Backstage Pass: Toaster oven elephant
Erebor approved // Circle gets Interop // One neat trick // Lawsuits // Congressional alpha
11 years ago this week:
Bitcoin was $351.
The eleventh biggest token was namecoin.
The 111th was tagcoin.
Losing is fun
The dwarf fortress bank has conditional approval for deposit insurance.
Erebor, the financial institution backed by the guy who strapped two iPads to his face for a billion dollars, the guy who fronted the capital to turn having friends into a status casino for a billion dollars, and the guy who yolo’ed an unobtrusive global police state for a billion dollars, looks good-to-go.
What is Erebor, actually? Based on everything that Palmer Luckey (the first of the three guys I listed elliptically above) has said about it, it looks to be Silicon Valley Bank II: Back on the Chain Gang.
Banks are conservative things in general. They like to make loans into known business models. Which is, generally, fine. People keep making money all over the world opening businesses that other people have opened up before them. Normal people call it entrepreneurship. In crypto? That’s geographic ar…