Joseph Lubin

Joseph Lubin@ethereumjoseph · 2 天前政策影响

For most of the last decade, the pieces of an open financial system have been built and proven separately: stablecoins for settlement, lending protocols for yield, self-custody for control. The MetaMask Money Account is what happens when you put them all together.

AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。

Joseph Lubin@ethereumjoseph · 3 天前赛道影响

MetaMask is 10 years old today. It's an opportunity to reflect on how far we've come as an ecosystem, and on the millions of people who have used MetaMask to build a new economy on open rails. For MetaMask's birthday, instead of telling our story, we want to help you reflect on yours -- because MetaMask is about personal sovereignty and financial agency. https://t.co/nLnFFHsgCy

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Joseph Lubin@ethereumjoseph · 3 天前政策影响

@eth_systems is an outstanding team that has spun out of the @ethereumfndn to provide what some might consider the "missing link" that will enable financial institutions and organizations of all kinds to fully understand how privacy and confidentiality works on Ethereum and to select from the many diverse privacy and confidentiality primitives as they build their systems on Ethereum Layer 1, Layer 2's and private EVM networks that connect into Ethereum proper. @Sharplink and @Consensys look forward to building with @eth_systems. And on its 10th birthday (https://t.co/5QDFv4dvOf), @MetaMask welcomes @eth_systems into the world to join the effort to bring best in class privacy, confidentiality, security, network and personal sovereignty and economic agency to people, communities and organizations everywhere.

AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。

Joseph Lubin@ethereumjoseph · 4 天前赛道影响

Machine Intelligence (Gemini) indicated to me that there are between 200 million and 300 million businesses operating globally, including formal and informal enterprises. A significant percentage of these have a web presence or use the WWW. Blockchain and crypto are Web3, the natural evolution of the WWW technologies. In the same way that most orgs migrated to the web, most -- big and small -- will migrate some of their operations on chain. Ethereum tech is best configured to support the migration of the global economy onchain. All will have to hold and use ETH. Not financial advice.

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Joseph Lubin@ethereumjoseph · 4 天前赛道影响

In my opinion, Ethereum L1 revenue fees should stay low to foster growth. Tens of thousands of companies will set up shop over the next 2-3 years on some mix of Ethereum L1, L2s, and private permissioned EVMs like Besu chains which will be fully interoperable with L2s and L1s. Monetary premium will grow very large, "fee revenue" to L1 from so much activity will grow significant, staking and other locking away of ETH will reduce supply, and net burning of ETH under ultrasound conditions will further grow the value of ETH.

