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Bounties on Farcaster

ETH0.22 ETH
($737)
Expiredon Jan 1
Channel: Bounties

Bounties

Be wrong about Index Wallets
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Connor McCormick ☀️
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@nor

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1y

·

Farcaster
Help me be wrong about Index Wallets .22 ETH Everything you should need to know can be found here: preprint.indexwallets.org This bounty has various sub-bounties, when the money is used up it's gone. See next cast for sub-bounties @bountybot
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  • Profile icon
    Connor McCormick ☀️
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    Top bounty completer
    @nor

    ·

    1y
    Channel member
    Bounties on .22 ETH: 30% - index wallet economies don't settle to a shared valuation at steady state 25% - index wallet don't have wealth equalizing dynamics 100% - index wallets can't be used to fund public goods 100% - there's a way to evade the voluntary taxation* 5% - they don't favor local businesses
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    Bounty Bot
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    @bountybot

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    15d

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    Completed 3 bounties
    Channel member
    Your bounty deadline just passed (2 week default unless specified). If you'd like to edit the bounty amount or deadline, please update through the bounty frame "admin" button If the bounty was completed, please update through the "admin" button
  • Profile icon
    Tee🎩🧭
    Top bounty completer
    @0xtaiwo

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    1y

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    Completed 27 bounties
    Hey @nor would work on this!
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    vibrantty.degen.eth🎩🎭
    Top bounty completer
    @vibrantty

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    1y

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    Completed 1 bounty
    Gm @nor I got stucked working on a prose for this project then I figured it out, I should turn in my submission soon but i would like to know when is the final deadline
  • Profile icon
    Crypto Down Under
    Top bounty completer
    @cdu

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    10mo

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    Completed 0 bounties
    Hey @nor, my understanding of Index Wallets highlights the following: - 'value' appears to be a preference not price, what if my preference is 0% that token? Then the mechanism will charge you an infinite quantity of said token and the payment will still fail - ...
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Connor McCormick ☀️
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@nor

·

1y
Channel member
*there's a way to evade the voluntary taxation* The assumption of index wallets is that they tax you using incentives based on your private belief of your wealth. Show that doesn't work there's a scheme for a player to evade voluntary taxation by moving money around.
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Connor McCormick ☀️
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Top bounty completer
@nor

·

1y
Channel member
*index wallet don't have wealth equalizing dynamics* In an economy with high adoption of index wallets and a steady creation of new public goods currencies, make an argument that this doesn't actually lead to wealth equalizing dynamics. Wealth eq means the gap between rich and non-rich shrinks.
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Connor McCormick ☀️
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Top bounty completer
@nor

·

1y
Channel member
*index wallets can't be used to fund public goods* Show that it's not actually feasible for index wallets to be used for funding public goods. Assume that an economy has high adoption of index wallets and a public good some subgroup cares about, make an argument that that's insufficient for the good to be funded.
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Connor McCormick ☀️
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Top bounty completer
@nor

·

1y
Channel member
*index wallet economies don't settle to a shared valuation at steady state* It's thought to be likely, and maybe important, that index wallet economies tend to settle to a shared valuation for everyone in that community after the economy has run for long enough A person is "in" an economy if they both buy and sell
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Degenlegion.com
Top bounty completer
@degenlegion-com

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3mo

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Completed 0 bounties
A player can evade voluntary taxation in index wallets by obscuring or redistributing their wealth across multiple addresses or wallets. By fragmenting their assets, they can underreport the true extent of their holdings, making it appear as if they have less wealth than they actually possess. Additionally, they could temporarily transfer assets to other parties or platforms before the wealth assessment occurs, only to reclaim them afterward. This scheme exploits the decentralized and pseudonymous nature of the system, bypassing the mechanism meant to gauge and tax wealth accurately.
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Degenlegion.com
Top bounty completer
@degenlegion-com

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3mo

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Completed 0 bounties
Even in an economy with high adoption of index wallets and a steady influx of public goods currencies, wealth equalization might not occur. Wealthy individuals or groups could disproportionately influence or invest in high-value impact certificates, thus accumulating more assets and returns compared to non-rich participants. Additionally, without mechanisms to ensure equal participation or redistribution, those with greater resources could continue to dominate valuable opportunities, reinforcing existing wealth gaps rather than bridging them. Thus, the dynamics favor wealth concentration over equalization.
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ReplyFan
Top bounty completer
@137

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1y

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Completed 0 bounties
I think this can be summed up by: the value has to come from somewhere. Meaning in order for any fund to continue it needs value to be extracted from outside and injected back to public goods. There’s many creative methods for using a pool of funds to invest then emit profits to token holders, or by taxation.
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Degenlegion.com
Top bounty completer
@degenlegion-com

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3mo

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Completed 0 bounties
Index Wallets propose voluntary taxation through impact certificates, which could theoretically fund public goods by allowing community members to create and endorse tokens tied to projects. However, high adoption alone is insufficient. For a public good to be funded, individuals must perceive direct or indirect value from the project. If the subgroup’s interest in the public good isn't widespread, the endorsements and economic incentives might not be compelling enough to mobilize sufficient resources, thus failing to fund it adequately.
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Connor McCormick ☀️
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@nor

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1y
Channel member
Enjoyed this article: https://paragraph.xyz/@onchainhunt/its-time-for-the-apps Would love to see your thinking applied to this
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Connor McCormick ☀️
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@nor

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1y
Channel member
👀
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Tee🎩🧭
Top bounty completer
@0xtaiwo

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1y

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Completed 27 bounties
Glad you loved it. Would do my best!
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Connor McCormick ☀️
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@nor

