

Kneeco
11.1K posts

@LifeIsFunThankU
Cardano & Midnight educator | Hydra, Mithril, Babel Fees, Djed + Midnight privacy (NIGHT/DUST). Technical threads, real utility, no hype. Not financial advice










I am voting "Abstain" on the proposal for "Cardano Vision 2026: Human Centred, Scalable, Post Quantum Secure - IO Research." I believe this proposal is a mix of a waste of funds and a potentially excellent proposal for Leios and quantum resistance research, and I wanted it resubmitted and split. However, the IOR has promised never to resubmit and has promised to close down leios and quantum-resistant research labs if the proposal is rejected. As some members have suggested, this may be a political maneuver by the IOR, but it may not be. If not, I believe that news of a complete halt to the research will spread, and the ADA could fall by more than 50% due to the departure of holders who were involved in purchasing under the guise of peer review. Therefore, our choice is as follows: A. Tolerate some seemingly pointless research as a sacrifice to gain access to research on Leios and quantum resistance. B-1. Reject the proposal, betting on a resubmission, with an X% probability of the resubmission occurring. B-2. Reject the proposal, betting on a (1-X)% chance of a resubmission, but all labs closing and an ADA 50%+drop event occurring. The ideal scenario is B-1, but the worst-case scenario is B-2, and the probability of this is difficult to predict as it depends on the political decisions of the IOR team. At the very least, since the IOR has promised closures, this is a high-risk gamble. While I acknowledge that B-1 is ideal, I cannot accept the risk of the B-2 event, so I withdraw my NO. While I find this emotionally very frustrating, we need to consider it objectively, focusing on the practical gains and losses for the entire ecosystem. On the other hand, I understand the argument that it is absurd to actively approve a budget that includes what I believe to be a waste of money. Based on this feedback, I withdraw my YES. Therefore, my final vote is Abstain. I hope the IOR will improve its operations next year.

That's what I'm doing with the treasury proposals. There are stakes and dreps need to decide what to do. They are the ones playing chicken with the fate of the ecosystem. This isn't a let's hold out for a better deal. We cut our operations in half and are running barebones. Further cuts mean that we shut down entire areas of engineer or research.

@ItsDave_ADA Note that the work you mentioned came from both the Leios implementation team and my team, as part of last year IOR proposal. (It's probably a detail, but I hope people can recognise the effort we made to make research more open, especially when we came close to specification)



THE REAL STORY of the Silvergate Bank “collapse” is finally starting to come out, due to the SEC lifting its “no-deny”/“no criticism” restriction on SEC settlements this week. @jaredkate, Silvergate’s then-COO, has started to talk👇 & more of Silvergate’s side of the story will come out, no doubt. As @nic_carter has reported, Silvergate didn’t actually collapse; rather, it was purposefully demolished as part of #OperationChokePoint2.0 — and it stands pretty much alone in banking history as a bank that paid out depositors amid a bank run without sticking the FDIC’s deposit insurance fund with losses. I’d already learned what happened from a different insider who was at the table back then: the insider witnessed the Fed ordering Silvergate to de facto liquidate by ceasing to service the crypto industry, the “voluntary” announcement of which started the bank run. The insider named names, and a senior Fed official later asked for that list of names (note: many of the people have since left the Fed or no longer in senior positions there). I can’t wait for the interviews of Silvergate executives who previously couldn’t talk but can now. I hope @MaxfieldOnBanks runs with this — he did a big analysis of the Silvergate story a few years ago and figured out that the mainstream narrative wasn’t correct. I look forward to hearing more from the execs, who successfully liquidated a bank under extreme bank run pressures. Are you ready to hear what they have to say???
