crypto governance

Lido has over 30% ETH staked. Should we be alarmed? Joining us is Hasu to shed some light on this question.

In this wide ranging interview we discuss the State of Staking, the state of Lido, Idealist vs Pragmatics and asking the question - is Lido's reputation unfair?

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✨ DEBRIEF | Unpacking the episode:
https://www.bankless.com/debrief-hasu
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TIMESTAMPS

0:00 Intro
4:34 Is Lido's Perception Unfair?
9:08 Is Lido Too Big To Fail?
15:57 What Can An Entity Do With 33%?
21:27 TLDR Recap and Overview
24:11 When Does Lido Risk Become Systemic
32:54 Lido Is Not One Entity
36:40 Node Operators vs DAO
41:19 LDO Governance
49:39 Is Lido Forkable?
52:37 The Path To 5,000 Operators
58:46 Distributed Validator Technololgy
1:08:16 Addressing The Critics
1:17:31 The Staking Social Layer
1:24:40 Is Lido Treated Unfairly?
1:26:47 Can We Keep Ethereum Decentralized?
1:30:07 Risks and Disclaimers
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Resources

Hasu on Twitter: https://twitter.com/hasufl 
Uncommon Core v2: https://www.ucc2.xyz/ 
Hasu last on Bankless: https://youtu.be/1qqkoGatPdE 

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Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠ 

✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode: https://shows.banklesshq.com/p/debrief-rise-of-the-network-state 

Balaji Srinivasan is an investor, founder, and Former CTO of Coinbase and GP at a16z and author of The Network State, which will be the main focus of the podcast today.

The Network State explores ideas surrounding digital communities and the future of how we coordinate as a species. A startup society fosters the emergence of network unions, which evolve into a network archipelago—eventually calcifying into the network state.

As we muse about the fate of human systems, we explore mental models for understanding the digital revolution and how we can allow coordination to thrive.

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Topics Covered:

0:00 Intro
6:19 Common Denominators
8:50 Micro vs. Macro History
15:15 The Network State
19:05 Online Communities
23:50 Nation vs. The State
36:20 Why A Nation State
40:18 The One Commandment
1:02:44 Being Inside the Network State
1:08:00 Bankess x the Network State
1:13:38 What’s the Incentive?
1:19:30 Violence’s Role
1:33:48 Non-Wealthy Critique
1:38:53 Everyone Joins the Network State
1:44:20 Network State Action Items
1:48:46 Closing & Disclaimers

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Resources:

Balaji
https://twitter.com/balajis 

The Network State
https://thenetworkstate.com/ 

Dashboard
https://thenetworkstate.com/dashboard 

Vitalik’s Review
https://vitalik.ca/general/2022/07/13/networkstates.html#what-is-a-network-state 

One Commandment
https://thenetworkstate.com/the-one-commandment 

FDIC Insured Bank Charts & Fintech Tweets
https://twitter.com/balajis/status/1351068210930601984 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. 

All news show. First, we recap the Oscars, including "The Slap" and Apple winning Best Picture (02:17).  Then, we discuss $32B crypto derivate exchange FTX not having investors on its Board of Directors (42:45), Apple's reported hardware subscription (01:02:12) and Jason's Hot Tub story (01:09:57).

(00:00) Jason and Molly intro the show
(02:17) Talking about the 2022 Oscars slap: initial thoughts, reactions, etc.
(11:47) LinkedIn - Post your first job for free at https://linkedIn.com/twist
(13:18) More thoughts on the 2022 Oscars slap
(23:47) Rocket - Go to http://getrocket.com/twist and use promo code TWIST for 20% off your first placement.
(24:58) “Coda” from Apple TV+ becomes first streaming movie to win best picture at Oscars
(37:28) OpenPhone - Get an extra 20% off any plan for your first 6 months at https://openphone.com/twist
(38:45) Toxic celebrity culture and how that ties into founders
(42:45) FTX, one of the fastest growing crypto exchanges in the world is worth $32B and no investors have board seats
(01:02:12) Bloomberg reported that Apple is working on a hardware subscription for iPhones and iPads
(01:09:57) The Hot Tub story

FOLLOW Jason: https://linktr.ee/calacanis
FOLLOW Molly: https://twitter.com/mollywood

Joel Monegro is a partner at Placeholder VC, where he invests in decentralized networks and companies that democratize data, wealth, and power.

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Bankless Podcast #62 | Governance and Capital
Guest: Joel Monegro

Joel Monegro is a partner at Placeholder, a venture capital firm where he invests in decentralized networks and companies that democratize access to data, wealth, and power. He started the firm in 2017 with his friend Chris Burniske and mentor Brad Burnham after three years at Union Square Ventures, developing the firm’s early blockchain thesis and portfolio.

In this episode, Joel explores the relationship between Governance and Capital, broadly used terms in desperate need of proper definition. Governance focuses on the decision making process in regards to capital. Capital is a broad term for economic resources – that which has utility. Governance can refer to autocratic individual decision making, but we dive into governance as a mechanism for collective decisions and achieving consensus. It is typically tied to a social and/or economic system and is made of structures that drive decision making among groups of people.

Capital represents influence, power, or control over economic resources. Capital and its utility are natural social phenomena and are relative in nature. Governance and Capital are deeply linked and arguably synonymous. The optimization of governance over capital and capital instruments are priorities of blockchains, which involve both financial and governance technology. The utility of capital can increase when pooled, especially when governance is scaled and effective.

A core argument of the crypto industry is that blockchains offer a more advanced instrumentation of capital, creating maximally efficient pathways for the exchange of value. They allow the transaction/contract settlement layer to migrate away from a state-backed system, which involves the use of courts and violence to achieve security. Replacing violence with cryptographic consensus is a powerful but challenging concept – one explored deeply in this episode with Joel Monegro.

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Resources:

Placeholder VC Blog
https://www.placeholder.vc/ 

Joel on Twitter
https://twitter.com/jmonegro?s=20 

Generations - Strauss and Howe
https://www.amazon.com/Generations-History-Americas-Future-1584/dp/0688119123 

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This Week on Bankless:

🧢 Weekly Action Recap (4/24): https://newsletter.banklesshq.com/p/ethereum-at-aths-weekly-recap 
🗞️ Weekly Rollup (4/23): https://shows.banklesshq.com/p/-rollup-venmo-huge-eth-q1-canada 
⚫ The future of synthetic assets (4/22): https://newsletter.banklesshq.com/p/the-wild-future-of-synthetic-assets 
✏️ A Short History of Ethereum Hacks (4/21): https://newsletter.banklesshq.com/p/a-short-history-of-ethereum-hacks 
🏴 Coinbase Goes Direct (4/21): https://shows.banklesshq.com/p/-sotn-43-coinbase-goes-direct-jeff 

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Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://newsletter.banklesshq.com/p/bankless-disclosures