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1y
Channel member
would love to update it so that they're open until the end of the year at least. this one doesn't need a resolution date it's a standing bounty
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Connor McCormick ☀️
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@nor

·

1y
Channel member
I didn't know the bounty had a deadline. Feel free to submit when you would like. End of this week would be good timing so I can review
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Connor McCormick ☀️
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@nor

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1y
Channel member
Hey @vibrantty, did you manage to make progress on your submission?
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Linda Xie
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Top bounty completer
@linda

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1y

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Completed 21 bounties
Channel member
Sounds good! Just updated https://www.bountycaster.xyz/bounty/0x155206a4a252e7669a7ed1028df1e89930766a50
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Linda Xie
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Top bounty completer
@linda

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1y

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Completed 21 bounties
Channel member
Bounties default to 2 week expiration so they don't become no longer active / too stale on our site. LMK if you want me to update the expiration date (self service bounty updating coming soon)
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vibrantty.degen.eth🎩🎭
Top bounty completer
@vibrantty

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1y

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Completed 1 bounty
I had technical issues with my pc drive, had to rework the prose but fortunately i had a draft somewhere…I would turn in the submission this week didn’t mean to delay💪
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Connor McCormick ☀️
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@nor

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9mo
Channel member
This one I'm not quite getting. What I would say is that valuation is set by the index wallet owner. If they are setting a widely traded currency then yes they can inherit that valuation from the market. But if it's only traded between index wallets they'll be considering other things like how many ppl share the val
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Connor McCormick ☀️
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Top bounty completer
@nor

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9mo
Channel member
Yep that's correct. If you have a 0% endorsement and the only thing in their wallet is that currency it will be infinitely expensive to transact (i.e. it will fail). But if that 0% endorsed currency is only one of many it will still be possible just expensive
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Connor McCormick ☀️
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Top bounty completer
@nor

·

9mo
Channel member
- ppl treat it as a speculative asset, they hodl not spend - Bitcoin doesn't offer a prosocial value proposition (and is at least partially antisocial) - it's not clear to latecomers what they get out of switching. (even inflation protection arguments here fall flat, bc there are good arguments for inflation)
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Connor McCormick ☀️
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Top bounty completer
@nor

·

9mo
Channel member
If that were the issue with Bitcoin it would have been easily solved by instant settlement layers like what Coinbase offered a decade ago. The reason there isn't wider adoption of Bitcoin for purchases is: ...
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Crypto Down Under
Top bounty completer
@cdu

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10mo

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Completed 0 bounties
- An index wallet sounds like you pay with a proportionate representation of your wallets’ portfolio, which aside from encouraging use of public goods tokens,
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Crypto Down Under
Top bounty completer
@cdu

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10mo

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Completed 0 bounties
- which poses the same issue that prevents wider adoption of Bitcoin that vendors don’t want to accept something whose price they can’t rely on - …
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Crypto Down Under
Top bounty completer
@cdu

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10mo

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Completed 0 bounties
- Price is determined by last successful transaction, which is dynamic and can occur outside of the exchanging for goods or services in your examples, such as direct trades of say USDC-EXAMPL - ...
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Crypto Down Under
Top bounty completer
@cdu

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9mo

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Completed 0 bounties
Cool, is this a manual process or set to market value by default? If manual, it seems too cumbersome to be adopted by vendors because there will be many public goods tokens
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Crypto Down Under
Top bounty completer
@cdu

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9mo

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Completed 0 bounties
But if the mechanism works on proportionality, and portion of infinity is infinity. Unless I misunderstand
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Crypto Down Under
Top bounty completer
@cdu

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10mo

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Completed 0 bounties
I can’t see why users would be motivated to prefer this apart from maintaining your wallet portfolio percentages and not having to choose a specific currency which could be maintained by other novel mechanisms - …

Original poster thread

  • Profile icon
    Connor McCormick ☀️
    Power badge
    Top bounty completer
    @nor

    ·

    1y
    Channel member
    *index wallet economies don't settle to a shared valuation at steady state* It's thought to be likely, and maybe important, that index wallet economies tend to settle to a shared valuation for everyone in that community after the economy has run for long enough A person is "in" an economy if they both buy and sell
  • Profile icon
    Connor McCormick ☀️
    Power badge
    Top bounty completer
    @nor

    ·

    1y
    Channel member
    Bounties on .22 ETH: 30% - index wallet economies don't settle to a shared valuation at steady state 25% - index wallet don't have wealth equalizing dynamics 100% - index wallets can't be used to fund public goods 100% - there's a way to evade the voluntary taxation* 5% - they don't favor local businesses
  • Profile icon
    Connor McCormick ☀️
    Power badge
    Top bounty completer
    @nor

    ·

    1y
    Channel member
    *index wallets can't be used to fund public goods* Show that it's not actually feasible for index wallets to be used for funding public goods. Assume that an economy has high adoption of index wallets and a public good some subgroup cares about, make an argument that that's insufficient for the good to be funded.
  • Profile icon
    Connor McCormick ☀️
    Power badge
    Top bounty completer
    @nor

    ·

    1y
    Channel member
    *index wallet don't have wealth equalizing dynamics* In an economy with high adoption of index wallets and a steady creation of new public goods currencies, make an argument that this doesn't actually lead to wealth equalizing dynamics. Wealth eq means the gap between rich and non-rich shrinks.
  • Profile icon
    Connor McCormick ☀️
    Power badge
    Top bounty completer
    @nor

    ·

    1y
    Channel member
    *there's a way to evade the voluntary taxation* The assumption of index wallets is that they tax you using incentives based on your private belief of your wealth. Show that doesn't work there's a scheme for a player to evade voluntary taxation by moving money around.