An ex-Fed senior trader described Reserve as something that neither commercial banks nor central banks can do alone:
“What I really like about the Reserve Protocol is that it kind of combines the aspects of both banking and central banking.
You can issue money against assets, like a commercial bank. But unlike a commercial bank, it’s not redeemable for higher forms of money. So there’s no run like you could have in a traditional bank system.”
🗣️ Joseph Wang at Monetarium 1:
“The way that commercial banks handle asset volatility is that they just kind of don’t let you see what happens. Some assets don’t have to be marked to market. And of course, there’s only periodic disclosures. So in a sense, you are asked to close your eyes and just trust the banks. But then I guess if you have a protocol, that could be managed better.”
“One thing that the commercial banks do well that I think would be worth thinking about going forward is the allocation of money.
Reserve has a really good way of issuing asset-backed money. And that’s super important. But at the end of the day, it’s also about how money is allocated.
What if someone doesn’t have assets and they would like to have money? Well, you can go to a commercial bank and they can create that money for you - such that people who don’t have assets can still be able to invest, go to school, get a loan, and so forth.
Basically, the bank makes a judgment as to whether or not the borrower is worthy of having money, whether or not they repay the loan, whether or not the project is worthwhile.
So being able to create money is one thing.
I think that to be able to have a successful monetary system, it's also important to be able to have it allocated in a way. And that could still be done, I suppose, by lending - issuing tokens and then lending them.
But then when you do that, you are also reintroducing many of the conventional risks that we see in the banking system like credit and liquidity.”
“I would emphasize that being able to create money is super important. But having it allocated well is what makes money effective in creating an economy that has good growth but also more equality. It's really hard to know whether or not money will be allocated well.
Are you going to be giving it to someone who is going to spend it wisely? So it's a lot of work for the commercial banks to do a very qualitative judgment to say, is this person credit worthy? Is this project viable?
If you have a monetary system, in addition to having the base layer there, having an idea of how it could be better distributed to be able to benefit everyone, even people who don't have assets to get tokens, I think is really important for its adoption.”
@SandyofCthulhu Jeremy was the perfect Sherlock. It looks like he had a lot of fun with the role too. As for Cumberbatches Sherlock, I always thought they were trying too hard and it didn't have any of the charm. Downeys Sherlock is just some random detective.
@nnevvinn Thanks for the update! I haven't been the one to worry about the emissions, but it's good to see this is actively worked on. ❤️
Claude is pretty awesome too, I just started using it myself. I can't believe I'm a coder now🤓
March’s $RSR burn is the largest yet 🔥💪
~16M RSR ($25k+ @ current price) was sent to a burn address, upholding the monthly burn cadence of Index Protocol fees
→ @Dune dashboard: dune.com/starl3xx/rsr-b…
→ Mainnet burn tx: etherscan.io/tx/0x142f44031…
@reserveprotocol You don't even have to go through hundreds of tax events when your index does your trades for you (and does them better). Invest and chill 😎🔥
@SandyofCthulhu Ebert really hurt the egos of game devs. Now you play some AAA game and you have to sit there and watch these constant cutscenes, with no option to skip. It's nothing but a bad version of a real movie. The idea that video games have to be "art" instead of fun, is so subversive.
74 Followers 3K FollowingOnly private elite here!! I will mainly talk about crypto market, price action analysis etc. ONLY FOR A FEW PEOPLE MAIN ACCOUNT @CW8900
66 Followers 737 FollowingThe father of the creator of AMTV.#BitcionRich Hard-hitting and in your face!#1000X Subscribe https://t.co/n88kGG2Ntq project https://t.co/hrW3o9tQxV
432K Followers 1K FollowingFilmmaker, Author | Films: VIOLET, LOOK, FEEL, FIVE MINUTES | Books: FAME, FACE | CREDO23 Film Festival director | IG: _JustineBateman_
13K Followers 2K FollowingGamer since early 90s. Corner about games: old and new ones. GOG Addicted. I spend money on X, don't earn any. My own gameplay footage - not stolen from YT 😎
473K Followers 333 FollowingCheck out the amazing handcrafed gifts made by my daughter at https://t.co/qWnhYI6Qvs
You want a Holy Grail bag or a guitar bag that only me and Micky Dolenz have!
212K Followers 276 FollowingRed Letter Media is responsible for the 70 minute Phantom Menace review as well as Space Cop, Half in the Bag, and Best of the Worst. Full time frauds.
358 Followers 456 Following$RSR issues RTokens and DTFs: asset-backed,tokenized index currencies with strategic token burn, forged in the vision of Paul Atkins, Peter Thiel & Mike Selig.
6K Followers 1K FollowingBrutal Post Apoc Biopunk Horror Western TTRPG inspired by Fallout: New Vegas. Solo indie designer. Mixed Media Art. Crunchy Rules, Nasty World.
44K Followers 1 Following34th Chairman of the @SECgov. Championing innovation, investor confidence, and dynamic capital markets that power the American economy. Views are my own.
852K Followers 737 FollowingI don't predict the market. I AM the market.
Investor. Speculator. Follow or stay poor, your call.
-Founder @crypto_crib_
-Co-Founder @_alphametrics