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Shadowy Super Bankers | Weekly Recap

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Shadowy Super Bankers | Weekly Recap

Someone tell Senator Warren DeFi isn't the enemy...it's the solution

Ryan Sean Adams
Jul 31, 2021
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Shadowy Super Bankers | Weekly Recap

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Register today for Smart Contract Summit, this August 5-7. We’ll be there talking EIP-1559!

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Dear Bankless Nation,

Elizabeth Warren came out this week scrutinizing crypto.

Some harsh words. Here’s one of the quotes:

“Instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders and miners, which doesn’t sound better to me…

First of all, shadowy super coders? Ok that just makes it sound cool.

Second, we’re not at the whims of super coders and miners. These are opt-in systems anyone can fork. Let’s not conflate crypto with giant American banks.

Third, many of us aren’t faceless…

The largest DeFi protocol by market cap and arguably the most successful is Uniswap. Created by Uniswap Labs (a venture backed American-based company) and U.S. entrepreneur with a face, Hayden Adams.

Shadowy super coders doing shadowy things in a secret underground elevator

How about Compound? A lending and borrowing protocol that’s delivered tens of billions in value—built by Compound Labs and founded by an American who’s also a person with a face Robert Leshner.

As Maker Founder Rune Christensen pointed out if the U.S. seriously interferes with DeFi innovation it would be one of the most massive self-owns in recent history. DeFi is a rapidly innovating sector in tech and much of that innovation is US-centric.

You wanna end that?

Her anti-crypto letter to Treasury Secretary Janet Yellen included this:

“DeFi refers to a fast-growing and highly opaque corner of the cryptocurrency market which allows users to engage in a variety of financial activities”

Highly opaque?

Senator...we call this open finance because it’s the least opaque financial system humanity has ever created. It’s crystal clear. Everything is viewable on a public, permissionless ledger. The software can only do what it’s programmed to do.

This isn’t your enemy.

This is the solution.

In DeFi, earnings reports are available in real-time. Our financial agreements are accessible to anyone. Our banks are open ledgers. You can click view source on any asset and see exactly what it contains.

You know what’s opaque?

The U.S. banking system and shadowy super bankers that control it.

Twitter avatar for @RyanSAdams
RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams
Why does anyone in congress think it's okay to be an enemy of open finance? You guys like closed finance then?
1:07 PM ∙ Jul 30, 2021
269Likes18Retweets

Isn’t a free, open financial system where everyone plays by the exact same rules the most American thing ever?

It should be.

If not, crypto will march on regardless.

Because crypto is the next internet. If the U.S. doesn't adopt it, the U.S. falls behind.

Next week is EIP 1559 week…

  • We talk inflation with Lyn Alden (early access for Premium Subscribers!)

  • We’re hosting THE BEST panel ever on EIP 1559

  • A tactic on how to make bank from automated options strategies

Enjoy the weekend.

- RSA

P.S. 30% off Ledgers?? Only discount I’ve seen all year—get on it (especially if you don’t have a hardware wallet yet!!).


🙏 Sponsor: Balancer—Earn $BAL back on trades when you swap tokens on Balancer.


Recap for the week of July 26th, 2021


🏝 New Bankless DAO Merch Drop: Ultra Sound Summer

Start repping the ultra sound merch at the pool & the beach—tee + swim shorts = $155.90! Plus you can get a bonus legendary puzzle from Perchy! Click here for more details.

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🎙️WEEKLY PODCAST EPISODE

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


ACTION RECAP 📚

  1. Execute any good market opportunities you saw in Market Monday

  2. Learn how to invest into crypto & sleep comfy 🔥

  3. Recognize why we need decentralized oracles

  4. Explore Olympus DAO 🔥

  5. Show us your favorite NFT

WATCH & LISTEN 🔊

  1. 🎙️ Listen to The EthCC Experience | Ethereum Community

  2. 📺 Watch SotN: Building a decentralized Blackrock | Index Coop

  3. 📺 Watch AMA with Fractional | Andy

  4. 📺 Watch Rollup: Uniswap Frontend | Shadowy Super Coders | COVID | FTX

METAVERSAL 🧙‍♂️

  1. Connecting Metagalaxies with Ethereum

  2. Curating NFTs with JPG

BANKLESS DAO 🏴

  1. Weekly Rollup #13: Ultra Sound Summer

  2. Bankless DAO Ombuds: off-chain dispute resolution

  3. First Quest—a new way to onboard to Bankless DAO


Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

  • Early Access: Inflation in 2021 | Lyn Alden 🔥

  • Full Access: The EthCC Experience | Market Monday

Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you…


📺 State of the Nation: Building a Decentralized Blackrock

🎙️Listen to Podcast Episode | 📺 Watch the Episode


🗞️ Latest Weekly Rollup.Download the crypto meta to your brain in this weekly show.

Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed


Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

  1. Arbitrum is hiring a Software Engineer

  2. PoolTogether is hiring a Senior Designer

  3. Yield App is hiring a CIO

  4. Quant Finance is hiring a Senior Solidity Engineer


Go Bankless. $22 / mo. Includes archive access, Inner Circle & Badge—(pay w/ crypto)


🙏Thanks to our sponsor

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Tag Bankless on twitter and tell us how you’re going bankless for 3 x 🔥

Who doesn’t love breakfast in BED??

Twitter avatar for @Xofee3
Xofee 🦇🔊 @Xofee3
@BanklessHQ Breakfast in #BEDindex 🛌 🥞
Image
12:13 PM ∙ Jul 26, 2021
49Likes4Retweets

Want to get featured on Bankless? Send your article to submissions@banklesshq.com

Write for Bankless


Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.


Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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Shadowy Super Bankers | Weekly Recap

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5 Comments
Monica Singer
Jul 31, 2021

Hi Ryan I’m a fan of bankless. I have a concern that the merchandise you are selling will only be appealing to men. Can you sell something that we would like to wear? Thank you. Monica

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DabDragon
Writes DabDragon’s Newsletter
Jul 31, 2021

REGULATIONS! As long as they cannot control us the item becomes a threat. No matter the item, in this case money, it goes beyond implications that are possible for crypto users and becomes an independent way of controlling your own life and finance. This threatens their control and design of our so called freedom. Do whatever you want "free" as long as we say it is alright and as long as we get paid to let you do it. Ahh Capitalism

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