#fun fact what first caught my attention about the game was the ecosystem

[shiawasekai]

There is something fascinating in Rain World having fame for being a brutal game, mostly because it aims to simulate an ecosystem with your player character in the lower end of the food chain, and for people ragequitting because of the constant dying. The game uses AI with loads of emergent behaviour that doesn't entirely revolve around the player, so it can be very unpredictable and hard!

Then modders just go:

That's nice, but... What if... I made it h a r d e r?

Geez some people just like to suffer.

[violetsystems]

#personal

It’s been a pretty busy couple of weeks in terms of work.  It is a little surreal to identify as working for yourself.  I ran into one of the people who hangs out on this block.  I’ve known them for years in passing.  There’s a gang of people who hang out in the alley underneath the subway tracks.  They asked what I had been doing.  I replied I work for myself now.  My office is officially my kitchen.  It look out at those very tracks. They film Chicago Fire and PD on my block often.  I don’t watch either of those shows but it can have a Hollywood backlot kind of feel.  Most of the street level communication I have resembles grittier parts of New York.  There’s no one dominant kind of person on the block.  People tend to keep to themselves but know vaguely what the other’s deal is.  There’s a sort of hidden network of communication maybe.  A block culture.  That can get a little hard to read the further you get away from your safe zone.  I’ve travelled all over the world at this point by myself.  I started travelling to Asia back in 2011 with the intention of networking.  Later in 2014, I revisited making music particularly with a Chicago form of street dance called footwork.  Footwork at the time was on the tip of everyone’s tongue.  But the root of it was buried under layers of white dominated dance music.  In 2015, I decided to say fuck it and try to organize a music tour for myself.  I tried with people in my own city but their personal agendas always eclipsed my basic plans.  There was a bass driven night in Chicago at the time called Coldtech.  It had a sister night in Melbourne.  I tried to organize a tour that passed through on my way from New Zealand.  I went to New Zealand to visit a friend.  I ended up going out on a few dates then ghosted the final night.  Somewhere in there I got detained in customs and accused of being a gang member.  I eventually ended up in Japan where I met Jake Innes.  Jake was an anime nerd and video game freak.  He knew the Coldtech people but was more like me.   Out on his own trying to use his passion to promote something he loved.  Culture.  Just like punk back in the day, you could count on that culture in a pinch to survive.  We travelled all over Japan for a few days.  Jake was my translator.  I was guided to amazing food.  Amazing spots to shop.  We talked about what moved us.  I had come up with this dumb ass phrase at the time.  Yolonet.  A sort of blockchain word of mouth.  Jake had a lot of trust with people.  He was friends with Lil B after all.  It didn’t really matter who he was friends with to me.  I am a very genuine and transparent person.  You have to be when you’ve wasted so much time on liabilities.  You never expect those to turn out to be past friends.  After reading all this depressing news about the entropy in the job search, I felt down.  You don’t expect your professional contacts to just disappear without a trace.  I barely have the connections on professional social networking to prove it.  Those people never reach out.  Never ask how my employment is going.  Don’t even realize I work for myself.  And yet the block knows.  Jake knows too.  In fact, the last two releases I put out just for fun were purchased by him.  The only way I am connecting to people I can depend on is through culture.  Something I can trust beyond politics, sooth saying, and employment fraud.  

