Until one understands the basics of this tech, they won’t be able to grasp or appreciate the impact it has on our digital bank, Genesis Block.submitted by mickhagen to genesisblockhq [link] [comments]
This is the second post of Crypto-Powered — a new series that examines what it means for Genesis Block to be a digital bank that’s powered by crypto, blockchain, and decentralized protocols.
Our previous post set the stage for this series. We discussed the state of consumer finance and how the success of today’s high-flying fintech unicorns will be short-lived as long as they’re building on legacy finance — a weak foundation that is ripe for massive disruption.
Instead, the future of consumer finance belongs to those who are deeply familiar with blockchain tech & decentralized protocols, build on it as the foundation, and know how to take it to the world. Like Genesis Block.
Today we begin our journey down the crypto rabbit hole. This post will be an important introduction for those still learning about Bitcoin, Ethereum, or DeFi (Decentralized Finance). This post (and the next few) will go into greater detail about how this technology gives Genesis Block an edge, a superpower, and an unfair advantage. Let’s dive in…
Bitcoin: The First CryptocurrencyThere are plenty of online resources to learn about Bitcoin (Coinbase, Binance, Gemini, Naval, Alex Gladstein, Marc Andreessen, Chris Dixon). I don’t wanna spend a lot of time on that here, but let’s do a quick overview for those still getting ramped up.
Cryptocurrency is the most popular use-case of blockchain technology today. And Bitcoin was the first cryptocurrency to be invented.
Bitcoin is the most decentralized of all crypto assets today — no government, company, or third party can control or censor it.Bitcoin has two primary features (as do most other cryptocurrencies):
The fact that there are so few things one can do with Bitcoin is one of its greatest strengths.Its design is simple, elegant, and focused. It has been 10+ years since Satoshi’s white paper and no one has been able to crack or hack the Bitcoin network. With a market cap of $170B, there is plenty of incentive to try.
Public AwarenessA few negative moments in Bitcoin’s history include the collapse of Mt. Gox — which resulted in hundreds of millions of customer funds being stolen — as well as Bitcoin’s role in dark markets like Silk Road — where Bitcoin arguably found its initial userbase.
However, like most breakthrough technology, Bitcoin is neither good nor bad. It’s neutral. People can use it for good or they can use it for evil. Thankfully, it’s being used less and less for illicit activity. Criminals are starting to understand that transactions on a blockchain are public and traceable — it’s exactly the type of system they usually try to avoid. And it’s true, at this point “a lot more” crimes are actually committed with fiat than crypto.
As a result, the perception of bitcoin and cryptocurrency has been changing over the years to a more positive light.
Bitcoin has even started to enter the world of media & entertainment. It’s been mentioned in Hollywood films like Spiderman: Into the Spider-Verse and in songs from major artists like Eminem. It’s been mentioned in countless TV shows like Billions, The Simpsons, Big Bang Theory, Gray’s Anatomy, Family Guy, and more.
As covid19 has ravaged economies and central banks have been printing money, Bitcoin has caught the attention of many legendary Wall Street investors like Paul Tudor Jones, saying that Bitcoin is a great bet against inflation (reminding him of Gold in the 1970s).
Cash App already lets their 25M users buy Bitcoin. It’s rumored that PayPal and Venmo will soon let their 325M users start buying Bitcoin. Bitcoin is by far the most dominant cryptocurrency and is showing no signs of slowing down. For more than a decade it has delivered on its core use-cases — being able to send or store value.
At this point, Bitcoin has very much entered the zeitgeist of modern pop culture — at least in the West.https://preview.redd.it/dnuwbw8mfu951.png?width=800&format=png&auto=webp&s=6f1f135e3effee4574b5167901b80ced2c972bda
Ethereum: Programmable MoneyWhen Ethereum launched in 2015, it opened up a world of new possibilities and use-cases for crypto. With Ethereum Smart Contracts (i.e. applications), this exciting new digital money (cryptocurrency) became a lot less dumb. Developers could now build applications that go beyond the simple use-cases of “send value” & “store value.” They could program cryptocurrency to have rules, behavior, and logic to respond to different inputs. And always enforced by code. Additional reading on Ethereum from Linda Xie or Vitalik Buterin.
