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Ryan Selkis

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2018-08-07
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2018-08-07
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  1. “But the general mechanics I just walked through AdChain is basically trying to use community governance to verify a whitelist of websites that do not have malicious, dangerous or fraudulent advertising advertisements on the site. So this is particularly for media companies. And it's an interesting idea in theory, right? It's like basically a Vera sign checkmark for websites and making sure that you're not leaking all of your personal data when you visit a certain site where you're not going to be followed around the web. One of the issues that you've seen kind of in the wild though with TCRs is it really matters how you distribute the tokens initially and like what the ongoing distribution is because it can degrade into very unpredictable populism pretty quickly. There are no real checks and balances. So you might design the system in one way, but people will vote another just because they can because they have stakes. So they basically make all the rules. So there's kind of some interesting upgrades and additions that I think people are working on.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “We can come back to that. Yeah, I mean, we didn't create this, right? So this is the consensus team, the ad chain team over a consensus kind of pioneered Mike Golden and then the folks at MetaX in California, I think they partnered on it. But Mike Golden and Simon de la Rouvier, who are both over consensus, have kind of been working on this curation markets, token curated registry concept for a while. It's been fascinating the research that they've done and other folks to watch that are working on this are at Xerox, Aragon. I think Zeppelin.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “To 10,000 or 20,000. You can probably back into what's the intrinsic value of that from a personal brand perspective. And that's what we're kind of thinking about with Masari, but we're thinking about actually, you know, credentialing, quote-unquote, whitelisting projects that meet certain transparency standards in terms of what they communicate with their communities.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “To their actual applications. So you've got a pool of real revenue, real economic value that would flow to any validator in that system and the kind of long-term upside is that you've got an intrinsically valuable information resource. And maybe to give a more concrete example, you know a diploma like that would be, it's not worth zero. I don't know if it's worth $200,000 that you spent on college because college isn't worth $200,000, right? But it's probably worth...”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “And one way that you might do that is you might get all the big tech firms together and they might say, you know, we're going to run this application process similar to college admissions process, but would basically allow super high octane candidates that really don't need college. It could go directly into training programs or work with us. We're going to give them this credential. So no matter where they go in Silicon Valley, like everybody's going to know this person is legit, they're qualified and that kind of follows them around forever, much like a diploma would. There's intrinsic value in that credential. But the question becomes like without a board of trustees at the university level that's maintaining the integrity of the institution, the integrity of diploma, who certifies that, right? So one way to do that might be to have the top 10 tech companies all buy tokens in this system that allow them to vote on the quality applicants. Oh, and by the way, whoever does the curation of the candidates, the actual work is going to earn all the application fees that these candidates”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “It's like an insurance product. How could you at scale reward teal fellows with a credential that would have the same kind of clout forever as like an Ivy League diploma? There is no piece of paper that you have if you drop out of college, which is like kind of your fallback insurance product.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “And the way to think about a token curated registry is we've been listening credentials might be the one use case is older than money, which is super exciting. Ever since we've been hunter-gatherers, like who's in your tribe, kind of part of your mental list, what plants should you eat? We have these heuristics for making decisions. And usually from kind of time forever throughout human history to now, people have trusted central authorities. The village elders, the SEC, the American Medical Association, right? Like there's these kind of centralized sources of truth and trust that we just rely on for certain credentials. And with curation markets and TCRs, you basically decentralize the actual creation of that credential in some cases. So the way that I think about it is if you were to take kind of Peter Thiel's assumption that college is a tournament and an insurance product and it's not actually like an education resource and you price”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “To it. There are people who are actually working on these ethical solutions, but they're just getting kind of handicapped by 80-year-old security law. And that's probably an entire hour conversation. I'm sure you've had with multiple guests, I'm sure. And then I guess I'll kind of give one subset example that we really like at Masari, and we can punt on the exact mechanics of what we're thinking. But this concept of curation markets or token curated registries.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “I haven't looked at it recently. I mean, they're making a number of upgrades, but traditionally that hasn't, I don't believe that's been the case. Yeah, I think that makes a lot of sense, but I think that would start to get into like the securitization realm, right? Exactly. And does that make a hell of a lot of sense to incentivize the people that are building the models to actually have some of that upside? Of course, but our securities laws are fucked, right?”