There’s people outside of that Yolonet who have gone dark.  Entire segments of ex-friends who memorialize people who have long died while pretending I just vanished from the face of the earth.  It’s been surreal to watch.  Much more disorienting to live.  And yet, I am still here and surviving.  The people in my dash are much realer and emotionally satisfying to me than the people who forgot about me.  And the mystery of why is a little harder to detangle.  I was reading a book about Chinese director Jia Zhangke.  He was talking about how as a kid the only way to escape the place you grew up was to join the army or go overseas to school.  It’s the same if not worse here.  America talks a great game about freedom but it’s at the expense of the coffers of the military industrial complex of world war two.  Thank the baby boomers for that.  It benefits mostly the rich and generationally wealthy first.  Wealth connects and is rewarded by those connections in America with more wealth.  People who have Military family ties seem to always fall victim to the state’s own hidden expectations of connection, opportunity and ability.  Hunted by recruiters since there’s little actual income to go around.  The rich are hording it without paying taxes.  So the military often bullies people into the reserves when there’s no valid occupational work or space on corporate payrolls.  Fight their wars as a gateway into a career in cybersecurity I’m already overqualified for. My current state of wealth is due to a benefit known as a pension.  This is to say I actually worked for it.  And this is also to say I’m not exactly retired by choice.  But I worked with a lot of people I knew for over twenty years.  I literally got people jobs at that place.  My ex girlfriend for one.  That ended horribly.  The other people I helped out to try to connect ghosted me out of guilt presumably.  And so the only people I seem to be able to rely on are in the culture I have built or connected to myself.  This blog has been one of those lifelines in ways I am not at liberty to divulge at times.  There’s people I have better friendships through a click of a button than I’ve had ever in my life.  I used to try to explain these things to people.  And generally my exile from anyone in real life giving a fuck is a harsh lesson in the reality.  People don’t actually listen.  They don’t actually communicate in anything other than comparison and contrast and monetary valuation.  I was reading how a person just literally asked to buy the rights to one of Elon Musk’s tweets for 7777$.  How a sentence from a billionaire is worth more than my pain in this entire process or the lives of the worker’s in his factories even.  We just got six hundred dollars.  That should be enough for us.  But I wasn’t valuable enough to insure past October even though I was paying the premiums.  It would seem the real world’s network isn’t very reliable or at least focused on something so out of sync it seems comically evil.  What can I rely on?  It seems a lot.  I never have felt alone in the last year or so.  Ever since Valentine’s day really.  Sometimes you can show you care by not even saying a word.  Words are worthless when you can buy them for seven grand I guess.  It’s the action of caring and attention that counts.  If you built a foundation on people who didn’t care, your path ahead will be volatile at best.  If you limit someone based on your fear of them outshining you, the results will be constantly mediocre.  And many times, later in life you find you’ve outgrown these limitations people envision you in.  And through that worthless feeling you seek out something true.  You take the once in a lifetime risk to set up your own network.  To leave the baggage and the past behind and see it for what it really is.  Your self worth is no longer shackled by people’s envy, jealousy and active sabotage.  You are a defective crash test dummy that served it’s purpose for capitalism.  Or you can leave the car wreck behind and opt out of the American social experiment entirely.  It’s a free country after all.

The baby boomers did have an answer to all of this.  Shut up and take their money because they know what’s best.  My dad would always say later on in life I’d understand Republicans.  Maybe I’d even want to become one.  Like many Republicans from the suburbs, he’d never be caught dead in the rougher areas of the city much less outside of the country.  I’ve never seen any politicians talking to people on the streets in passing.  I’ve never seen anyone answering, speaking for, or actively working on this privilege that acts like a monkey on my back.  I’m an only child.  When my parents die, my bloodline is some bullshit.  I’ll most certainly have to deal with some estate affairs on either side.  But when I die, who knows where my legacy will go.  Will I get married?  Will I have children?  Will I be able to fulfill my role in the helping America achieve it’s desired GDP?  I can’t even count on my government during a Pandemic let alone to hold people accountable for crimes.  Will I die alone, invisible, broke but talked about on the Internet.  Will people watch my life until the very end to see the tragedy unmatched to their own?  Are people just drunk on making me some sort of talking point?  The gossip will never end.  The sad truth of the last five to ten years for me is simple.  There is an opposite to block chain.  A network of people who only cover for themselves and their lies.  The great lie as they spoke of in Germany did something horribly foul.  A lie when it gets out of control.  A lie when it eclipses the truth.  When every word out of your mouth is gaslighted to protect an entire ecosystem that feeds itself and protects the criminal.  When your very presence needs to be edited and erased to continue the engine running.  A great lie can tear a hole in the very fabric of reality and the truth of a narrative.  And it can suck somebody so far out into space that they have to terraform a whole new network of support.  These days the writing is on the wall.  We trust everything and doubt further.  I have only had the luxury of looking to myself for answers.  I have other inspiration.  The best inspiration if you ask me.  But I keep that to myself for fear of breaches in trust.  But it’s no lie what I believe in.  A freedom that allows love to bloom.  A freedom that values people for what they do in deeds not speculation.  A freedom that is accountable in broad daylight and answers for what it represents.  Opportunities that exist outside of war economies and mark to market accounting.  Making art that connects people without controlling the dialog.  Being part of a culture and democratically so without disrespecting the read receipts.  I’ve been real for longer than most people have been breathing.  Not long enough to claw my way out of the designs these dinosaurs outspend me on.  But the one thing I know going forward is that you cannot get anymore hardcore of a foundation other than being true to yourself.  And I’m proud to surround myself with people who are true to me.  Wherever the fuck you may be.  You all live deeply inside my heart.  And that’s something there’s no price on to betray.  So let’s stop speculating and let’s live in the moment.  I built this Yolonet for us.  And instead of hello world.  Let the first words be simple.  I love you.  World peace forever.  Drink some water.  It’s your human right.  <3 Tim

[cladeymoore]

What happened in crypto over the last decade

It was December of 2010 when I first read the Bitcoin whitepaper, while at home visiting my parents for the holidays.