Because these applications are built on blockchain technology (Ethereum), they preserve many of the same characteristics as Bitcoin: no one can stop, censor or shut down these apps because they are decentralized.One of the first major use-cases on Ethereum was the ability to mint and create your own token, your own cryptocurrency. Many companies used this as a way to fundraise from the public. This led to the 2017 ICO bubble (Initial Coin Offerings). Some tokens — and the apps/networks they powered — were fascinating and innovative. Most tokens were pointless. And many tokens were outright scams. Additional token reading from Fred Ehrsam, Balaji, and Naval.
Digital Gold RushJust as tokens grew in popularity in 2017–2018, so did online marketplaces where these tokens could be bought, sold, and traded. This was a fledgling asset class — the merchants selling picks, axes, and shovels were finally starting to emerge.
I had a front-row seat — both as an investor and token creator. This was the Wild West with all the frontier drama & scandal that you’d expect.Binance — now the world’s largest crypto exchange —was launched during this time. They along with many others (especially from Asia) made it really easy for speculators, traders, and degenerate gamblers to participate in these markets. Similar to other financial markets, the goal was straightforward: buy low and sell high.
That period left an embarrassing stain on our industry that we’ve still been trying to recover from. It was a period rampant with market manipulation, pump-and-dumps, and scams. To some extent, the crypto industry still suffers from that today, but it’s nothing compared to what it was then.
While the potential of getting filthy rich brought a lot of fly-by-nighters and charlatans into the industry, it also brought a lot of innovators, entrepreneurs, and builders.The launch and growth of Ethereum has been an incredible technological breakthrough. As with past tech breakthroughs, it has led to a wave of innovation, experimentation, and development. The creativity around tokens, smart contracts, and decentralized applications has been fascinating to witness. Now a few years later, the fruits of those labors are starting to be realized.
DeFi: Decentralized FinanceSo as a reminder, tokens are cryptocurrencies. Cryptocurrencies can carry value. And value is a lot like money. Because tokens are natively integrated with Ethereum, it’s been natural for developers to build applications related to financial services — things like lending, borrowing, saving, investing, payments, and insurance. In the last few years, there has been a groundswell of developer momentum building in this area of financial protocols. This segment of the industry is known as DeFi (Decentralized Finance).
In Q2 of 2020, 97% of all Ethereum activity was DeFi-related. Total DeFi transaction volume has reached $11.5B. The current value locked inside DeFi protocols is approaching $2 Billion (double from a month ago). DeFi’s meteoric growth cannot be ignored.
Most of that growth can be attributed to exciting protocols like Compound, Maker, Synthetix, Balancer, Aave, dYdX, and Uniswap. These DeFi protocols and the financial services they offer are quickly becoming some of the most popular use-cases for blockchain technology today.
This impressive growth in DeFi certainly hasn’t come without growing pains. Unlike with Bitcoin, there are near-infinite applications one can develop on Ethereum. Sometimes bugs (or typos) can slip through code reviews, testing, and audits — resulting in loss of funds.
Our next post will go much deeper on DeFi.
Wrap UpI know that for the hardcore crypto people, what we covered today is nothing new. But for those who are still getting up to speed, welcome! I hope this was helpful and that it fuels your interest to learn more.
Until you understand the basics of this technology, you won’t be able to fully appreciate the impact that it has on our new digital bank, Genesis Block. You won’t be able to understand the implications, how it relates, or how it helps.
After today’s post, some of you probably have a lot more questions. What are specific examples or use-cases of DeFi? Why does it need to be on a blockchain? What benefits does it bring to Genesis Block and our users?
In upcoming posts, we answer these questions. Today’s post was just Level 1. It set the foundation for where we’re headed next: even deeper down the crypto rabbit hole.
