Good evening from Cottonwood Canyon,

Sorry I’m late today. Made a last minute decision to chase a snowstorm before I hang up my ski boots for the season. Sometimes you have to treat yourself to the things you love!

I recorded the first episode of my forthcoming podcast before I left. I’m excited. Have great guests lined up already and am experimenting with a model where guests (and eventually supporters of the show) get “shares” of the podcast. The model draws from mechanics in DAOs. Will publish how it works soon and look forward to the feedback.

On to the update:


The happy path for token projects looks something like this:

  1. Come up with an idea and raise a bunch of money
  2. Build the actual network (code)
  3. Bootstrap the network (growth)
  4. Dissolve the entity that did steps 1 through 3 once the network is self sustaining

In a perfect world, this gets you the benefits of centralization in steps 2 and 3 and the benefits of decentralization in steps 1 and 4. And if you time it right, your project is sufficiently decentralized in the eyes of anybody that matters (like the SEC).

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Member updates

June 20, 2019

Libra versus the state and lessons from the Algorand auction

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How to get and avoid getting sued by the SEC (Kik, Voice, LEO)