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Interesting, sure. So basically, like right to work tokens in Augur, if you wanted to stake tokens to become an Oracle and basically represent that you know the true outcome of a given situation, you can actually, based on the value that you could capture in terms of network fees, you can kind of work your way into what's the value to hold and kind of stake this token in this new kind of prediction market model. Numeri, their token is another good example, right? The data scientists need to use the Numeri tokens to basically put skin in the game and say and represent, I'm betting on my own model that it's going to outperform all these other fools. And if I'm right and I win this game, then I'm going to kind of collect everybody else's. So you're kind of betting on your own, on the quality of your own work.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “The utility subset. So that would be computation and kind of file storage, so digital resource tokens. I mentioned kind of Filecoin, Gollum, things like that. I think staking tokens that are used primarily for work.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Are overvalued by horses of magnitude still, even with kind of the recent correction. And the reason is quite simply for most of these tokens, you don't actually need to hold them for any length of time. And I think people are starting to realize that. So you see teams that are actually post ICO, now they're starting to go back to their communities and think, okay, how can we rejigger the economics of these tokens so that they capture more value instead of just letting the tech that we're building kind of create value? Right now it's about like, how do we actually have value capture here? So that's been kind of super interesting to study. And I have a few different categories that I find very interesting in that kind of like subset.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “I like to think about cross-border, cross jurisdiction kind of mutualized risk pools, right? So could you create new security?”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Yeah, it is. And there's going to be marginal benefits, but you're not talking about introducing entirely new asset class generally. And there might be some exceptions to that.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “And we can talk about maybe that's starting to subside a little bit. But there's kind of those true money-like crypto assets. And the other end, there are these crypto securities, basically traditional securities that have, that give people the ability to have a claim on an asset or a claim on cash flow and residuals, whether it's a business or a new type of security-like instrument. And that is really, I think, overtaken the whole blockchain, not Bitcoin meme. Now it's all crypto securities, right? You're basically talking about the same thing from different angles. It used to be like we're going to issue all these things using blockchain, not Bitcoin. Now it's, oh, all of these digital assets are now crypto securities and they're part of the crypto assets bucket. So it's been like a very interesting reframing of that. But I kind of feel like it's the same movement. And it is interesting, but I don't know how much, you know, new value is unlocked there necessarily.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I've written about this a little bit, and I like to call it the crypto asset barbell. And I was thinking about this quite a bit last summer. I'm sure we'll talk more about this, ICOs and kind of that whole market in particular. But I was really trying to just think how the market was getting so insane. And what became pretty obvious was that pretty much every project that was raising money, every team, every new asset, they were all talking about these new assets as if they're truly currencies. And this is something I'd spent a lot of time thinking about just originally with Bitcoin. Like, what is money? Like the classic Bitcoin rabbit hole. And what I kind of came to think and realized was that there's really two massive multi-trillion dollar opportunities with respect to this industry. There's cryptocurrencies, which are like true money currencies. That's Bitcoin, Monero, Zcash, some of the privacy focused ones. I'd even put Ethereum and Ether in that bucket because it's kind of become this reserve currency for the ICO.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “It's a truly novel way to, without a central intermediary, have some degree of trust in the scarcity of some intrinsically valuable digital asset.”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Oh man, and you know what? This is always like a tough one. You know, you'd expect the old guys to have the perfect one-on-one. And we ended up just getting so far in the weeds that I'm going to completely botch the shit out of this. The way that I think about it at a super high level is that we are just a wash in information and there's so much pollution on the internet. And the original information on the internet was to make information flow freely and kind of make it accessible to anybody. And what that's led to is just a glut of information. So I always think of blockchain technology and cryptocurrencies in general as the thing that finally makes value flow as freely as information, scarce value flows freely as information. And that is, I think, the truly revolutionary thing that you'll hear about when you talk to anybody within the industry. So how do you kind of quantify the value of scarce digital assets, whether that's currency, whether that's digital resources like file storage or computing?”

    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

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    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source

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    2018-08-07 · Invest Like the Best · Ryan Selkis - The Crypto Barbell and Token Curated Registries - [Invest Like the Best, EP.98] · IDENTIFIED FROM THE TRANSCRIPT · source