Other Ways to Consume Today's Episode:
Have you already downloaded the app? We're Genesis Block, a new digital bank that's powered by crypto & decentralized protocols. The app is live in the App Store (iOS & Android). Get the link to download at https://genesisblock.com/download
|Ranking||Twitter Name||Full Name||Bio||Bluecheck||Follower Count||Following Count|
|1||@NateSilver538||Nate Silver||Editor-in-Chief, @FiveThirtyEight. Author, The Signal and the Noise (http://amzn.to/QdyFYV). Sports/politics/food geek.||1||2860782||1051|
|2||@ezraklein||Ezra Klein||Founder and editor-at-large, http://Vox.com. Come work with us! http://bit.ly/1ToAmQ8||1||2277052||1112|
|3||@timoreilly||Tim O'Reilly||Founder and CEO, O'Reilly Media. Watching the alpha geeks, sharing their stories, helping the future unfold.||1||1988716||1829|
|5||@SamHarrisOrg||Sam Harris||Author of The End of Faith, The Moral Landscape, Waking Up, and other bestselling books published in over 20 languages. Host of the Waking Upâ€¦||1||974855||229|
|6||@techreview||MIT Tech Review||MIT Technology Review equips its audiences with the intelligence to understand a world shaped by technology.||1||794095||3367|
|8||@cdixon||Chris Dixon||programming, philosophy, history, internet, startups, investing||1||572260||3320|
|9||@RealTimeWWII||WW2 Tweets from 1939||I livetweet the 2nd World War, as it happened on this day in 1939 & for 6 years to come (2nd time around). Created by Alwyn Collinson,â€¦||0||516803||459|
|10||@VitalikButerin||Vitalik Buterin||See https://about.me/vitalik_buterin||1||458582||154|
|11||@Tribeca||Tribeca||Great stories from the greatest storytellers.||1||409581||18678|
|12||@bhorowitz||Ben Horowitz||Author of Ben's Blog (http://www.bhorowitz.com) and HarperBusiness book, THE HARD THING ABOUT HARD THINGS http://www.amazon.com/Hard-Thing-About-Things-Building-ebook/dp/B00DQ845EA/ref=sr_1_1â€¦||1||405820||255|
|13||@mattyglesias||Matthew Yglesias||Fake news. Bad takes. Dad jokes. Weâ€™re actually on the Bad Place.||1||372341||754|
|15||@SwiftOnSecurity||SwiftOnSecurity||I make stupid jokes, talk systems security, https://DecentSecurity.com + http://GotPhish.com, write Scifi, sysadmin, & use Oxford commas. Sprezzatura.||0||211672||7530|
|16||@alexismadrigal||Alexis C. Madrigal||staff writer @TheAtlantic in the real world, these just people with ideas Mexican, Oakland, Earthseed||1||203540||5682|
|17||@ScottAdamsSays||Scott Adams||Win Bigly: http://amzn.to/2myAGon||1||202042||788|
|18||@Khanoisseur||Adam Khan||Majordomo; Stuff at @Google @Twitter @SpaceX @Apple Exposing Trump https://www.gofundme.com/VolunteerJournalismâ€¦ *Turn notifications on for breaking Trumpâ€¦||0||183964||9359|
|19||@felixsalmon||Felix Salmon||Host and editor, Cause & Effect||1||180414||1832|
|20||@fmanjoo||Farhad Manjoo (feat. Drake)||NYT. DMs are open. signal: 4156836738. [email protected]. Instagram/Snapchat: fmanjoo||1||167592||4095|
|21||@VsauceTwo||Vsauce2||Being Human. personal twitter: @kevleeb||0||151795||279|
|22||@russian_market||Russian Market||Swiss Financial Blogger. In Bitcoin we trust.||1||148866||939|
|23||@AaronDayAtlas||Aaron Day||CEO @Salucorp, Chairman @stark_360. #entrepreneur #btc #blockchain #healthcare #paleo #tech #dad Former candidate for #USSenate #ENTJ||0||133389||2075|
|24||@justinamash||Justin Amash||I defend #liberty and explain every vote at http://facebook.com/justinamash â€¢ 'Laws must be general, equal, and certain.' â€”F.A. Hayek||1||131997||5376|
|25||@Liv_Boeree||Liv Boeree||Poker player & Team Pokerstars Pro. Physics creature. Aspiring rationalist. Mountain goat. [email protected]||1||125366||451|
