Astral Codex Ten

Binance

12 min read

Binance

Article

Binance is a recurring organization in the Astral Codex Ten archive, appearing 3 times across 3 issues between June 22, 2021 and April 04, 2024. The archive places it in contexts such as “Binance 15%”; “Binance moving to the Cayman Islands”; “Binance has launched”. It most often appears alongside Honduras, Prospera, US.

Metadata

  • Category: Organizations
  • Mention count: 3
  • Issue count: 3
  • First seen: June 22, 2021
  • Last seen: April 04, 2024

Appears In

Source Context

Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.

21
June 22, 2021 · Original source
Will crypto sites default before 2023? Bitmex 26%, Binance 15%, Coinbase 5% Not many predictions here, so don’t take these numbers too seriously. I also don’t know what a “default” would mean in this sense - default to at least one customer, but everyone else is okay? Lose all its money to a hack?
Inline links: 26%, 15%, 5%
21
December 06, 2021 · Original source
Second, Bitcoin miners don’t want a city the shape of a Bitcoin with a central plaza in the shape of a Bitcoin logo. They want cheap electricity. Bukele has promised that there will be cheap geothermal power from the volcano, which sounds good, but this article says El Salvador’s existing geothermal energy costs about 12 cents/kilowatt-hour, much higher than the 4 cents/megawatt-hour miners can get in the current cheapest areas. Maybe El Salvador could do a really good job upgrading their energy infrastructure, but at some point you’re subsidizing this rather than using it as a cash cow. And third, this isn’t even the stupidest plan to build a cryptocurrency-themed city in the Third World. That arguably goes to Akon City, a thing where a pop singer named Akon was going to build a cryptocurrency city in Senegal. Now, without any construction having started, they’re planning to build a second one in Uganda! All competing for the same handful of crypto companies! But I looked into Bukele to see if he was a moron with a habit of coming up with terrible ideas. It seems like no. He rose from nothing to become El Salvador’s first outside-the-traditional-party-system president, and has an approval rating of around 90%. And apparently he’s presided over a historic drop in the homicide rate of this previously murder-capital-of-the-world country. Although I’m betting that one day he’ll make a great Dictator Book Club entry, I’m prepared to give him the benefit of the doubt on “doesn’t do stupid things for no reason” What’s the non-stupid explanation for this? Maybe it’s supposed to be a signal. You can give up 5% of the way through, but even trying to build a Bitcoin-shaped city at least shows very conclusively that you’ve got a crypto-friendly regulatory climate, so many easily-spooked crypto companies will flock to you. This makes sense in the context of big crypto companies moving to the Caribbean for regulatory reasons, eg FTX moving to the Bahamas and Binance moving to the Cayman Islands. But if I understand correctly, both of these companies make on the order of $1 billion a year. If El Salvador can tax them at 5% (dubious, since a big part of promising a friendly regulatory climate is low taxes), that’s still only $100 million if they can capture both of them. Which they can’t, because these companies seem happy where they are. And I don’t think there are a lot of similarly-sized crypto companies looking for Central American homes that I don’t know about. And even though El Salvador is pretty poor, it’s not so poor that $100 million is worth embarrassing themselves over. So I’m stumped. EDIT: See this comment. Praxis, aka Bluebook Cities, the Internet Speaking of stumped, who are these people? Right now, they’re a web page with a lot of buzz promising the City Of The Future, in very poetic language: Praxis is a grassroots movement of modern pioneers building a new city. We are technologists and artists, builders and dreamers. We are building a place where we can develop to our fullest potentials, physically, culturally, and spiritually. Bitcoin was developed as a financial technology with political goals identical to those of the Founding Fathers: liberation. The ultimate end of crypto is the possibility of a future for humanity unshackled from the institutions that seek to limit our growth. Our ultimate goal is to bring about a more vital future for humanity, and we will use technology to achieve this righteous end. Our civilization is unwell. We eat food that kills us, we’ve lost sight of beauty, and we neglect our spiritual lives. The world is deranged and decayed, and this frightens people. We don’t look up from our screens; we seek to live within them. Crypto is a fundamentally political technology -- escape to the metaverse is a betrayal of the principles on which it was founded. We are descended from the people who built Rome and Athens, who dared to split atoms and voyage to the Moon. We can build new worlds not just of bits, but of atoms. But where is this city? What will its policies be? As we leave old lands, our values are our compass. Like wolves, tribes of pioneers are muscular by necessity. For voyaging tribes to settle, they must perform murmurations: intricate coordination with little communication, at scale. This is only possible with a strong sense of asabiyya (group feeling derived from deeply-held shared values). Our values inform the destiny we desire, and for which we struggle. Asabiyya is forged in this struggle. With asabiyya, pioneers can earn the divine mandate to build a city. Cities are the fount of human ingenuity. In cities, people enjoy their fullest potential by contributing their resources under the auspices of civilization. Who even are you? What experience do you have with city-building? Civilizations rise and fall. All around us, we see civilizational decay. The people are not vital: physically, culturally, spiritually. We live in an era of obesity, remakes, and pollution. We are losing the divine mandate, and in an era of absolute weapons, what’s at stake is everything. But perhaps there’s some glory in death by a light brighter than a thousand suns. A worse fate may await humanity: atrophied bodies submerged in gel, fed synthetic bug