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Long Reads Sunday #39.
Another week of nonstop crypto action! We’ve got initial exchange offerings, fear and loathing at the Fed, pumped up kicks volume, and more bounce than the Cuban (Junior) National Twerk Team.
Buckle ya seatbelts, it’s long reads time!
Another week of nonstop crypto action! We’ve got initial exchange offerings, fear and loathing at the Fed, pumped up kicks volume, and more bounce than the Cuban (Junior) National Twerk Team.
Buckle ya seatbelts, it’s long reads time!
2/ Crypto no gracias?
The more time passes, the more governments are going to position themselves as for or against crypto. The latest to join the against team is Mexico. @CoinCenter has the write up on regulation that would effectively ban exchanges.
The more time passes, the more governments are going to position themselves as for or against crypto. The latest to join the against team is Mexico. @CoinCenter has the write up on regulation that would effectively ban exchanges.
3/ Head East, Young Man.
The situation couldn’t be more different across the world, however. @arjunblj reports on the raw energy he saw coming out of the community attending Token2049 in Hong Kong. theblockcrypto.com/2019/03/18/ref…
The situation couldn’t be more different across the world, however. @arjunblj reports on the raw energy he saw coming out of the community attending Token2049 in Hong Kong. theblockcrypto.com/2019/03/18/ref…
4/ #NarrativeWatch: Initial Exchange Offerings.
@TheBlock__’s @Lawmaster was also in Hong Kong and wrote about the emergent phenomena of exchange offerings, which he argues is about bootstrapping interest in the projects.
@TheBlock__’s @Lawmaster was also in Hong Kong and wrote about the emergent phenomena of exchange offerings, which he argues is about bootstrapping interest in the projects.
5/ IEO-Not-So-Fast.
@DoveyWan flags this communique from the Beijing Internet Finance Association suggesting that these IEO’s are illegal, and argues that this sort of proxy communication can act as an early warning.
@DoveyWan flags this communique from the Beijing Internet Finance Association suggesting that these IEO’s are illegal, and argues that this sort of proxy communication can act as an early warning.
6/ Beijing wasn’t the only place that exchange practices found themselves in hot water this week. @TheTIEIO released the results of their trading volume investigation which found some seriously suspicious results.
7/ These findings were echoed by @BitwiseInvest, who analyzed all 81 exchanges reporting more than $1m in BTC volume as part of an ETF presentation to the SEC and found that a whopping 95% of reported volume isn’t real.
8/ Speaking of the SEC, @katherineykwu spots some renewed discussion around custody rules, which take on a whole different life in the context of digital assets. Great primer on an important topic.
9/ Fear and loathing at the Fed.
For many, the most interesting macro context at the moment has to do with monetary policy, and the economic and political games being played around US central banking. @raynesteinberg explains.
For many, the most interesting macro context at the moment has to do with monetary policy, and the economic and political games being played around US central banking. @raynesteinberg explains.
10/ Another fascinating dimension of the monetary discussion in the US is the emergence of Modern Monetary Theory (MMT). @AriDavidPaul connects the dots between Bitcoin and MMT arguing that they’re both reactions to the “grand experiment in unbacked fiat”
11/ With such ideological competition, it’s not hard to get to a piece like this fun little essay from @kaykurokawa: “Bitcoin Is a Cult, Fiat Is a Religion.” H/t @hasufl for surfacing this one. medium.com/@kaykurokawa/b…
12/ If money is a religion, then one of the tenets of the Bitcoin faith is to “be your own bank.” The question is, of course, whether most people *want* this responsibility. @iam_preethi and I did a live debate/discussion this earlier this week.
13/ Speaking of Banks, on the latest @WGMGpodcast, @Melt_Dem and @_jillruth argue that crypto winter is actually an Ice Age that is giving way to deeper interoperability between new and legacy financial systems
14/ One major question of the new crypto financial system is which asset(s) have the ability to become a store of value. While Bitcoin tends to dominate the SoV narrative, @JamesSpediacci argues for ETH’s path to SoV
15/ On the topic of Ethereum, one of the critical conversations has to do with the transition from ETH 1.0 to Eth2.0. If you’re trying to wrap your head around what 2.0 means, you can do a lot worse than this thread from @ljxie
16/ One more fascinating discussion from the Ethereum community has to do with developer incentives and ERC 1789, an EIP from @owocki that would dedicate 20% of issuance rewards to open source maintainers.
18/ Also in the Bitcoin realm, this Medium essay looks at BTC market dominance weighted for liquidity and volume. The result, “Volume-Weighted Cap” suggests a much higher portion of the total market cap of crypto belongs to BTC than CMC’s Market Dominance medium.com/@jpthor/bitcoi…
19/ Our tool box for measuring and valuing cryptoassets continues to grow. In this thread, @danzuller summarizes some recent thinking from traditional valuation experts applying their discipline to the crypto sphere.
20/ Much of our conversation about valuation relates to value capture, and to date, most of the discussion around value capture relates to layer 1 and layer 2. In this essay, @obstropolos looks at value capture at Layer 3 applications such as Veil. medium.com/alpineintel/on…
21/ The truth is that our understanding of how to value assets is an iterative process. To keep track of all of the thinking on this topic, check out this excellent new resource “Valuation Depot” from @Ikigai_fund
22/ Speaking of @Ikigai_fund, big news this week for them as @APompliano @MarkYusko @JWilliamsFstmed & the Morgan Creek Digital announced their lead investment in the fund. One to watch, for sure.
23/ The opportunities for active management are getting more interesting as bigger swaths of the Open Finance landscape come online. To start wrapping your head around all the advancements in this area, check out @Delphi_Digital’s just released landscape
25/ One more on the DeFi front. @lex_node published this fascinating thread about the potential regulatory issues with algorithmic stablecoins
27/ From a systemic thinking perspective, doesn’t get much bigger than the conversations at @RadxChange. @RhysLindmark has been documenting in this ongoing thread, and @VitalikButerin is set to keynote today.
28/ In case you’re not clear about how global the Bitcoin & crypto phenomena is, check out the list of countries the #LNTrustChain has passed through. 27 jumps left; where will it go next?
29/ A little personal shill, I’ll be speaking at @EtherealSummit in NYC in May. I think it’s going to be a live look in on the most important narrative battles in the space. If you do want to attend, you can use the code NLWETHEREAL for 15% off the price.
30/ Lastly, congrats @wheatpond for joining the crypto parents club!
31/ And there we have it, another LRS wrapped. As always, tell me what you loved and what I missed. To get LRS via email, sign up here: getrevue.co/profile/nlw
Appendix #1 - meant to include this piece by @gaborgurbacs on bullish signals for Bitcoin and crypto more broadly vaneck.com/blogs/digital-…