|26||@MaxCRoser||Max Roser||Researcher @UniOfOxford â€“ Follow me for data visualizations of long-term trends of living standards â€“ mostly from my web publication: http://www.OurWorldinData.org||1||114045||583|
|27||@Jonathan_Blow||Jonathan Blow||Game designer of Braid and The Witness. Partner in IndieFund.||0||112827||68|
|28||@andrewchen||Andrew Chen||Growth: @uber. Writer: http://andrewchen.co. Plus one: @briannekimmel||0||111077||6288|
|29||@charlescwcooke||Charles C. W. Cooke||Editor of National Review Online. Classical liberal. Immigrant. Jackâ€™s Dad. Wino. â€˜The American is the Englishman left to himself.â€™||1||110071||872|
|30||@AlanEyre1||Alan Eyre||Diplomat, U.S. State Dept, Energy Resources Bureau. Middle East/Asia Energy; Ø§ÛŒØ±Ø§Ù†. RT doesn't =endorsement; 'likes' don't necessarily=likes, oftenâ€¦||1||106947||3514|
|31||@karpathy||Andrej Karpathy||Director of AI at Tesla. Previously a Research Scientist at OpenAI, and CS PhD student at Stanford. I like to train Deep Neural Nets on large datasets.||1||106643||445|
|32||@JamesADamore||James Damore||Nerd centrist interested in open discussions and improving the world by fixing perverse incentive structures. Author of the pro-diversity â€¦||1||94580||210|
|34||@james_clear||James Clear||Author, weightlifter and travel photographer in 25+ countries. Over 400,000 people subscribe to my weekly newsletter on how to build better habits.||1||87968||218|
|35||@nk||from the future||Wealth and personal achievement expert||0||81712||591|
|36||@benthompson||Ben Thompson||AuthoFounder of @stratechery. Host of @exponentfm. @notechben for sports. @monkbent on other networks. Home on the Internet.||1||78746||1267|
|37||@matthewherper||Matthew Herper||Forbes reporter covering science and medicine||1||78698||2111|
|38||@JeremyCMorgan||Jeremy Morgan||Tech Blogger, Hacker, Pluralsight Author, and Volunteer Firefighter. Once held the world record for being the youngest person alive||0||78601||7365|
|39||@balajis||Balaji S. Srinivasan||CEO (http://Earn.com) and Board Partner (@a16z). I hear this Bitcoin thing might be kind of a big deal. You can reach me at http://earn.com/balajis.||1||70707||2936|
|40||@patrickc||Patrick Collison||Fallibilist, optimist. Stripe CEO.||1||68709||1875|
|41||@matthew_d_green||Matthew Green||I teach cryptography at Johns Hopkins.||0||68434||594|
|42||@delong||Brad DeLong ðŸ––ðŸ»||I'm trying to be smart, knowledgable, funny, and well-wishing. You try too--at least 2 of 4. Low volume: 1+ per day...||0||67968||1578|
|43||@flantz||Frank Lantz||game designer||0||66090||278|
|44||@MYSTIQUEWEST||MYSTIQUE NYC||The Mystique Gentlemenâ€™s Strip Club offers the best in adult entertainment in New York City. With unique stage design, full bars and the most beautiful dancers.||0||64881||332|
|45||@AceofSpadesHQ||TheOne&OnlyExpert||I'm not #TheExpert, or the expert parodying #TheExpert. I'm the real expert.||0||64872||1464|
|46||@btaylor||Bret Taylor||President, Chief Product Officer of @Salesforce. Previously CEO Quip, CTO Facebook, CEO FriendFeed, co-creator Google Maps. Stanford fan, @Twitterâ€¦||1||64829||687|
|47||@wycats||Yehuda Katz||Tilde Co-Founder, OSS enthusiast and world traveler.||1||63933||849|
|48||@jahimes||Jim Himes||Connecticut Congressman. Reader. Runner. Swimmer. And I make maple syrup.||1||62820||411|
|49||@abnormalreturns||Tadas Viskanta||Financial Educator, Author and Editor of Abnormal Returns.||0||61693||413|
|50||@BrendanNyhan||Brendan Nyhan||@Dartmouth political science professor, @UpshotNYT contributor, and @BrightLineWatch co-organizer. Before: @CJR / Spinsanity / All the President'â€¦||1||61508||6149|
|51||@matt_levine||Matt Levine||da, wo Menschen arbeiten, wird es immer Fehler geben||1||61314||990|
