1/ Long Reads Sunday #7. Remember how last week we were hovering above BTC @ $8k and talking about what market narratives will drive the next bull run? Oops. Luckily, bear markets are for big ideas and building. Thread 👇
2/ From a market price perspective, this week has been a brutal. With BTC circling around the low-mid $6k range, we’re now asking “why the selloff?” @brucefenton argued it’s *not* about the SEC delaying a much anticipated ETF decision
3/ Speaking of ETFs, @Crypto_Macro wrote this fantastic overview of the Bitcoin ETF process and implications. It’s the best single source I’ve seen to get the background on this financial instrument which so many are looking to to expand the crypto markets hackernoon.com/cboebitcoinetf…
4/ Brad captured a phenomenon quietly (or perhaps not so quietly) shaping the market, which is the addt'l pain caused by the concentration of ICO war chests on ETH. In short, w/ ETH at ~20% of its ATH, projects are panic selling as their resources dwindle.
5/ Fred Wilson wonders if we’re finally seeing the end of “HODL” and the beginning of capitulation. He argues that getting capital resources freed up and back into the market would actually be long term beneficial avc.com/2018/08/capitu…
6/ Whatever the case, it’s undeniable that what optimism exists focus on the institutional capital circling on the sidelines. @DavidJN79 suggests that institutional interest is as much about what’s going on outside crypto than inside medium.com/@david_55389/g…
7/ @burniske provided some comparative historical context about downturns, and articulated a perspective that I share that for all the pain they cause, bear markets are good times for building
8/ With that in mind, check out this announcement from @AragonProject about the Aragon DAC, a “decentralized altruistic community." If we’re actually going to experiment with non firm models of organizing, we need these sort of examples
9/ Of course, it’s not like cryptos are the only currencies in the toilet. With the Turkish Lira tanking, Nic asked this choice question:
10/ Situations like Turkey & Venezuela are part of why many are so focused on the creation of a global digital money and find the Dapp conversation distracting. @stephanlivera’s podcast with @MustStopMurad is a masterclass in this perspective stephanlivera.com/2018/08/09/slp…
11/ In “Money Crypto vs. Tech Crypto” @eriktorenberg articulates the differences b/n two perspectives in the crypto community in order to make it easier for us to understand where they’re in competition vs. where they just care about different things. tokendaily.co/blog/money-cry…
12/ This intellectual division is clearly on people’s minds right now. @BenDiFrancesco wrote a similar piece, labeling one side “Sound Money” and the other “World Computer.” buildblockchain.tech/blog/two-views…
13/ This thread from @DFINITY’s @dominic_w captures the passion on the tech crypto/world computer side of the coin. The internet started open, swung towards network effect-driven monopoly, and now needs to swing back towards decentralization.
14/ In “Evangelizing Bitcoin,” @hasufly eloquently makes the point that the money crypto/sound money crowd should be making the Bitcoin tent large and about the big point: “monetary freedom for everyone.” medium.com/@hasufly/evang…
15/ These sorts of conversations are one of the benefits of a less congested market. We have space for discourse about what we actually want to build. In that spirit, I wrote an essay for @21Cryptos about alternatives to accredited investor rules
16/ Vitalik clarified his position and simultaneously affirmed that the old adage that a picture is worth a thousand words (Good luck unseeing that, btw).
17/ @coinfund_ai wrote a great follow up thread. Money line: "the goal here is not to protect the individual from losses. It is to reduce the loss-likelihood of the entire market.”
18/ In the context of crypto networks, with their new ways of capturing and distributing value, the role of investors is going to evolve. @jbrukh has written about this recently, and @pjkershawnz captures many of these ideas in this great thread:
19/ One of the most interesting questions for investors is where value will accrue in the context of protocols, and whether an MOE-first or SOV-first coin will ultimately become a digital reserve currency. @KyleSamani adds some great thinking to that here:
20/ If there’s not enough big thinking in the links above to keep you busy, here are a few more choice pieces.
21/ One of the most important/misunderstood concepts in crypto is blockchain interoperability. As we let thousands of flowers bloom, will they be stuck in their own walled gardens or free to interact? Choice thread kicked off by Meltem:
22/ @maxrogo notes the significance of the Bitmain IPO with historical analogy to Levis - noting both the impressiveness of the company’s achievements while also wondering what it will take to stay ahead. medium.com/the-block-cryp…
23/ With characteristic precision, @timevalueofbtc published this look at the concept of “layered money” as a way to explain Lightning in the context of the larger Bitcoin ecosystem. medium.com/@timevalueofbt… This thread briefly sums up his recent writing:
24/ From the “sick burn” files come: + @CantHardyWait’s tête-à-tête with Krugman’s latest boring anti-bitcoin piece + @nic__carter’s vicious WaPo rebuttal: medium.com/@nic__carter/m…
25/ For those keeping track of ICE and the Wall Street entrance into crypto, @CaitlinLong_ published part 3 of 3 of her series on @ForbesCrypto. Key line: "ICE’s entry into cryptocurrencies changes the conversation about how Wall Street really works” forbes.com/sites/caitlinl…
26/ If you’re interested in industries that actually need blockchains, check out this piece from @Fantasmo about the importance of blockchain for 3D data and geospatial applications. blog.fantasmo.io/why-the-crypto…
27/ @max_bronstein published this ecosystem primer on Token Economy that is essential reading especially for new people entering the space. tokeneconomy.co/mapping-the-de…
28/ Finally, here’s a provocative little gem. People are noticing and wondering about the seemingly significant recent shift among fund managers away from the “Fat Protocol” thesis. What do you think? Is it it a real phenomena or overblown?
29/ And with that, we wrap. What else was great this week? What did I miss?
One more: this is a conversation I’m tracking closely and will be writing about in the coming week or so:
