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?
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.
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).
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).
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.