|52||@BretWeinstein||Bret Weinstein||Professor in Exile If we don't harness evolution, it will harness us.||1||61049||536|
|53||@gaberivera||Gabe Rivera||Blame me for @Techmeme and @mediagazer. Nicer than my tweets. Often sarcastic. DMs are open. 2+2â‰5. Retweets are endorphins.||1||59927||5599|
|54||@SarahTheHaider||Sarah Haider||Promotes free-speech, human rights, liberalism, atheism. Director of Outreach,Ex-Muslims of North America. Pakistani by birth, American byâ€¦||0||59574||292|
|55||@TheInfinite_T||âœ¨Infinite_Tâœ¨||NSFW Send GoogleWallet to [email protected] pls send all your tokens to http://mfc.im/infinite_t/t Wishlist: http://a.co/8taURYD||0||59061||645|
|56||@cblatts||Chris Blattman||Political economist studying conflict, crime, and poverty, and @UChicago Professor @HarrisPolicy and @PearsonInst. I blog at â€¦||0||57670||2445|
|57||@jamestaranto||James Taranto||Editorial Features Editor, in charge of @WSJ op-ed pages. Best of the Web columnist 2000-17.||1||56733||174|
|58||@nitashatiku||Nitasha Tiku||Senior writer @Wired covering Silicon Valley [email protected], DM for Signal||1||56133||4327|
|59||@DKThomp||Derek Thompson||Writer at @TheAtlantic. Author of HIT MAKERS. Talker on NPR's @hereandnow. Economics of work and play. derek[at]theatlantic[dot]com||1||53387||1116|
|60||@aliamjadrizvi||Ali A. Rizvi||Pakistani-Canadian author of The Atheist Muslim (SMP/Macmillan). Amazon order link below. Co-host of @SecularJihadist podcast. Contact:â€¦||1||52806||784|
|61||@RameshPonnuru||Ramesh Ponnuru||@NRO, @BV, @AEI, @CBS. Husband of @aprilponnuru.||1||51721||613|
|62||@JYuter||Rabbi Josh Yuter||"For my thoughts are not your thoughts, neither are your ways my ways" Is. 55:8. Jewish stuff + bad jokes. All opinions subject to change.||1||50731||2599|
|63||@meganphelps||Megan Phelps-Roper||â€œYou're just a human being, my dear, sweet child.â€ Speaking requests: [email protected] Contact: [email protected]||1||49678||792|
|64||@albertwenger||Albert Wenger||VC at http://usv.com||1||49107||1794|
|65||@paulbloomatyale||Paul Bloom||Psychologist who studies and writes about human natureâ€”including morality, pleasure, and religion||1||48579||391|
|66||@conor64||Conor Friedersdorf||Staff writer at The Atlantic, founding editor of The Best of Journalismâ€“subscribe here: https://www.ponyexpress.io/subscribe/thebestofjournalismâ€¦||1||46977||1405|
|67||@EricRWeinstein||Eric Weinstein||Managing director @ Thiel Capital. Some assembly required. Spelling not included. May contain math. Tweets are my own.||1||46263||850|
|68||@adamdangelo||Adam D'Angelo||CEO of Quora||1||45545||526|
|69||@robbystarbuck||Robby Starbuck||Director + Producer + Founder at RSM Creative - Husband to @imatriarch - Dad to 3 Kids + 2 Dogs - Futurist - Cuban American - Fan of Civilized Debate||1||45308||1842|
|70||@clairlemon||Claire Lehmann||Principle before affiliation. Founder, editor http://quillette.com. Contact me at http://earn.com/clairelehmann||1||45305||2000|
|71||@tombennett71||Tom Bennett||Director of researchED- https://researched.org.uk Chair of @educationgovuk Behaviour group. Free training available here http://www.tombennetttraining.co.uk||1||43859||3698|
|72||@m2jr||Mike Maples||The woods are lovely, dark and deep, But I have promises to keep,And miles to go before I sleep,And miles to go before I sleep.-Robert Frost||0||43629||3915|
|73||@DavidDidau||David Didau||Education writer and speaker. Ginger. #PsychBook OUT NOW! https://goo.gl/xyDIjO; #WrongBook still available: http://amzn.to/1Opyach||0||43531||1092|
|74||@ByronTau||Byron Tau||congress et al. for @wsj. interested in law, lobbying, nat'l security, investigations, gov't ethics and . contact me securely: http://bit.ly/2s2HTfG||1||43026||2699|
