[VenturePunk #5] Can We Build Trust with Proof of Assets and Liabilities?
venturepunk.substack.com
Since humanity began its journey into trade, the risk of a counterparty misrepresenting what it holds has been present. Even the famous Akkadian cuneiform letter complains about receiving a poorer grade of copper than what had been expected. When we think of our current situation, it is wise to remember this—contagion is by no means endemic to crypto. Firms like Lehman Brothers and Bear Stearns prefigure the fall of Celsius and FTX (and, now, BlockFi). It’s far too tempting to obfuscate the real state of one’s assets and liabilities, to position oneself, to lean into the vibes, to build up hype, and to pump your assets with obfuscation and FOMO.
[VenturePunk #5] Can We Build Trust with Proof of Assets and Liabilities?
[VenturePunk #5] Can We Build Trust with…
[VenturePunk #5] Can We Build Trust with Proof of Assets and Liabilities?
Since humanity began its journey into trade, the risk of a counterparty misrepresenting what it holds has been present. Even the famous Akkadian cuneiform letter complains about receiving a poorer grade of copper than what had been expected. When we think of our current situation, it is wise to remember this—contagion is by no means endemic to crypto. Firms like Lehman Brothers and Bear Stearns prefigure the fall of Celsius and FTX (and, now, BlockFi). It’s far too tempting to obfuscate the real state of one’s assets and liabilities, to position oneself, to lean into the vibes, to build up hype, and to pump your assets with obfuscation and FOMO.