4/ ok - 1B tokens, split between team, investors, and "rewards" for node operators
unlikely the team has sold all of their tokens, and rewards aren't being issued yet, so probably 50% or more of supply is not in the market yet. helpful to know!
so what drives demand?
5/ right now, it seems like investors / speculative buying are driving demand. i don't really know the mechanics of the token, but i do know a lot of new yield farming projects have a pool so presumably that keeps it locked up too
7/ another aspect to consider is governance. crypto governance is still in a nascent stage, but if u wanna understand it, a good history (written in 2019) below 👇
sometimes projects will make changes like increasing or decreasing the token supply
8/ so, i looked for governance details on Chainlink and it's hard to find. i checked the whitepaper and did a ctrl+F for "governance" which yielded no results.
i did find that "decentralization" is a principle but otherwise vague
1/ quick notes and data points from the discussion @kellyjgreer and i had at @PubKey_NYC last night
'tis the season of the most hated rally - bitcoin is ripping and macro folks are not happy about it
jamie dimon and elizabeth warren seem especially mad 😠 max cope incoming
2/ bitcoin pricing is driven by FLOWS
it's tempting to get lost in piles of analysis but as we'll discuss later on, the key to understanding is looking at open positions, trade volume, inflows and outflows
sentiment doesn't matter until it's expressed as a trade
3/ bitcoin is highly reflexive
i had a moment of enlightenment a few years back. i used to believe narrative -> sentiment -> flows -> price but it's really much simpler
price drives action
this is what @saylor $MSTR has perfected. buy, price goes up, follow with narrative
1/ a short summary of a recent talk on silicon, satoshis, and superpowers
power in our world is changing. a decade ago, oil and gas companies and banks ruled markets. now it's tech companies and financialization runs rampant (>100x P/E ratios etc)
2/ as our lives become increasingly digitized, value creation is happening on a new frontier, and a handful of industries and companies are well positioned to capitalize on this shift
3/ this is also impacting the geopolitical landscape. we live in a multipolar world, and power has historically been dependent on the ability of a nation to secure access to natural resources, namely oil
1/ thanks to @farokh and the @RugRadio community for having me on the show today! i enjoyed discussing NFT market structure and why i don't care for utility or roadmaps with my JPEGs 🙅♀️
2/ blog post on NFT market microstructure and how it may evolve over time - don't worry, u will be able to explain market microstructure if u just skim it lightly
bonus: you can collect the post as an NFT if you are so inclined, thanks to @viamirror