Devin Baker

For example, if public debt is compounding higher at a 7-8% annual clip, then liquidity needs to keep pace to avoid financial crises. Think of it as the ‘cost’ of stability. This rate of monetary inflation represents a return hurdle for other assets because it measures the rate of debasement of paper money. Hence, investors need to figure which... See more

Don’t work for a company you would not invest money in, because when you are working you are investing the most valuable thing you have: your time.

Now, it is still incredibly useful to calculate net income = income – expenses when evaluating any subset of token holders (and you’re not concerned with directly comparing the line items from PoW vs. PoS). For example, if you are considering staking a given token, you especially need to also know the expected net income from staking. The inverse... See more

I have worked hard to stay close to my childhood friends, not just in the ‘knowing the events of each other’s lives’ sense (though this is a worthwhile aim!), but also in the sense that: I want to let them continue to know me and who I was becoming as I transformed , even as I shed versions of myself they had come to know so well. Because I love... See more

The Lord of the Rings is a “eucatastrophic” story, to borrow Tolkien’s phrase. His characters are guided by a sense that a great reversal or turn in fortune — a “eucatastrophe” — is always just around the corner.

When I tell the others about what you do, do I feel smart or stupid? Can you establish the conditions where sharing your core ideas and mission is tempting, generous and affirming for the people you need to have talk about it? If your name or logo get in the way of that, please change it.

• Operating expenses to run PoS networks are wayyyyyyy lower than PoW. The cost of running software will continue to approach 0.


• As I discussed in Endgame: Proof of Governance , and many others have before me, the superpower of PoS security is really accountability. If you double sign, everyone knows who you are. We tend to even know their real-world

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Given this, we could say the total income (i.e., revenue) of all traditional PoS token holders = TEV. They are productive income-generating assets. Conversely, the total income of all PoW token holders = 0. For example, BTC holders have no rights to receive any TEV. BTC’s value proposition is as a monetary asset, not an income-generating asset.