AI：偏平台经营与生态扩张，强调交易平台和应用入口的长期位置。

Joseph Lubin@ethereumjoseph · 4 天前政策影响

On this MilkRoad podcast with John Gillen (@BitcoinJesusETH) and @joechalom, I mentioned ETH as both ultrasound money and as the highest powered money on the planet. And then John mentioned two "high powered" organizations that have recently emerged to grow the Ethereum platform. Here is a bit more on these topics. Some people outside the Ethereum ecosystem scoff at the idea of ETH as ultrasound money. Ethereum is building towards a future in which most economic activity is onchain, so has been focussed on massively growing modular scalability and ensuring that transaction fees are as small as possible, with the understanding that certain kinds of transaction fees, especially at Layer 1 will inevitably end up being expensive when Layer 1 becomes used mostly for high value activities and becomes deep infrastructure. As my colleague Joseph Chalom has pointed out, this is the same early-growth-over-near-term-profits strategy that has led to massive adoption by companies like Amazon. Many accept gold as sound money. Many also accept Bitcoin as sound digital money, given the idea that there will only ever be 21 million BTC issued and that BTC is currently disinflationary. As the Ethereum economy grows and accelerates, more and more ETH will be held tightly, staked, and consumed in everyday business activities. Increasingly Ethereum will become globally systemically important just as the internet and web technologies have. And ETH will become systemically important to hold and use for nation states, financial institutions, enterprises and individuals. In the near term, the Ethereum ecosystem will bounce back and forth for a while between its sound money state and its ultrasound money state. In Ethereum's sound money state it will act like Bitcoin with ETH serving as a disinflationary currency. In its ultrasound money state, ETH will be deflationary, a great characteristic for a collateral money to possess. Eventually the Ethereum ecosystem will remain in its ultra sound money state permanently as the amount of ETH burned in transactions will be larger than the amount of ETH issued to process transactions and secure the protocol. And since many transactions in the Ethereum economy will involve stablecoins in different forms including properly decentralized stablecoins, the numeraire and means of payment functions of money will be mostly handled by these stable value instruments. Central bank issued fiat money is often called high-powered money (aka the monetary base, or M0). M0 refers to the total amount of highly liquid currency issued by a country's central bank. This form of money is "high-powered" because it's the foundation of the broader money supply created through the banking system's credit creation mechanisms. I like to think of Ethereum as the highest powered money on the planet, but in a different sense: - Gold and BTC are high-powered money in various senses, but ETH goes beyond. - Like gold and BTC, ETH is not debt-based (or credit-based) money. - Like BTC, gold and silver that you hold physically, transactions involving ETH on Ethereum Layer 1 are uncensorable, whether these are simple payments or complex smart-contract-based programs being run. - Like BTC, ETH is relatively cheap to hold and store securely. - Ethereum is inexpensive and easy to use, regardless of how much value is involved, e.g. whether a transaction transfers $1 of value or $billions. - ETH is disinflationary and will become ultra-soundly deflationary. - ETH is diversely useful and rapidly mobile collateral money. - ETH and BTC cannot be used by a despot of a nation state to financially exploit or financially repress the citizenry. This is likely to have positive geopolitical ramifications over time. - ETH is programmable money. You can attach arbitrary logic to transactions. You can build an entire economy on smart contract-based agreements and business processes. (See Shodai Network.) - ETH is the base money of an exponentially growing ecosystem that should see growth for decades. As such its current monetary premium will continue to grow because everyone will have to hold some. Some of the current monetary premium of ETH is speculative, because despite how dominant Ethereum is in the smart contract-enabled blockchain ecosystem, it has not yet hit its stride. - Machine intelligence is going to supercharge every scientific and technological pursuit and grow global GDP larger and faster than any of us can imagine. And it will be Ethereum L1 and modular Ethereum L2s that undergird the bulk of the important high-valued agreements, transactions, payment flows, and complex business processes on which the next generation decentralized economy will run. In the episode, John Gillen referred to @ethlabs_org and @ethereuminsti (Ethereum Institutional) as high powered organizations. What he meant by that is that they are both non-profit, credibly neutral stewards and builders of the Ethereum protocol, network and ecosystem. Ethereum is a sovereign network that cannot at this point be shut down, corrupted or co-opted by powerful nation states, unless they exercised unreasonable and catastrophic measures. The transformation that hybrid human-machine intelligence operating on decentralized infrastructure will effect over the next few years and decades for financial, social networking and governance activities is unfathomable. Governments, big money and big business have now accepted this. Not financial advice.

AI：偏政策推进，强调合规落地与规则明晰，对监管主线更敏感。

Joseph Lubin@ethereumjoseph · 7 天前赛道影响

Continuously, 6-month delayed "frontier" capabilities will be open weights and open training frameworks. Almost everyone will be happy with the open weights/training systems on their phones and laptops. They wouldn't know what to do with the progressive definitions of frontier "super-intelligence." ASI will be very expensive as it will require top-tier raw intelligence, highly organized frontier harnesses and frameworks, and huge token spends for long running parallelized attention and cognition on complex problems. The frontiers of science and technology will require and benefit from these capabilities and they will make life enormously better for everyone. This stratification looks like the current economy, just 10x. We've been living in a linear economy for millennia. We will all adjust to the new exponential normal. This is the next stage of hybrid human-machine intelligence evolution.

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Joseph Lubin@ethereumjoseph · 7 天前赛道影响

Agree with @ChairmanSelig. This is not just about crypto. It is about the shape and growth of the American and global economy and society. This is as important for America as internet and web-enabling legislation was. CLARITY Act will usher in a paradigm shift that will supercharge the global AI+decentralized protocols economy to the direct benefit of people, communities and companies of all sizes. This is about increasing the levels and breadth of financial agency and sovereignty of everyone and every org.

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Joseph Lubin@ethereumjoseph · 9 天前赛道影响

Ack ETH/ACC. ETH summer of aggrETHive ETHcceleration. Moving in straight lines. No apologies. ETH/FTW.

AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。

Joseph Lubin@ethereumjoseph · 9 天前观点输出

@rafaelnobel E T H

AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。