As we wrap up the decade, here are my quick thoughts on how things have progressed.

Note: this post is inspired by Fred Wilson’s post for tech more broadly. Tomorrow I’ll post a follow up on what I see happening in crypto in the decade to come.

Bitcoin did not fail (as many predicted) It’s easy to forget, but throughout much of the decade, it was a frequently debated question about whether Bitcoin would even survive. Maybe a flaw would be found in the protocol, maybe it would be outlawed, or maybe it would all go to zero since it had no intrinsic value (of course, we crypto folks were quick to point out that the dollar isn’t backed by anything either). There were over 379 articles written, prematurely declaring the end of Bitcoin. Not only did Bitcoin survive, it thrived, becoming the top performing asset of the decade. The naysayers were proved wrong and we learned an important lesson about human nature: most big breakthroughs are contrarian ideas that people dismiss and ridicule at the start.

Coinbase did not fail (as many predicted) When I was thinking about starting Coinbase, a few people told me I was crazy to try creating a custodial crypto wallet and exchange. The best hackers in the world were trying to break into crypto exchanges, and MtGox along with many others had suffered breaches. Through a combination of luck and skill, Coinbase managed to weather the barrage of attacks, and created many novel methods of key storage which improved with every passing year. We made cryptocurrency easier to use in the process and introduced tens of millions of new people to this new technology. This allowed us to build a cash flow positive company with 800 employees, weather the ups and downs of the crypto markets, and continue to invest in new products to help the ecosystem grow. For people who want to store their own keys, we even launched Coinbase Wallet as a non-custodial wallet as well, continuing to focus on trust and ease of use.

Factions and civil war For a new industry, there was a lot of infighting as protocol changes were debated and new coins were launched (via fork, or entirely new projects). Many groups became radicalized, and splintered off into their own echo chamber. I believe what made this more vitriolic than other technology debates I’ve seen (emacs vs vim, iOS vs Android, etc) is that once people own a particular coin they have an inherent conflict of interest and emotions take over. We stop trying to seek the truth, and start talking our own book. On the plus side, having a number of competing groups drove a lot of innovation vs having a monoculture or a one coin monopoly. The race is still very much on to see which blockchains will reach the next 100M or 1B users, and I would expect cryptocurrency to eventually see some consolidation, following a similar path to other industries.

Bubbles (and crashes) The industry went through a period of five bubbles, followed each time by a crash (settling at a higher point than the previous low). In other words, the industry kept growing in an upward channel, but it was a very bumpy ride. This meant that a lot of the discussion and media attention was on the price of crypto, and the day trading attracted short term thinking that bordered at times on gambling. At the same time, investors who took a long term approach (for example, by dollar cost averaging into a position over multiple years) saw incredible returns. Bitcoin was the highest performing asset of the decade, beating out even the top unicorns, growing to more than $100B in market cap. By the end of the decade, it became common place for astute investors to hold 1–10% of their net worth in cryptocurrency, as part of a diversified portfolio.

Apps took longer than we thought When I first read about Bitcoin, I figured what it would be no more than five years before we started to see real world utility take off (after the initial investment/speculation phase). Dapps started off seeing little initial usage, outside of small exceptions like CryptoKitties, until just the last year or so with Defi starting to really grow. This was primarily due to scalability issues, volatility, scripting language limitations of the blockchains, and usability issues with the consumer products. Defi seems to be one use case that has worked, even at the limited scale of today’s blockchains, because borrowing and lending requires lower transaction throughput versus say a game or social network. In terms of merchant acceptance, Coinbase made major investments here, along with BitPay, signing up merchants like Overstock.com, Dell, Expedia, Microsoft, Reddit, and Wikipedia. But the actual volume started off much smaller than many merchants imagined (it has continued to steadily grow each year though). This meant that trading and speculation were the predominant use case for crypto in the past decade, and the utility phase took longer than many expected.

ICOs We saw how much latent demand there was for startups to raise money from unaccredited investors when the Initial Coin Offering boom kicked off. All the previous crowd-funding records were obliterated, and now 8 out of the top 10 largest crowdfunding projects of all time are crypto related. The ICO trend attracted the ire and attention of the SEC, who slowly but surely started making enforcement actions in the space. A debate raged on about which crypto tokens were securities, and which weren’t. Organizations like the CryptoRatingCouncil (CRC) came out, with industry participation, to start to provide clarity. Finally, as often happens with startups that raise too much money, it can actually harm the company. Many ICO projects failed to ship real world products while sitting on huge piles of cash (some of them began to resemble investment firms over time, rather than real product companies).

