum
/2
On the topic of daily act addr (DAA):
Value transfer is a use case and those *transacting value daily* are DAUs you morons.
Fundraising with $ETH = MOE.
By DAA, Ethereum has as many or more users than BTC.
- Crypto has rekindled the debate about whether advances in IT can render central banks obsolete
- Author: "To fend off potential competitive pressure from crypto assets, central banks must continue to carry out effective monetary policies"
Whaaat!?
3/ Current state:
- For now, crypto assets are too volatile and risky to pose a threat to fiat
- And they do not enjoy the same degree of trust that citizens have in fiat
- However, continued innovation and longer track records may reduce volatility and boost adoption
1. Most usage for all crypto today is value tx due to speculation. Same for $BTC as for $ETH. 2. Value tx is a use case! Expecting early SC platforms w/out mature dapps to have dapp users is like asking why LN isn't being used yet for payments?
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3. On-chain tx vol has dropped likely b/c of chilled ICO environment (+ market crash). Can't ignore the broader market contexts. 4. "Next few months" are likely meaningless in terms of competition. New chains need to launch, attract devs, launch apps, etc. Next 12+ months maybe?
5. Indeed, capital raise as a use case will see swifter competition but network effects, security, trust, token standardization, liquidity (fiat pairs) are still barriers that may not be easily overcome.