Interesting Thread

Opens April 1st 2024 reading a Twitter thread from The Block is Hot listing the top five changes Cardano needs, starting with stablecoins.

Agrees Cardano needs deeper stablecoins, citing wrapped-asset attempts, Circle talks, homegrown USDM, and algorithmic Djed, plus his Wyoming stablecoin company, but says no one size fits all.

You need roughly a quarter of TVL, about 150 million of 600 million, minted as stablecoin to provide real DeFi liquidity, so the community must actually show up.

On the scalability complaint, disputes that congestion breaks things or spikes fees, saying it only slows settlement, and points to the upcoming Splash protocol.

Lists the multi-layered scaling solution: Hydra, ZK, input endorsers publishing soon, and app-level wins like moving Plutus V1 to V2 or Aiken cutting transaction size tenfold.

Rebuts the no-top-down-support point: Catalyst distributed 25 million across 300 ventures, and what the poster really wants is a pile of money to astroturf, which Bitcoin and Ethereum never had at the start.

Cutting top-down founder checks makes you look like a centralized chain, whereas CIP 1694 and the Chang hard fork turn on the Treasury with a billion dollars of ADA for the community to allocate.

Rebuts the CNT-listing complexity claim: over 200 exchanges including Coinbase, Kraken, and Binance support Cardano, and CNTs and dapps list via CIP-30 and the DApp connector without special difficulty.

JJ Siler is forming an Intersect coalition of CNTs to approach exchanges collectively about any technical issues, comparing it to Coinbase's Rosetta as a one-time ecosystem integration cost.

The poster contradicts himself claiming both congestion and too few users, and cites Book.io selling out issuances on Cardano but not on Polygon, like Mark Cuban's autobiography.

On the coding-difficulty complaint, notes Aiken exists and that if you cannot write Rust you should not build financial dapps, and says interoperability is exactly why partner chains exist.

Concedes Cardano lacks Ponzinomics and retail-dump tokenomics, and disputes that decentralization and security improved elsewhere, citing rising centralization and record hacks on Ethereum and Solana.

Rebuts that building Midnight instead of improving Cardano is a distraction, since on-chain governance, partner-chain interoperability, and Midnight's ZK backported via Plutus V3 all improve Cardano.

On the alienation complaint, says correcting lies is not toxicity, citing World Mobile, one of the largest DePIN platforms, left off top lists and the billion-dollar Treasury omitted.

The complaint threads about Cardano seem reasonable on the surface, but top-down support really means a fund to pump bags and deploy astroturf money to inflate the token price.

Concedes some VCs are historically uninterested in Cardano, calls that a good thing since they brought the Solanas and Polygons, and frames it as a philosophical choice.

Answers why a high-quality team would build on Cardano: maybe they value governance, the most decentralized ecosystem, and blockchain-based funding over being a patron of a top-down agency.

Lists Cardano's draws: a great community, on-chain governance, 2,300-plus days never crashed, deterministic transactions, and predictable fees, versus hacks, Ponzinomics, and centralization elsewhere.

Addresses the poster's fixes: bringing USDT and USDC needs a process, input endorsers are not abandoned since a paper and team are active, and asking for a new Foundation ignores that Intersect already exists.

Intersect is the members-based organization the poster wants, DReps have direct budget access via the Chang hard fork, and partner chains, Rosen bridge, and Injective-style EVM bridging already exist.

Agrees more CEX listings and stablecoins are needed and coordinated through Intersect, CIP 1694, Wyoming, USDM, Djed, and the Foundation's ongoing USDC talks.

Being complacent for the sake of decentralization is no excuse for inaction, that hundreds of IO engineers are already working on these, and that begging a centralized entity to save your chain means it is not a cryptocurrency.

The spiritual points are not wrong but the process is: no core entity comes to save you, the community sets agendas and priorities through on-chain governance opening the Treasury.

Debunks the FUD that IO and the CF paying 10 million would instantly bring Circle, and suggests the ecosystem could instead build a more competitive stablecoin with Circle convertibility for far less.

Cites EOS raising 4 billion dollars in 2017 and asks where it is now, arguing it is not about how much sits in a treasury but everyone picking up a shovel and doing the work.

Cardano projects and ADA holders to join Intersect, become a DRep, and write a treatise of priorities, winning people over with reason, vision, and strategy rather than a dictator.

A king is easier until he goes crazy and can only be fired by a revolution or hard fork, which is why Voltaire's three pillars are constitutions, institutions, and consent of the governed.

Introduces the tradeoff of integrity, efficacy, and efficiency, where centralizing is efficient and effective but low-integrity, which is why Bitcoin is the highest-integrity system yet slow and ineffective.

Cardano is the closest thing to combining Bitcoin's integrity with an on-chain governance system that can move as fast as centralized chains, but only if people have real discussions.

The contradiction of claiming both no transactions and congestion, agrees throughput should improve, and restates the scaling agenda of rollups, ZK, Hydra, partner chains, and input endorsers.

Mithril and Hydra are already on mainnet improving each version, Midnight is in testnet, and the Ouroboros Leios input-endorsers paper is imminent, with Tweag the likely vendor as it did Ouroboros Genesis.

Warns that inviting in centralized vampires and value-extracting VCs sells part of your soul, whereas Cardano's culture set aside the industry's avarice for durability, like TCP/IP surviving from the 1970s.

Cites all-time highs across TVL up over 300 percent, transaction volume, dapps, governance participation, and wallet installs, arguing the demand for scalability proves it is not a ghost chain.

He has never once prognosticated an ADA price because the game is building something useful for every person that could back nation states, so price-only people should go elsewhere.

Cardano extended Satoshi's cypherpunk proof of concept, achieving since 2015 some 204 papers, 168 scientists, extended UTXO, Plutus, Aiken, on-chain governance, and the first provably secure proof of stake.

Cardano is here to stay and offensive by its existence to anyone who peddles fake research, runs Ponzis, likes being a dictator, or lies about solving problems.

At 12 years in the space, says the biggest opportunity is now with decentralized governance, the blockchain trilemma, and Midnight's secret-keeping enabling a service layer for World Mobile or a decentralized LLM.

Cites NFTxLV merging with Rare Evo as proof people grow up and work together, and says structural problems get resolved through decentralization, not by endowing another centralized entity like the US adding a Director of National Intelligence.

The difficulty is what attracts elite people who want to be astronauts and Green Berets, to finish what Satoshi started so millions to billions get self-sovereignty and human rights in a system that can't be evil.

The EDI is offensive by nature because those who measure poorly must reject it, like an honest cop among corrupt ones, and thanks the poster while urging everyone to join Intersect.