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DeFi Explained to No-Coiners, Tetranode Edition
An ongoing thread
An ongoing thread
You nerds do a terrible job of explaining the blockchain
"A network of validators that--"
ZZZZZZZZZZ ain't nobody got time
A blockchain is a mesh network, when China shut down HK protesters, the students used their cell phone to create a mesh that can't be taken down
"A network of validators that--"
ZZZZZZZZZZ ain't nobody got time
A blockchain is a mesh network, when China shut down HK protesters, the students used their cell phone to create a mesh that can't be taken down
What is DeFi?
"Permissionless money that--"
Sorry permission less to enter your asshole?
Think about a casino that hands out bonus tokens to players, that bonus token can generate $$$ from other casino players losing
How much is that token worth?
That's DeFi in a nutshell
"Permissionless money that--"
Sorry permission less to enter your asshole?
Think about a casino that hands out bonus tokens to players, that bonus token can generate $$$ from other casino players losing
How much is that token worth?
That's DeFi in a nutshell
On Proof of Work
"A bunch of nodes that performs computation"
NERD
Proof of work is a giant guess the number game and the person guessed closest to mystery number gets a prize
"A bunch of nodes that performs computation"
NERD
Proof of work is a giant guess the number game and the person guessed closest to mystery number gets a prize
On Proof of Stake
"Validators--"
STOP RIGHT THERE
Proof of stake is a lottery based on how many coins you deposit
"Validators--"
STOP RIGHT THERE
Proof of stake is a lottery based on how many coins you deposit
IL
"The formula XY=K--"
Your audience can't count past their fingers, yet was able to deposit into Uniswap...
Does your current position outperform your initial deposit? If not it's better to HODL https://twitter.com/K9Eth/status/1525519160788373505
"The formula XY=K--"
Your audience can't count past their fingers, yet was able to deposit into Uniswap...
Does your current position outperform your initial deposit? If not it's better to HODL https://twitter.com/K9Eth/status/1525519160788373505
Related note: if you can't explain it in less than three sentences which is basically the attn span of a TikTok Zoomer, they're lost
TardFi: "Okay, this is cool and all, but distributed federated servers do the same thing"
Me: I want you to run a casino on AWS and see how far you get
Me: I want you to run a casino on AWS and see how far you get
Options
Dude A puts up Bitcoin betting it's not going to hit 30K
Dude B puts up $$$ betting it's going to 30K
The winner takes the loser's money
SSOV allows A and B to earn on their deposits while waiting for bet to resolve https://twitter.com/BowTiedWolv/status/1525533077635751948?t=G_0xm-FjDKLlFiSol7itxg&s=19
Dude A puts up Bitcoin betting it's not going to hit 30K
Dude B puts up $$$ betting it's going to 30K
The winner takes the loser's money
SSOV allows A and B to earn on their deposits while waiting for bet to resolve https://twitter.com/BowTiedWolv/status/1525533077635751948?t=G_0xm-FjDKLlFiSol7itxg&s=19
MEV is a bunch of scalpers giving you the worst possible price https://twitter.com/_patrickkim/status/1525598191273422848?t=VT3NTQ2LTTozqscnJOa6SQ&s=19
Rollups: cars take up space and cause traffic jam, take all the drivers and put them into a high-speed train, problem solved
https://twitter.com/ReshadEmir/status/1526212869389709312
https://twitter.com/ReshadEmir/status/1526212869389709312
Sharding: Before sharding, each PC has a copy of the blockchain... after sharding, each PC has a random fraction of the blockchain... kinda like Horcruxes in Harry Potter
https://twitter.com/ReshadEmir/status/1526212869389709312
https://twitter.com/ReshadEmir/status/1526212869389709312
Zero-Knowledge Proof
You want to prove the existence of a dot on a graph WITHOUT revealing exactly where
You publish ONLY the line as proof that the dot exist
You want to prove the existence of a dot on a graph WITHOUT revealing exactly where
You publish ONLY the line as proof that the dot exist
NFTs
Bob Ross signs a Bob Ross painting proving that it's the original
How much does the original go for versus say... a Costco print?
Bob Ross signs a Bob Ross painting proving that it's the original
How much does the original go for versus say... a Costco print?
