DeFi Explained to No-Coiners, Tetranode Edition
An ongoing thread
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An ongoing thread
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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
"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
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
@_Jack_Alderson The hash value yielded is less than the target is equivalent to guessing the right number in case anyone else is wondering
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 $$$ betting it's going to 30K
The winner takes the loser's money
SSOV allows A and B to earn on their deposits while waiting for bet to resolve
Dude A puts up Bitcoin betting it's not going to hit 30K
Dude B puts up $$$ 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
MEV is a bunch of scalpers giving you the worst possible price
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