paste, minds occupied by the petty amusements of a corporate metaverse. There, nothing is at stake; there are no frontiers to explore; no growth is possible. Nothing to live for, and nothing to die for. As we walk between these twin fates, the light of our civilization dims. But beyond the horizon, we see a new light emerging. Like the sun at dawn, it cannot be stopped. Vitality itself is the foundational value of this new civilizational form, and we have the technology to enact our moral imperative as never before. You’re not answering my…okay, fine, whatever, forget it. As far as I can tell, Praxis is two 25-year-olds with no previous experience, armed with about $10 million in Peter Thiel’s money. Peter Thiel is a smart person known for having good business sense, but he’s also known to have a weakness for young people who dream big and sound like purveyors of esoteric secrets. I wonder if the simplest explanation is just that this is one of the cases where his weakness got the better of his sense, and now these two random people have $10 million earmarked for building a city, and no idea what to do. [CORRECTION: some people involved in Praxis have reached out to tell me that it was $4 million instead of $10 million, and that it was Thiel-backed Pronomos and not Thiel himself. I’ll be getting in touch with them to learn if there are other issues or things I should correct here] But that’s not how they put it! The way they put it is - all previous charter city founders have started by approaching governments and pitching their ideas. But there’s a chicken-and-egg problem: governments don’t want to give land to a purely hypothetical city that might not pan out, and the city can’t pan out until governments give it land. Praxis’ plan is to build the community first, then go to a government saying “Here’s 50,000 people who have agreed to join our city, and lots of businesses and organizations that are excited about it. Please give us land for our guaranteed-success, concretely-existing project.” Now this is a different chicken-and-egg problem: why join a community of people with no land and no plans? Praxis writes: What if we try to draw people to new cities not on an economic basis, but rather on a spiritual one? Which city (or country) founding projects have succeeded that have drawn people on a predominantly non-economic, but rather spiritual basis? Among others, Israel and America. Both groups were oppressed, and sought the freedom to live by their values. Both felt the intangible pull of the frontier. Both had a keen historical instinct. This is how cities with spiritual significance are founded. The correct approach to city building in this new world is demand-first (or as Balaji Srinivasan calls it, Cloud City first). We build the citizenry before the city. First, we create communities of true believers, organized around shared values, online. People move to cities for people, and it follows that if you collect a group of people who all want to live together, they’ll all move together if at a moment in time everyone else does, too. Today, we have new tools. The emergence of Web3 enables us to supercharge communities with self-ownership, governance, and determination. Once you build a community of people ready to move to a new city together, you can self-finance the entire project. With something real to offer nations, conversations with governments become productive (e.g. Gigafactory). That’s how you make the risk dominoes fall. The problem is, Israel worked because it had Judaism. Judaism is a very specific belief. Prospera is specifically libertarian, Telosa is specifically Georgist, and even the Bitcoin-shaped volcano city knows what it’s about. What is Praxis? The use of “atrophied bodies submerged in gel, fed synthetic bug paste” as a warning reads very slightly right-wing to me - there’s a right-wing meme about how the media keeps trying to get people to eat bugs, and how this is the shape our future dystopia will take. But whether I’m right or wrong, the fact that it’s hard to tell is a problem. The only other clues we’re getting are their Discord, which seems to be focused around getting a currency called PRAX for completing tasks. Once you get enough, you can become a Member, which seems to be where the real excitement starts. (source) I’m not even being sarcastic - I expect being a member to be quite fun. I say this because when I was a teenager I was part of a bunch of country simulation projects, some of which got past the inherent nerdiness of being a country simulation project exactly the same way Praxis is doing it - by saying that we were going to become a real country someday, as soon as we were big enough to convince people. These were usually fun and interesting and educational, and I made lots of great like-minded teenage and twenty-something friends. But none of them ever came close to becoming a real country, and I’m not sure it was merely for lack of millions of dollars. I hope I’m wrong and they manage to forge new lands through struggle to uplift the human spirit or whatever. Elsewhere In Model Cities Vitalik Buterin on the intersection between local government and blockchain technologies. He recommends they “start with self-contained experiments, and take things slowly on moves that are truly irreversible”, which is a weird way of saying “what we crypto leaders really want is a city at the base of a volcano, shaped like a giant Bitcoin”.
Inline links: with a central plaza in the shape of a Bitcoin logo, this article, Akon City, a second one, Bukele, a historic drop in the homicide rate, Dictator Book Club, moving to the Bahamas, moving to the Cayman Islands, this comment, promising the City Of The Future, far as I can tell, the media keeps trying, their Discord, tasks, https://substackcdn.com/image/fetch/$s_!2TK6!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F020ebe08-e968-45cd-ba39-a91cdc6e5892_473x533.png, source, a bunch of country simulation projects, the intersection between local government and blockchain technologies
Links For April 2024
April 04, 2024 · Original source
5: In honor of International Women’s Day, Binance has launched “Binance Perfume” to “bring crypto[currency] closer to women”.
Inline links: has launched