Exchanges captured most of the value Perhaps with the exceptions of the protocols themselves, the best business models in the past decade in crypto tended to be exchanges and brokerages who sold shovels during the gold rush to trade this new asset class. Some crypto miners had decent outcomes as well, but the volatility of crypto prices made it very difficult for them to survive the whims of the market. A large number of high quality teams and startups entered the space in the past few years, and there is a lot of venture capital money still flowing into crypto startups (our own small fund, Coinbase Ventures, has invested in 60 crypto startups in the last few years, for instance).

Stablecoins One of the challenges holding crypto adoption back (in addition to scalability and usability) was volatility. While volatility is great for investors/speculators, it isn’t great for people who want to use it as a medium of exchange. Bitcoin volatility has trended down over time, which is a promising long term trend, but it seems people want stable cryptocurrencies sooner. Stablecoins saw a lot of adoption in the past few years. In part, this allowed the “blockchain not bitcoin” mindset that is more common amongst banks and governments, to find an outlet, with everyone from JPMorgan to China announcing efforts to launch stablecoins. It also allowed questionable stablecoins like Tether to provide trading pairs on exchanges without fiat rails, and crypto backed stablecoins like Dai to see increased adoption. Facebook’s Libra sparked the ire of just about everyone in DC, but with China doubling down on its efforts to digitize the Yuan and invest blockchain technology, the U.S. was caught flat footed and is scrambling to come up with their own approach to digitize the dollar. USD Coin, created by the CENTRE consortium, which is backed one-to-one by a dollar in a U.S. bank account, has grown to become the second largest stablecoin (after Tether) and I believe is likely to see increased adoption in the U.S.

Institutions Crypto started the decade with purely retail activity amongst hobbyists and early adopters, but by the end of the decade there was a clear trend of institutions starting to come on board. Not necessarily the large traditional institutions, although they all seem to have teams who are exploring it, but hundreds of smaller crypto forward institutions. A couple hundred “crypto funds” were created (fun fact: the big three, Paradigm, Polychain, and A16Z Crypto, were all founded by former Coinbase employees or board members). We also saw hundreds of institutional clients onboard to Coinbase Custody, which grew from $0 to $7B AUM in the last 18 months, making it the largest crypto custodian in the world for institutions.

Regulation The decade started off with cryptocurrency being totally unregulated. Coinbase was (as far as I know) the first crypto company to really take regulation seriously because we felt it would increase adoption long term. We started applying for money transmitter licenses in the U.S. starting around 2013. From there, we got an eMoney license in Europe, the Bitlicense in NY, registered as an MSB with FinCEN, and started pursuing additional licenses with other agencies. We have interactions with multiple regulators, all over the world, every week at this point, seeking to be an educational resource. At the close of this decade, I can confidently say that that cryptocurrency is a regulated industry (at least in first world countries), although it will continue to evolve rapidly. During this past decade, there was a big open question about whether crypto would be regulated as a currency, commodity, security, property, or something else entirely. As various times, the IRS, SEC, CFTC, NYDFS, FinCEN, and others all put out guidance (and this was just in the U.S.). Regulators in Singapore, Switzerland, and the Caymans all became quite sophisticated on crypto, and started to attract great startups to incorporate there. As it turned out, there was no one solution to how cryptocurrency was going to be regulated, because there were so many different types of cryptocurrencies! At some point, everyone realized we were recreating just about every portion of the existing financial system, and this would require many different types of regulators. At the same time, the more decentralized aspects of cryptocurrency have continued to evolve quickly, with non-custodial wallets, DEXes, Defi, and dapps seeing increased usage. While exchanges with fiat rails and custodial wallets will likely be regulated similar to traditional financial system, the more decentralized aspects of cryptocurrency will likely require a totally new regulatory framework (ideally with much less regulation overall that will lead to increased innovation).

Overall, being in the crypto industry was a hell of a ride in the past decade. There were a number of ups and downs, and it was a very volatile industry to manage through. I’m really proud that Coinbase has stayed financially healthy during this period, growing to more than 800 employees, and has helped build the infrastructure to enable the industry to keep growing. We’ve continued to focus on trust and ease of use with all of our products, believing this will help bring in the next 100M and then 1B users to cryptocurrency. We could not have done it without the help of our incredible employees, board, and investors who poured their heart into making it happen.

Tomorrow, I’ll make a post looking ahead to what we can expect in crypto in the decade to come.

What happened in crypto over the last decade was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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