|75||@MichaelKitces||MichaelKitces||One nerdâ€™s perspective on the financial planning worldâ€¦ CFP, #LifelongLearner, Entrepreneur-In-Denial, Advisor #FinTech, & publisher of the Nerdâ€™s Eye View blog||1||42304||459|
|76||@rahulkapil||Rahul Kapil||Come to observe. Stay to play.||0||41987||975|
|77||@michaelbatnick||Irrelevant Investor||Long-distance reader||0||41620||1076|
|78||@yegg||Gabriel Weinberg||CEO & Founder, @DuckDuckGo. Co-author, Traction. I want to publish zines and rage against machines. DM for Signal.||1||39470||151|
|79||@Jesse_Livermore||Jesse Livermore||Trader, Speculator, Bucketeer||0||39190||4459|
|80||@iconominet||ICONOMI||Digital Assets Management Platform for the Decentralised Economy||0||39030||1942|
|81||@IKucukparlak||Ä°lker KÃ¼Ã§Ã¼kparlak||Psikiyatrist http://ihtisastramvayi.com||0||38018||757|
|82||@vdare||Virginia Dare||The Twitter account for the editors of VDARE. Featured at the 2016 Republican National Convention||0||37723||4429|
|83||@juliagalef||Julia Galef||SF-based writer & speaker focused on reasoning, judgment, and the future of humanity. Host of the Rationally Speaking podcast (@rspodcast)||1||37530||340|
|84||@nicknotned||Nick Denton||Internet publisher||1||36708||2524|
|85||@JeremyMcLellan||Jeremy McLellan||Standup Comedian, Papist-in-training, biryani extremist, alleged member of the Muslim Cousinhood, US ambassador to the Pindi Boyz, spy pigeon trainer||1||36253||1538|
|86||@collision||John Collison||Co-founder of @stripe.||0||35995||1290|
|87||@narcissawright||â™• Narcissa||fledgling seer||1||35375||1266|
|88||@panzer||Matthew Panzarino||Editor-in-Chief, TechCrunch. Telecom stories killed: 0. PGP Key https://keybase.io/panzer||1||35162||2902|
|89||@EconTalker||Russell Roberts||How Adam Smith Can Change Your Life (http://amzn.to/1o72lYh), EconTalk host, econ novelist, co-creator of Keynes/Hayek rap videos, http://www.wonderfulloaf.org/||0||34611||669|
|90||@nktpnd||Ankit Panda||Senior Editor @Diplomat_APAC in NYC. Thinking/writing/speaking on global security, politics, and economics. Via @WilsonSchool. Views mine & RTâ‰â€¦||1||34041||995|
|91||@Official_Quame||Kwame A. A Opoku||Futuristâ€¢ Global Business Speaker, Founder @fobaglobal, @wefestafrica, @ideafactorylive â€¢ CEO Mary&Mary LLC â€¢ Entrepreneur â€¢ Tedx Speaker â€¢Influencer||0||33924||3526|
|92||@dylanmatt||Dylan Matthews||I know, I know, I don't like me either. Retweets are proposals of marriage.||1||33262||5579|
|93||@Jonnymagic00||Jon Finkel||I'm a magic player who also manages a hedge fund. http://en.wikipedia.org/wiki/Jon_Finkel||0||33234||284|
|94||@Heminator||Mark Hemingway||"After all these years of professional experience, why canâ€™t I write good?" Senior Writer @WeeklyStandard. Husband of @MZHemingway.||1||33034||4877|
|96||@PhilosophersEye||Philosopher's Eye||Philosophy updates, pop culture, fun stuff, and links to resources from the Wiley Blackwell Philosophy Team.||0||31931||6503|
|97||@VladZamfir||Vlad Zamfir||Absurdist, troll.||0||31764||418|
|98||@m_clem||Michael Clemens||Fellow @[email protected]_bonn. My views only. Assoc. Editor @JPopEcon & @WorldDevJournal. Author of @WallsofNations, coming in 2018.â€¦||1||31746||3650|
|99||@RudyHavenstein||Rudolf E. Havenstein||ReichsBank®President 1908-1923; Central Bank consultant. 'My way of joking is to tell the truth' - GB Shaw. Tweets solely for my own amusemenâ€¦||0||31115||1293|
|100||@tikhon||Tikhon Bernstam||CEO & Founder of Parse (YC S'11, acquired by Facebook for $85M in 2013). Founder @Scribd (YC S'06). @ycombinator alum.||0||31030||5184|
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