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Chris Burniske
@cburniske
, 4 tweets, 1 min read Read on Twitter
Crypto Markets & Development

2013: Frenzy & Over-Promise
2014: Crash & Under-Deliver
2015: Consolidate & Ship
2016: Lift & Refine for Adoption

2017: Frenzy & Over-Promise
2018: Crash & Under-Deliver
2019: Consolidate & Ship
2020: Lift & Refine for Adoption

2021: Frenzy...
Naturally, this is an over-generalization, and I’ll be curious to hear peoples’ most poignant objections.
The most notable network to ship in 2015? #Ethereum.

I think we’ll see some cryptonetworks of similar import ship in 2019.
Meanwhile, keep an eye on #Bitcoin & friends in 2019 going into 2020, development is much richer than many realize.
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Chris Burniske
@cburniske
1/ Recapping @alexhevans presentation of @MakerDAO adoption last night.

In its first year, Maker issued roughly $200 million in loans. For perspective, it took @LendingClub five years to originate $250 million in loans.
2/ Telltale sign of a “#cryptonetwork working” is it being able to scale far more quickly in the service it provides than a comparable company could.

We saw it with #Bitcoin, we’re seeing it with @MakerDAO.
3/ Almost 2% of all $ETH outstanding is now locked in @MakerDAO (red line), with > $70M in loans currently outstanding (blue line).

Loans outstanding = current market cap of $DAI: coinmarketcap.com/currencies/dai/
Read 13 tweets
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Chris Burniske
@cburniske
Had our first event @placeholdervc’s Manhattan office last night, a full-house to discuss @MakerDAO!
Started w/ a presentation from @alexhevans on @MakerDAO’s network adoption (he’ll share graphs soon), and then shifted to opening/closing CDPs, as well as lending $DAI to @compoundfinance to earn 2.5% (0.5% annual fee to take out loans in DAI, earn 3% by lending it on compound)
Vibe was so different from 2017. No #ICOs pitched in personal intros, didn’t hear price mentioned once through the night, and the audience members were well studied on @MakerDAO w/ sharp questions for the team.

It’s what prompted me to say this:
Read 3 tweets
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Chris Burniske
@cburniske
#Cryptonetworks that started as a security but already launched & will be grandfathered into “sufficiently-decentralized-to-no-longer-be-a-security-land” have a sizable #RegulatoryMoat vs those that raised in 2017 and have yet to launch & cross the security divide.
Much easier for a regulator to say, that #cryptoasset’s no longer a security, and leave its tax treatment, filing requirements, etc as such, than to provide the path to cross from security —> non-security, and that “path” I fear will become a quagmire.
What woes will a team face if upon launch their cryptoasset is a security (until they become a non-security)?

For example:
1) tax ramifications of “transacting” a security are horrible for use.
2) heavy filing requirements drag on resources, especially if dev heavy team
3) ...?
Read 5 tweets

Related threads

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Awe & Wonder 🌑
@Awe_andWonder
#crypto: Updated total market cap logarithmic regression. #cryptocurrency Market cap currently underperforming the predicted price by 47%. Even if the market tests new lows (likely), this metric is signaling that it's time to pay attention. 1/
Note: MC is not always the best metric for valuation purposes. Also, most altcoins/ico's have not yet survived an extended bear market. Missing this critical validation period, this serves more as a tool to observe where the market is in its current price cycle 2/
If this can happen to Deutsche bank imagine what can happen in this young market. Numerous coins may not retest all-time highs. It's still unclear how that will affect the predictive ability of the model for total MC in aggregate. Survival of the fittest at play. 3/
Read 4 tweets
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Angela Walch
@angela_walch
We had our final class of Cryptocurrencies, #Blockchain Technologies & the Law yesterday!

At long last, here is the syllabus. (And yes, it is already out of date in this high-speed #crypto world.)

ledgerprof.files.wordpress.com/2018/11/blockc…
The course, as with the tech itself, is a work in progress. Thanks to my students for going along for the ride and to @VladZamfir for joining us for the governance class!
Some of my learnings:

It's really hard to decide how much time to spend on basics of the tech before moving into legal questions. I wish students could have a full course on the tech, its historical antecedents, its history over the last few years, key players in the space, etc.
Read 10 tweets
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Matthew Willemsen
@mwill_crypto
0/ Regardless of the market conditions, the #crypto and #blockchain space is active as ever.

Let's go through some of the eye-catching, project-specific news that took place over the past 24 hours or so, shall we?
1/ 🇲🇾 @NEMofficial's SEA arm - @NEM_SEA - announced an MoU reached with Taylor’s University.

NEM SEA will assist the Malaysian university's School of Computing and IT in many ways. E.g., help author a syllabus devoted to #blockchain, run some of the students classes, and more.
2/ 📣 @DharmaProtocol unveiled #DharmaLever, a way for users to *trustlessly* borrow/lend #crypto in large volumes on a global scale.

Will feed and draw credit liquidity from Dharma's growing network of relayers (e.g. @Bloqboard, #QuickLine).

Read more: blog.dharma.io/introducing-dh…
Read 21 tweets
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Alex Krüger 🇦🇷
@Crypto_Macro
Crypto moves of July & August are something to laugh about and make market participants throw everything but technicals & momentum out the window.
1st rally on fakenews about an ETF that won't happen
2nd crash on an ETF rejection that was no surprise
3rd crash on an ETF postponement that was no news
4th rally on failure to tank on ETF rejections that were no news

All very rational. #crypto
Should replace there "was not news" by "should have been no news". The market's inability to process information efficiently is one of the key points.
Read 3 tweets
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Ian Lee
@ianjohnlee
1/ I believe the reason we are not seeing any movement in the price of #bitcoin from today's mega announcement from @NYSE @Starbucks @Microsoft @BCG is because #crypto now values delivery (scarce) over talk (abundant) fortune.com/longform/nyse-…
2/ In traditional markets, public announcements are often made only after material results and impact are delivered, whereas in the crypto markets, public announcements have been used as a means to raise money (to start to build, execute, and deliver)
3/ Crypto markets and investors have become so desensitized to public announcements and press releases about the intent to deliver future products and code, that announcements (even ones as significant as this one today) are bucketed into the "huh, that will be cool" category
Read 8 tweets
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Ian Lee
@ianjohnlee
1/ Protocols, funds, and large #crypto companies are either thinking about or are in the process of launching their own incubators and startup accelerators. Some will be protocol specific; others will be agnostic. Here's the case for why and when this will/won't make sense.
2/ First off, while this is a new trend, history rhymes, and we may have seen this movie (or at least a similar one) before: the rise, fall, and refactoring of corporate innovation labs and corporate accelerator programs over the last 10 years.
3/ While #crypto is certainly different and its properties as a open platform will enable new types of opportunities, specifically around collaboration, interoperability, and cross-chain asset exchange, there are still many learnings we can draw from corporate labs/accelerators.
Read 34 tweets

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