David Stancel
Investing in Times of War
Decentralized
Censorship-resistant
Permissionless
Pseudoanonymous
Transparent
Predictable
The case for crypto
Decentralized
Censorship-resistant
Permissionless
Private (?)
Transparent
Predictable
Portable
Open Source
Trust-minimizing
Composable
Algorithmic
Programmable
Disintermediating
And Beyond
To Bitcoin
Total Value Locked in DeFi on the Ethereum Blockchain from August 2017 to April 2022
Value Accrual in Crypto
artificial shortage
buyback and burn (Binance)
profit-sharing (securities!)
running the platform infrastructure
receiving fees (Renprotocol)
network effect (Ethereum)
decentralized governance (Decred, MakerDAO)
ownership rights (NFTs, STOs)
PoS with slashing (Cosmos)
forced token utility
In-app currency (Celsius -- hard to do)
Investment Opportunities in Crypto
Gambling
Value Investing
Speculation
Lending
Staking
Liquidity Porvision
Airdrops
To Bitcoin
Synthetic Stocks
Risks
Smart Contract Risk
Buggy code --> loss of $
Design flaws
Within a dapp
When interacting with other dapps
Unintended Consequences
Legal risks
Who is held accountable?
Accessing Dapps via Interface vs. Raw contract
Fitting into existing legal framework vs. rethinking the legacy frameworks
Thank you!
david@fumbi.network