I've never been so assured of #crypto's eventual pervasiveness; I've also never been so worried about the odds, and ramifications, of us mucking it up.
Classic human patterns, such as those in power prioritizing themselves above all else, will continue to invade #crypto.
As we build this new infrastructure we have to constantly ask what we're valuing, who we're empowering, and why.
If we use the default answers from the existing systems -- justifying poor behavior because we're "doing things how they've always been done" -- we'll get the same outcomes.
“The definition of insanity is doing the same thing over and over again, but expecting different results”

Coming out of crypto's construction, what results do we want for our society, and what does that require we do now?
These are my values and vision: unchainedpodcast.com/chris-burniske…

But I am one of many driving #crypto forward - what are your values and visions?

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More from @cburniske

6 Jan
1/ The euphoria is intoxicating, but #crypto is in need of a pullback and consolidation if $BTC wants to reach into the $100Ks and $ETH into the mid-to-high thousands.
2/ That doesn't mean this #crypto bull market would be over, but rather a period to recharge for another wave.
3/ A useful analogy here is #crypto's bull markets are composed of a set of waves.

In the ocean, a big set can have 3-10 distinct waves that the pack tries to catch.
Read 13 tweets
3 Jan
While institutions are increasingly discussing $ETH (what, why, how), they’re not FOMO’ing into it the way they are into $BTC right now.
There are many reasons for this — compared to $BTC, $ETH is younger, takes more time to grok, and constantly has to correct propaganda from #bitcoin maxis.
There’s still a lot of reputation upside for institutions that “get” $ETH early (still a pioneer here)—

—whereas $BTC is quickly becoming a consensus macro trade (now borderline a follower).
Read 6 tweets
27 Dec 20
For most people, the leap from “no coin” to #bitcoin, is much harder than the leap from owning $BTC to also owning $ETH and beyond.
Once the crypto infrastructure is set up and trusted, the human itch to explore is incessant for most.
Those of us who are considered OGs, have too much context to see #crypto the way a new entrant does.
Read 6 tweets
23 Dec 20
Where $BTC is the mother token that spawned all the rest.
What we’re seeing with the SEC is continued formalization about which tokens will be considered securities (eg, $XRP) and which won’t (eg, $BTC & $ETH).
Read 4 tweets
16 Dec 20
Bear markets reward reality over promise.

Bull markets reward promise over reality.
Yesterday in @placeholdervc's Tuesday meeting, @alexhevans pointed out that some of the assets with clearest fundamentals (eg, $MKR and $NXM) are slow and steady in their growth, while some of the shakiest cryptoassets raise eyebrows with their reflexive boom/busts.
.@BradUSV pointed out that sometimes teams that raise on the promise of things, fetch higher valuations than when they have real #'s that bring valuations back to Earth.
Read 5 tweets
24 Nov 20
Ceteris paribus, halvings double the cost of producing a single unit of a PoW-based #cryptomoney like $BTC or $ZEC.
Cost of production is important for commodities, as it sets the price floor at which a producer is willing to sell.

As argued here, I believe PoW-based #cryptomonies classify as commodities: static1.squarespace.com/static/5a479ee…
A halving's effect on price is a lagging one, driven by changes in miner economics and thereby the market structure of ASKS.
Read 4 tweets

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